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The housing market bubble is real, but it's not clear to me (yet) that it is as unsustainable as in other places. A big chunk of it is justified by economic catching up, and social changes (smaller households) and massive immigration - ie very real activity.

And the Spanish companies most involved in it have tried to convert their virtual wealth into more tangible holdings by diversifying into foreign assets, both in Latin America and in the rest of Europe, so they are in effect cashing in on their market to spread their risk and the reach. We'll see if it's enough.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Thu Nov 22nd, 2007 at 10:17:19 AM EST
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