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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: JBTFD who wrote (16677)2/4/2004 10:56:17 PM
From: GraceZRead Replies (2) of 306849
 
I was listening to the radio, they were talking about this and one caller suggested that the bleeding will stop once we have attained equilibrium salary-wise with the rest of the world. That's a sobering thought.

My suggestion is to stop a minute and think about this statement. As the Japanese grew to have one of the highest living standards in the world after the end of WWII, did the rest of the industrialized world get poorer? The US economy does not consist of us selling sandwiches back and forth to each other. We actually have some pretty sophisticated businesses that are done here. The Chinese just ordered something like 3-4 billion in telecom equipment and services from US companies, Intel sold an extra billion in chips last 2Qs to Asia, even the old US Steel is cranking up to sell to China, something I never thought I'd see. As these people attain labor cost parity with the rest of the industrialized world they will need what we sell. They need us to survive, one doesn't get rich by taking your best customer to the poor house. It's not like back in the old Colonial Days where England would suck out all the raw materials from their colonies and then force them to buy their goods. We actually make more sophisticated stuff than they do and they will need it. Biotech is going to be a huge industry twenty years from now so is drug discovery as well as the medical device industry. Their financial markets and risk management industry are both in their infancy and US companies are well represented in HK.
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