Hi Ramsey. That housing stuff is no problem. Debt is a marvelously motivational driver. Hunger is a good one too, but hunger isn't much of a driver in the USA. Hunger works in India and China and North Korea, but not in corpulent America.
In China, North Korea and India, survival and savings are crucial. In the USA, debt works wonders. Sung to the tune of Snow White and the Seven Dwarves, as the men march off to the mine, "I owe, I owe. It's off to work we go".
Work is production. If there were too many lazy layabouts like me without debt, lolling around idly clicking on the computer, not needing any material possessions, the world would be like Japan; going nowhere in economic activity, just enjoying living off the savings as age and demography grind away.
But get China, lean and hungry and wanting megatons of consumer goodies, starting with a CDMA2000 cyberphone by QUALCOMM, India leaner and hungrier and wanting even more megatons of consumer goodies AND vast amounts of infrastructure [roads, buildings, everything] and toss in the USA mortgaged to the hilt and we have a very powerful economic engine.
Who's afraid of Fannie Mae and a few Bond Traders? I'll feed them to Taniwha [a mythical NZ dragon which makes the average Chinese dragon look like some kind of sick lizard].
Mqurice |
