Hamish McRae: Frailty in the global housing market may be more than a mid-cycle bump

Hamish McRae: Frailty in the global housing market may be more than a mid-cycle bump - Independent Online Edition > Business Comment:
Published: 20 September 2007
The British banking crisis is past, the US has cut interest rates and suddenly the clouds have lifted. So what is reality, the gloom of the past few days or the apparently bright dawn of now? Or, to put the question more precisely, is the world economy passing a mid-cycle bump, similar to that of 1997, or are the rough markets of this summer early signals that the end of the long boom is in sight?