Dismal science

More on the bubble

By Brij Singh ⋅ June 27, 2005 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

For the sake of comparison:

Penn cited an article in The Economist and reported that the total
value of residential property in developed countries had risen by more
than $30 trillion over the past five years, to $70 trillion, an
increase equivalent to 100 percent of those countries’ combined GDPs.

Penn went on to say that such rapid growth dwarfed the global
stock market bubble of the late 1990s which demonstrated an increase
over five years at 80 percent of GDP, and the Wall Street crash (55
percent of GDP). Penn also observed that the stock market crash of 2000
triggered a 32 percent decline in the semiconductor market in 2001.