That would be a recipe for ensuring that, when the house price correction came, as it inevitably would if the world economy was weak enough, it would be bigger and more disruptive than otherwise. I am not saying that this is the most likely outcome, only that it is a risk we have to take into account.
Pointing to other countries that face even bigger problems is not the solution either. At a time when the economy is flourishing and no short-term measures are required it is important that we make a start on debating the long-term economic structures. BIS Review 74/2004  3