I've been an employer, in engineering manufacturing since the 1970's so I think I know as much if not more than you do about the "real" economy. There are viable manufacturing businesses that export and can compete against imports. Globalisation phobia is for "peaceniks", not for manufacturers who are willing to play the game.
If I only had contact with the stock market I'm sure I would feel depressed. I think that flavours the discussion by some here who see the malaise in the stock market as a harbinger of what will soon occur in the property market.
It is interesting that they have decided past history is no guide to the future and yet they, illogically, repeat the mantra "a bust always follows a boom" which can only be ascertained from history.
I don't think anyone who is in property is saying that there will not be a lull or even a slight pull back in prices, from time to time (you don't have to sell at these times) but having been in the property market for over 30 years I can assure you that it kills the share market in terms of capital appreciation and income (from rents).
Therefore until I have the gift of predicting the future, and my crystal ball tells me otherwise, I am quite happy to work on the premise that the property market will continue to do so over the longer term because of it's past history.
ps. That doesn't mean I am suggesting you go out and splurge on property. The property market needs to be approached with the same skills one approaches the buying of stocks with. There are good buys and bad buys in both bull and bear markets for either type of asset but that's a story for property investors.
