Are we gonna experience the same Japanese Housing Burst at 1991?

[blahblahblah]

kewp, another important difference is that, to my knowledge, the loans in Japan were more traditional. That is to say, you didn’t have the case where someone’s payment doubled from one month to the next as the initial terms expired. These resets are what will force many of these people to turn in the keys, not the fact that they are lazy or corrupt or immoral (although they may well be!)

Also, with the new bankruptcy laws, getting out from under this debt maybe more difficult than in the past.

Just my $0.02…

[stansd]

Last night it hit home for me…we were at a friends house, and he started going through a basket of toys from his son..

1. Made in China
2. Made in China
3. Made in China
.
11. Made in China
12. Made in Mexico (a musical shaker from tijuana:)
13. Made in China.
.
.
20. Made in China

Those toys (Current Deficit) were effectively the financing that propped up the U.S. housing market, that created the private equity boom, and that finance the crazy credit card spending habits of American Consumers(capital surplus), .

What are we offering them? One thing: An IOU on Our Future and the future of our kids. I’m by no means anti free trade, but I am reminded of some of the writings of Adam Smith-sensibility is critical to the success of capitalism.

Creative destruction does exist and should exist. My hope is that the current meltdown continues just long enough to bring some sanity back to this country, but not so long that it leads to its demise.

Stan

[stansd]

Last night it hit home for me…we were at a friends house, and he started going through a basket of toys from his son..

1. Made in China
2. Made in China
3. Made in China
.
11. Made in China
12. Made in Mexico (a musical shaker from tijuana:)
13. Made in China.
.
.
20. Made in China

Those toys (Current Deficit) were effectively the financing that propped up the U.S. housing market, that created the private equity boom, and that finance the crazy credit card spending habits of American Consumers(capital surplus), .

What are we offering them? One thing: An IOU on Our Future and the future of our kids. I’m by no means anti free trade, but I am reminded of some of the writings of Adam Smith-sensibility is critical to the success of capitalism.

Creative destruction does exist and should exist. My hope is that the current meltdown continues just long enough to bring some sanity back to this country, but not so long that it leads to its demise.

Stan

[stansd]

Last night it hit home for me…we were at a friends house, and he started going through a basket of toys from his son..

1. Made in China
2. Made in China
3. Made in China
.
11. Made in China
12. Made in Mexico (a musical shaker from tijuana:)
13. Made in China.
.
.
20. Made in China

Those toys (Current Deficit) were effectively the financing that propped up the U.S. housing market, that created the private equity boom, and that finance the crazy credit card spending habits of American Consumers(capital surplus), .

What are we offering them? One thing: An IOU on Our Future and the future of our kids. I’m by no means anti free trade, but I am reminded of some of the writings of Adam Smith-sensibility is critical to the success of capitalism.

Creative destruction does exist and should exist. My hope is that the current meltdown continues just long enough to bring some sanity back to this country, but not so long that it leads to its demise.

Stan

[kewp]

1. Made in China
2. Made in China
3. Made in China

I personally think it would be net win for us if we cut the cheap, Chinese crap out of our lives.

I’m not anti-free trade either, but after the recent pet-food scare and having one-to-many POS Chinese-made folding chairs collapse under my 210lb Caucasian ass it makes me wonder. How much of this stuff is just going to a landfill after it proves useless or falls apart?

Would it kill us, as a country, to go back to having less stuff of higher quality (and price), produced domestically?

[kewp]

1. Made in China
2. Made in China
3. Made in China

I personally think it would be net win for us if we cut the cheap, Chinese crap out of our lives.

I’m not anti-free trade either, but after the recent pet-food scare and having one-to-many POS Chinese-made folding chairs collapse under my 210lb Caucasian ass it makes me wonder. How much of this stuff is just going to a landfill after it proves useless or falls apart?

Would it kill us, as a country, to go back to having less stuff of higher quality (and price), produced domestically?

[kewp]

1. Made in China
2. Made in China
3. Made in China

I personally think it would be net win for us if we cut the cheap, Chinese crap out of our lives.

I’m not anti-free trade either, but after the recent pet-food scare and having one-to-many POS Chinese-made folding chairs collapse under my 210lb Caucasian ass it makes me wonder. How much of this stuff is just going to a landfill after it proves useless or falls apart?

Would it kill us, as a country, to go back to having less stuff of higher quality (and price), produced domestically?

[patb]

I don’t know i f a100 year mortgage can be considered traditional.

The japanese didn’t do IO’s or neg-am, but they were stretching out the life
of mortgages something maniacal.

Now the reason people don’t kibosh on debt in japan, is there is
effectively no bankruptcy statute.

Western tradition allows debts to be forgiven every 7 years, which was
also the length of indentred servitude, which was the term for bankruptcy
cycles.

The Asian tradition is that bankruptcy is a permanent stain on not just
you but your children. If you go bust, the chance of your kids
marrying drops significantly.

[patb]

I don’t know i f a100 year mortgage can be considered traditional.

The japanese didn’t do IO’s or neg-am, but they were stretching out the life
of mortgages something maniacal.

Now the reason people don’t kibosh on debt in japan, is there is
effectively no bankruptcy statute.

Western tradition allows debts to be forgiven every 7 years, which was
also the length of indentred servitude, which was the term for bankruptcy
cycles.

The Asian tradition is that bankruptcy is a permanent stain on not just
you but your children. If you go bust, the chance of your kids
marrying drops significantly.

[patb]

I don’t know i f a100 year mortgage can be considered traditional.

The japanese didn’t do IO’s or neg-am, but they were stretching out the life
of mortgages something maniacal.

Now the reason people don’t kibosh on debt in japan, is there is
effectively no bankruptcy statute.

Western tradition allows debts to be forgiven every 7 years, which was
also the length of indentred servitude, which was the term for bankruptcy
cycles.

The Asian tradition is that bankruptcy is a permanent stain on not just
you but your children. If you go bust, the chance of your kids
marrying drops significantly.

[SD Realtor]

“I personally think it would be net win for us if we cut the cheap, Chinese crap out of our lives.”

Kewp I totally agree with you… The reality is that it is not as easy as one would believe. I am not sure if I saw it on tv or read about it (maybe here on Piggington), but there was a very interesting story about a woman who did just that. Her goal was to NOT PURCHASE ANYTHING made in China. Was that here on Piggington? The final outcome was that she was able to reduce things substantially but not 100% and it was actually very challenging for her to do it.

SD Realtor

[SD Realtor]

“I personally think it would be net win for us if we cut the cheap, Chinese crap out of our lives.”

Kewp I totally agree with you… The reality is that it is not as easy as one would believe. I am not sure if I saw it on tv or read about it (maybe here on Piggington), but there was a very interesting story about a woman who did just that. Her goal was to NOT PURCHASE ANYTHING made in China. Was that here on Piggington? The final outcome was that she was able to reduce things substantially but not 100% and it was actually very challenging for her to do it.

SD Realtor

[SD Realtor]

“I personally think it would be net win for us if we cut the cheap, Chinese crap out of our lives.”

Kewp I totally agree with you… The reality is that it is not as easy as one would believe. I am not sure if I saw it on tv or read about it (maybe here on Piggington), but there was a very interesting story about a woman who did just that. Her goal was to NOT PURCHASE ANYTHING made in China. Was that here on Piggington? The final outcome was that she was able to reduce things substantially but not 100% and it was actually very challenging for her to do it.

SD Realtor

[drunkle]

why blame the chinese? if your kid has a big ass basket of toys, that may be the problem.

[drunkle]

why blame the chinese? if your kid has a big ass basket of toys, that may be the problem.

[Author]

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