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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (60988)1/24/2001 10:47:52 PM
From: David R  Read Replies (3) of 436258
 
I am not sure that we could ever have a Japanese style problem. They have a huge number of bad loans, and nobody is willing to clear the books. I have had conversations with a friend who spent years in Japan. People have taken out 60 year notes on their homes that are now worth a fraction of the buying price. As I understand it, to declare bankruptcy would be a personal disgrace that would likely be accompanied by suicide. So, the drastic action necessary to correct the problem is not an option.

Were we to have this situation here, banks would be closed, businesses would fail, etc., and we would get on with life. It might make for a tough couple of years, but certainly never like Japan. I have heard estimates that push recovery out as far as 20 years.

Please correct me if my understanding is inaccurate.
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