"But the other problem is that Japan is simply running out of room in it's
metropolitan areas. In Tokyo now, you have to PROVE you own a parking space
for a new car before you are allowed to buy one. When this rule was first
instituted, people were selling parking spaces to 2, 3, even 4 cars. Now you
have to prove you own it and it's solely for your car. They are also
building roads over rivers because it costs too much to buy the land to
build them on. Crazy."
If you can imagine this. 10 years ago, Tokyo alone was mortgaged for more
than the entire value of the United States. Unfortunately, the mortgages came
due. That is the root cause of the Japanese banking crisis. The banking crisis
led to the economic crisis that now effects Japan.
I don't suppose we are much better. Our government laid out 500 Billion in
1991 to cover our savings bank collapse. Our grandchildren will be paying taxes
for that one.
Wonder why we have a deficit?
Tom Faust
|