Bangkok Post; August 17, 2008

Given the enormous importance of this source of consumptive wealth, the steep fall in US house prices cannot but have a significant impact on US economic growth, writes MICHAEL LIM MAH HUI

It has been one year since the subprime crisis exploded onto the US. Since then much water has flowed under the bridge, including the demise of Bear Stearns.

The financial markets have experienced stomach-wrenching gyrations – with many false hopes for a new dawn breaking out. While optimists would like to point to light at the end of the tunnel for the financial crisis, pessimists and realists think otherwise.

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