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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: SeachRE who wrote (306411)	10/8/2002 9:22:43 PM
From: David R	Read Replies (1) \| Respond to of 769670

The Japanese are great savers, but they are unwilling to deal with the bad loans. I am of the opinion that the very traditional Japanese culture would require that the defaulters face disgrace or hari kari. In the late 80's Japanese were taking 60 year mortgages on over-inflated houses. The banks wrote the loans because they knew that they will be repaid. We are in similar situation as Japan, but our solution would be very different. We would have massive defaults on loans, and massive write-downs. In 10 years, we would have had the whole mess behind us (granted, it would be an ugly 10 years). Since you are obviously much more knowlegable on economic matters, would you care to comment on the huge runup of debt? Do you think that we can continue to overspend without any consequence? How would you propose dealing with the massive debt that has accumulated? Sooner or later, somebody has to pay it off.