Americans are just spoiled. You had years of 3-4% growth and a PPP(Purchasing power)-GDP that is 10000$ higher than most other First-World countries like Germany, France....
While for example Germany had 10 years of stagnation you had a party. Now some of the imbalances start to unload, you are not even yet in a recession but you all seem to think world end is coming.
Yes there will be a difficult economic future in the near to midterm for the USA. On the other hand your taxes are lower, your economy has fewer red-tape, US still dominates noble prices and scientific papers, you are the leader in some of the most promising technology areas (The first big global non-US IT firm is what SAP?) That's what is ultimately important and after this dive the US economy will do fine.
Regarding the low dollar: A long slump would be bad but for example its great for american exports (which had a huge growth) and will rectify some of the big imbalances between imports/exports. (It sucks when you travel though)
Regarding subprime: A few banks and fonds should die, the worst thing would be if the state tries to hold them alive with tax-payers money something that happened to Japan in the 90s which caused lots of Zombie companies to live on and drag down the economy) Some banks miscalculated and they should pay the price. If you play it correctly the economy as a whole won't have a big problem, rather the shareholders of the bank. Yes that is painful but risiko is always part of investment because of that you have to diversify.
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