This past weekend, there were barely two columns worth. They re refinancing and taking out second mortgages on their homes. According to the WSJ, half of GDP growth in the first quarter of 2001 came from home refinancing. Over in Japan, it s been 12 years since their bubble burst, and they re still stuck in the mud. The financial assets of Japanese households fell in 2000 for the first time since 1964, the first year the statistics were recorded.
Japan s continuing problems continue to extend to the rest of Asia.
People for the most part stood their ground, but the ground itself gave way beneath them. Economist Joseph Schumpeter, describing the beginning of the Great Depression. All rights reserved. Please read the disclaimer .