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Politics : Ask Michael Burke
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To: Skeeter Bug who wrote (62197)6/12/1999 11:23:00 PM
From: Ilaine  Read Replies (2) of 132070
 
>>>>>i think japan is a reasonable leading indicator for what te american economy will face...<<<<<

But the Japanese save money, and buy things with cash. Americans are mortaged to the hilt. If you can't make your car payments or your house payments, you can:

1) Try to sell the asset, and hope that you can sell it for more than you owe.

2) If you can't sell it for more than you owe, sell it anyway, and pay the lender the difference if you can.

3) If there is no way to pay what you owe, declare bankruptcy.

Being broke is bad enough. Being broke, homeless and without a car to drive to work is worse, IMO.
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