>a) the US ratios of price/earnings and rental yield are not even all that
>extreme by UK standards
No, but P/E's in the U.S. stock market in 2000 were only a third or so as high as those at the Japanmese peak in 1989.
But, as I learned in my London visit in January, housing speculation is the driving force of the British economy. Maybe we can learn from the former Mother Country.
Doug