Could you also explain why the Ftse is only down 33% YTD and the S&P is down 40% YTD given that they are in the centre of the storm, yet we are down 45% YTD. Does that imply that the the credit crisis will hit us WORSE than in the UK & US.
Thats why i keep saying there have been a number of other factors that shot our market down, upart from economic factors, the main being:
1)Institutional selling due to client withdrawals/superannuation switches
2) Margin lending supported a larger % of our market by retail clients compared to overseas markets.
maybe a lot of it is euro and US money, so they are just wiothdrawing into their shell regardless of what has better prospects. The shining light I see amongst all this is that it may force this country to finance it's own requirements instead of jsut sucking in foreign capital all the time. Borrowed money forcing up real estate prices - not sure that does anybody any good other than the person who flogged the property and can now afford a new benz cobvertible