Yes, I agree wholeheartedly. With respect to the 350,000 lost jobs in manufacturing that have already been experienced since 2002, when the dollar took off, I estimate that there is a two- to three-year lag, on average, for the impact of an exchange rate appreciation to work its way through investment decisions, sales contracts, and production planning. What we're seeing today is the result of where the dollar was two to three years ago, which was in the low- to mid-80ยข range. If, indeed, the dollar stays at or anywhere near parity, we'll see that hemorrhaging continue, and it will get worse.
On November 20th, 2007. See this statement in context.