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August 14, 2007



Do agree with you. Great deal of pain to come. The US construction industry is 20% of the US economy. The AU construction industry is 60% of the AU economy. Hence reluctance to increase interest rate here. Yanquis use equity in their homes like an ATM machine in their living room. Re-Finance each year. New Car. New boat. OS holiday. Buy shares. That's finished. Now for the pain. Same for the private equiteers.

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