Markets

A possible explanation for the failure of the stock market to achieve the meltdown so desired by our ever loyal media could be foreign purchases of lots and lots of real estate using their strong currencies to buy with cheap dollars. They hope that the dollar will turn around big time and then they will sell for strong dollars. I'm originally from Pebble Beach/Carmel. Europeans have been buying up anything with wood and plaster on it on the entire Peninsula all the way down to Big Sur and as far north as Marin for the last several months. I understand the same is true in some other parts of the country. It may be that the Europeans (and other foreigners) may solve the housing "problem" as they buy up housing on the cheap for sale in a year or two. Could be major story.