The US economy is looking really sick. I don't follow it closely enough to know which industry sectors might recover, but the traditional heavy industries and manufacturing such as motor vehicles have diminished and its hard to see where the recovery in revenue is going to come from. Its hard to believe that the US might go broke but thats essentially what could happen. There are humanitarian issues at stake too, there'll be so many more people homeless and destitute. I'm not in a position to do much right now but down the track I'd like to buy some US property and work with homeless agencies to provie crisis accommodation. If anyone has similar goals I'd be interested to hear.
I think the RBA has done a good job with interest rates recently, Glenn Stevens seems to be on the ball. If interest rates were much lower we'd have run the risk of a housing bubble and potentially bigger corrections than we have.