It was then that the three bears arrived home. Baby bear came in the shape of rising oil and commodity prices. One thing overlooked by the friends of Goldilocks was that China was hungry for raw materials. Its factories were not energy efficient; and by gobbling up oil and metals they sent the prices up. Whereas in early 2003, it was possible to go to market and buy a barrel of crude oil for $25 a barrel by late 2007 it cost well over $80 a barrel. But when baby bear roared Goldilocks slept on.
Then mummy bear came home. She was worried about her house. What had happened, especially in the US but also in Britain, was that prices of homes rose so quickly that young bears found it more and more difficult to raise enough money for a little cottage in the woods with roses round the door.
Well worth reading the whole thing.
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