FT.com / Home UK - America's ominous housing bubble Nearly five years after the bursting of the equity bubble, America has done it again. This time, it is the housing bubble. But this speculative excess may be the cruellest bubble of all - and has already led to a sharp compression of national saving, a record current account deficit and an ominous overhang of personal indebtedness. The US was fortunate in avoiding the perils of a post-bubble carnage in 2000-2001. It may not be so lucky this time
