| Decent metaphor Bkkandrew. But the same could be said for cars. Why is a medium-sized family car worth $50,000? That's outrageous. Why is a 4-year college education worth $150,000? Because there's someone else out there willing to pay that much for it. Basic economics.
The US mortgage feeding frenzy is exactly what the Japs experienced in the late 80s. Only about 1/2 as bad.
Witnessed that one first-hand too and fortunately wasn't in that fool's game either. |