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Politics : Stockman Scott's Political Debate Porch
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To: Mannie who wrote (23865)7/30/2003 10:24:52 AM
From: Jim Willie CB  Read Replies (1) of 89467
 
my guess is USA is repeating Japan's error now in housing
the entire mortgage industry is gearing toward higher, inflated, and unsustainable price levels

this practice killed the banking industry in Japan
this practice might be in the process of killing Fanny Mae and Freddy Mac in the USA, in addition to large slices of the banking sector which are deeply committed to the mortgage backed securities

once again, we proceed down the Japan path
but with far more arrogance and risk and blindness

/ jim
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