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" The Uk Economy Is Heading For A Sharp Shock,"

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Housing market crisis for UK suggests Christopher Wood

By Mark "Marky" Kleinman, in Hong Kong

Last Updated: 1:08am BST 18/09/2007

The analyst credited with predicting the collapse of the United States sub-prime mortgage market warned yesterday that the Northern Rock crisis was "just the beginning" of Britain's exposure to the unwinding of the structured credit industry.
Christopher Wood says Mervyn King
should ‘feel like a schmuck’
Christopher Wood, a managing director at CLSA, the Asia-focused brokerage, told The Daily Telegraph that the British economy was at particularly grave risk from the turmoil in the world's financial markets because of its relative reliance on the City as its growth engine.
"The UK economy is heading for a sharp shock," he said. "It is based on the City of London, the housing market and sub-prime consumer lending. While the UK probably won't suffer on sub-prime to the same extent as the US,
a real downturn in Britain's housing market seems to be inevitable."

So blidningly obvious IMO. 10 years or irresponsible miracle economic can only end one way: in tears. A river of tears in fact. And Gordon will be drowning in them.

Cue: Mr. Clapton.

Edited by Realistbear

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