Commentary: Slow-motion train wreck in store for U.S.
By Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — In mid-2005, three years before
Wall Street’s credit meltdown, the Economist warned of the “Biggest
Bubble in History.” In five short years after the 2000 dot-com crash
property prices across the world had risen an unprecedented 75%. Real
estate had become the new dot-com.
In his April 2007 quarterly newsletter, Jeremy Grantham, founder of the
$95 billion GMO firm, reinforced the warning: “First Truly Global
Bubble, impacting all countries, all assets worldwide.”
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