Responding to criticism that the UK property market is crashing, Gordon Brown stated:
"We’ve seen house prices rise by about 180% over the last 10 years and
they have risen by about 18% over the last three years, so a 2.5% fall
is something that is containable," Brown said.
A quick check shows that Bear Sterns was up 150% over the last 10 years as at Dec 2007 ($90/share)…
Then, the bottom fell out and the stock is trading down (87%) YTD ($10/share). What destroyed their share value? The credit crunch.
Guess what’s about to crack the UK housing market?
