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Article: What about us if the Wall St bubble bursts? House prices are more important in Britain than shares and that makes us less vulnerable to a stock market slide
- Article from:
- The Evening Standard (London, England)
- Article date:
- October 5, 1999
- Author:
CopyrightCopyright 1999 Evening Standard - London. Provided by ProQuest LLC. (Hide copyright information)
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LEGEND has it that at the height of the South Sea Bubble in 1720,
hundreds of credulous private investors willingly put up money to buy
shares in "a company for carrying on an undertaking of great
advantage, but nobody to know what it is".
Share mania in America during the 1995-99 bull market has never
quite reached those extremes. However, there has been a good deal of
exuberance - not just among fans of Internet stocks - with the Dow
Jones Industrial Average trebling between April 1995 and its peak on
25 August this year.
The question now troubling economists in London is whether a
further puncturing of this Wall Street boom (on top of the 10%
correction we have already seen in recent ...