My friend the formidable economist, Mark Weisbrot put it most succinctly.
On a day when Nationwide warned that in the UK “The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market,” his point is a timely warning that while the UK lags the US, nevertheless the levels of household and corporate indebtedness and the scale of our housing bubble means we still have far to fall.