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Politics : Ask Michael Burke

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To: Earlie who wrote (48914)	2/25/1999 4:43:00 PM
From: Eggolas Moria	Read Replies (1) of 132070

<<5 Stock prices tank. 6. Economy contracts >> Had this discussion today at lunch. Missing from this is the severe deflation in the real estate sector from extreme levels. Japan had that in the late 1980s when the implied value of their real estate was $13-15 trillion. Whether we have a similar situation is quite debatable. I would argue that we don't and that the prerequisites of a systemic contraction/crash is not yet in place. Unless of course you are talking about something of a much lessor magnitude.

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