Friday, May 13, 2005

Australian Canary in the Coal Mine

["The Australian residential real estate market could be the canary in the coal mine – that is, a harbinger of bad things to come for a lot of us,"]


[According to Grantham, the Aussie canary is already swooning a bit. "Sydney prices are well off their highs," he observes, "although as yet far from a real bust." But the "real bust" is certain to arrive, he warns, because ALL bubbles do "indeed move all the way back to (or below) the trend that existed prior to those bubbles forming."]


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