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I thought Setser might back up the housing froth claim with some solid data, but nope. As Laurent pointed out, it's not easy to turn housing equity into quick credit in France and Spain, and, as I pointed out, Germany isn't involved in housing froth. And why would a "wealth effect" from a property boom that has been going on for some years only translate into higher consumer demand over the last 18 months?

So I'll go along with Metatone and say:

by afew (afew(a in a circle)eurotrib_dot_com) on Mon Aug 28th, 2006 at 04:33:38 PM EST

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