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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: redfrecknj10/30/2006 11:56:57 PM
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via Charles Hugh Smith

"...the Japanese bubble was not in housing, it was in lending. The same is true of the U.S. bubble which is just beginning its deflation. If all mortgages had continued to require 20% down in cash and well-documented sources of income, the bubble would have run out of buyers long ago.





"As the chart above reveals, government bail-outs have created such a massive public debt that fully 70% of Japan's tax revenues are devoted to paying interest on the public debt."
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