Steyn spot on as always, well almost: he perpetrates the annoying mistake of comparing market valuation (measured in dollars) with GDP (measured in dollars per year). I’ll be impressed when a corporation has revenues approximating even a small developed nation’s GDP (both measured in dollars per year) or a market valuation approximating the total value of all real estate and other assets held in (again even a small) developed nation.
He didn’t compare the two because they were equivalent in nature, but because they were near in size.