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  • #151
    The Japanese government is, for some reason, convinced that construction projects are the way to end their rather lengthy recession. That it hasn't worked yet does nothing to stop them from trying, like most government projects.
    There are good reasons to suspect the Japanese is trying to support the stock market using funds from its govt pensions funds. Of the 1,9 trillion Yen it received last year it invested 1,3tr in Japanese shares while it had a negative return of 17% on those investments. (worse than the topix drop of 16% and worse than the positive returns it receives on foreign investments)

    Squandering pension money like that, it's getting ever more disgusting...
    Last edited by Colonâ„¢; August 2, 2002, 09:39.
    DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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    • #152
      Well, it was clear that the government was squandering money from somewhere to make the stock market 11,500 by the time the banks had to mark their holdings to market. Whether that squandering comes from pensions or some other place doesn't seem to matter much.

      I'm just amazed that Japan can keep its debt levels so high without too much problem. The U.S. populace freaked when the number went above 50% of GDP, for instance.
      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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      • #153
        Not a big problem if it's covered by domestic savings at extremely low interest rates.

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        • #154
          The Japanese just have not found enough useless sh!t to buy. Never been a problem for Americans, of course.
          I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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          • #155
            Well why should consumer spending on credit help the economy when government spending on credit does not ?

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            • #156
              Originally posted by DanS
              The Japanese just have not found enough useless sh!t to buy.
              They're too busy shipping it out.
              "The number of political murders was a little under one million (800,000 - 900,000)." - chegitz guevara on the history of the USSR.
              "I think the real figures probably are about a million or less." - David Irving on the number of Holocaust victims.

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              • #157
                "Well why should consumer spending on credit help the economy when government spending on credit does not ?"

                Because people buy the useless sh!t they want to buy, not the useless sh!t that the gov't wants to buy for them. This is a better situation all around.

                "They're too busy shipping it out."

                So then they end up shovelling money at the dollar and supporting the US public debt.

                What's the world coming to?
                I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                • #158
                  " Because people buy the useless sh!t they want to buy, not the useless sh!t that the gov't wants to buy for them. This is a better situation all around. "

                  Yeah, but for a simple demand side view, there's no difference.

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                  • #159
                    Originally posted by DanS
                    Well, it was clear that the government was squandering money from somewhere to make the stock market 11,500 by the time the banks had to mark their holdings to market. Whether that squandering comes from pensions or some other place doesn't seem to matter much.
                    Macro economically speaking, no. Morally speaking is quite another matter though.

                    I'm just amazed that Japan can keep its debt levels so high without too much problem. The U.S. populace freaked when the number went above 50% of GDP, for instance.
                    Belgium and Italy have been carrying a debt of above 100% for years without a currency crisis (which is the main risk) as they didn’t had much foreign debt and as they didn’t try inflate themselves out of their debt. (as Greenspan seems bent on doing and Japan needs to do but is too impotent for)

                    "They're too busy shipping it out."

                    So then they end up shovelling money at the dollar and supporting the US public debt.

                    What's the world coming to?
                    They were shipping it out, of the late they’ve been shipping it back it. What's the world coming to if even the Japanese don't trust US assets anymore?
                    DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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                    • #160
                      "What's the world coming to if even the Japanese don't trust US assets anymore?"

                      Well, Americans aren't gonna pay for Japan's useless sh!t in pesos, are they?
                      I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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                      • #161
                        The markets have been jojoing up and down again lately, is this because they have become less liquid? (I feel that "uncertainty" as an explanation is just too easy)
                        DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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                        • #162
                          Looks like normal bear market behaviour to me. Sell offs, and steep rallies cause there are so many bulls around who fear nothing more than missing "the bottom".

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                          • #163
                            Originally posted by Roland
                            Looks like normal bear market behaviour to me. Sell offs, and steep rallies cause there are so many bulls around who fear nothing more than missing "the bottom".
                            Sweet lord Cheezus. I agree with Roland. Guess it's time to start buying then.
                            "The number of political murders was a little under one million (800,000 - 900,000)." - chegitz guevara on the history of the USSR.
                            "I think the real figures probably are about a million or less." - David Irving on the number of Holocaust victims.

                            Comment

                            • #164
                              Originally posted by Roland
                              Looks like normal bear market behaviour to me. Sell offs, and steep rallies cause there are so many bulls around who fear nothing more than missing "the bottom".
                              I know the cycle, but why wasn't it there for quite a long time? (a year or so?)
                              DISCLAIMER: the author of the above written texts does not warrant or assume any legal liability or responsibility for any offence and insult; disrespect, arrogance and related forms of demeaning behaviour; discrimination based on race, gender, age, income class, body mass, living area, political voting-record, football fan-ship and musical preference; insensitivity towards material, emotional or spiritual distress; and attempted emotional or financial black-mailing, skirt-chasing or death-threats perceived by the reader of the said written texts.

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                              • #165
                                I don't think this bear market is even as severe (at least so far) as the '72-'73 bear market.

                                Which reminds me. Friday night and it's time to hit the beer market.
                                I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891

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