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Germany's "budgetary strategy is not sufficient to bring the debt ratio back on a downward path," the E.U. executive warned.
In an interview, Mr. Ackman said that Mr. Green had merely brought the ratio back to the point where it was when he became chief executive.
By implication, reforming the policy or modernising the society (by, for example, enhancing the status of women) should bring the sex ratio back to normal.
If rents continue to rise at today's pace, many years of stagnant prices will be required to bring the price/rent ratio back to its long-term average.
Mr. Greenspan said that the Fed has tracked the ratio back to 1922, and that it did not change in a way that had a big effect on the economy until the mid-1990's.
As home prices have outpaced rents, the p/e ratio has soared (see chart 3).Mr Krainer estimates that house prices would have to fall by 11% to bring the ratio back to its long-run average.
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It will take another year or so, at least, to get those ratios back to the level they were at before the rapid spending began.
Higher house prices also push up aggregate household borrowing to income ratios back up close to pre-2007 highs.
In Sydney and London, prices would have to fall by at least one-third to bring p/e ratios back to their long-term averages immediately.
Unsecured debt is growing faster than secured debt and faster than incomes, pushing debt to income ratios back toward pre-crisis levels by 2020.
Moreover, when stock prices fall, borrowers can usually get their loan-to-value ratios back into balance by selling some of the shares.
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