The Unwinding of the Australian Housing Bubble

I'm sensitive to your concern that folks are dismissing the gravity of this bubble as sort of reaching for it's different this time style paradigms. I think what's unique about the unwinding of this bubble is that we have no extreme economic adversity that has precipitated it. This is what's happened is we've had an exogenous or external influence, APR, burst the bubble. And we have a situation where the jobless rates fallen from 6.4% to 4.9%. The federal budget amazingly is in surplus. So at this point, I'm relatively sanguine about an orderly unwinding. You know, I get much more nervous and I can see much graver