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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (10266)8/6/2004 4:57:54 PM
From: NOW  Read Replies (1) of 116555
 
"in this context note that i for one believe that a revival of the refi craze via lower rates is NOT assured. it is a hallmark of a deflationary era that eventually, a breakdown in the credit transmission system renders lower rates impotent - one only needs to look at Japan's example. once the real estate bubble was showing the first significant cracks, a campaign to lower rates failed to re-ignite it. and one would do well to remember that Japan's RE bubble was deemed to be unassailable for a long time - the reason given was the 'shortage of land'."
Yes, BUT! the japanese are not the profligate borrowers the americans are.....
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