Steen: I've seen this all before

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Steen: I've seen this all before. Steen Jakobsen, the Chief Economist at Saxo Capital says when he drives around Sydney he sees all the signs of a looming housing correction. When I go around Sydney this morning I notice that every single bank is advertising the fact that you can have zero-interest for one year, zero-interest for two years. I've been to Spain, I've been to Scandinavia, I've been to all these places before and after the housing bubble and all the signs I see in Sydney this morning indicates to me we are right in front of a huge correction in the housing market.

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