Jeffrey Jones argues that the United States should learn from Korea the fine art of digging yourself out of the massive hole you’ve dug for yourself:
A well-known international lawyer said that the U.S. needs to take a lesson from Korea to clean up the mess, noting that the mortgage problem in the U.S. is similar to the credit card industry boom in Korea in early 2000.
“It is not unlike the credit card problem we had in Korea and the U.S. could learn some things from the way in which Korea handled that problem,” former AMCHAM Chairman Jeffrey Jones told The Korea Times.
“The U.S. needs to establish policies to help people stay in their homes and continue to pay their mortgages, helping the default rate stop,” he added, suggesting that the U.S. take a lesson from some of the programs Korea used, such as the personal debt workout program.
Read the rest on your own.
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The Fat Man needs to get his nose out of Korea’s ass. Korea’s solution to the 97-98 Financial Crisis was, in part, the flotation of thousands of credit cards, which created the subsequent credit card crisis, coupled with a real estate policy that, in both its permissive and constrictive phases, has done nothing so much as created the current real estate bubble that is about to burst. There is nothing to be learned from either of those cock-ups.
Sure, the U.S. should copy Korea–100% tariffs on imports, witch hunts on foreign investors, gov’t protected conglomerates that don’t answer to shareholders…and we can let Canada pay for most of our defense
‘’suggesting that the U.S. take a lesson from some of the programs Korea used, such as the personal debt workout program.”
You mean like the personal debt workout program my mother joined 46 years ago?
We all know that “Double J” always has America’s best interests in mind 24/7.
“…the U.S. needs to take a lesson from Korea to clean up the mess…”
The solution was, in part, to have someone else ride in and save their bacon. Great plan, if the sky in your world is colored magenta.
I vote for the aliens on Mars to provide this imaginary relief, because they are more likely than anyone on Earth to come through.
It’s interesting how sensitive some people are over the mere suggestion that the United States might have something to learn from Korea about fixing certain aspects of their economy. (Almost as testy as some people get over the suggestion that gun control or national healthcare might not be a completely bad thing.)
Now you do know he’s talking about the credit card problem circa 2003, right? And actually makes some pretty good points like proper risk evaluation?
In which case, the answer is to invite PEFs (or maybe sovereign wealth) to buy banks, let them take the all the risk and turn the banks around, and then prosecute the bejeezus out of them when they try to take their hard-earned money out of Dodge.
(6.) “It’s interesting how sensitive some people are over the mere suggestion that the United States might have something to learn from Korea about fixing certain aspects of their economy.”
It’s for the same reason that we don’t ask old maids for marriage tips – batting zero happens for a reason.
god i cant believe i agree with some of it. the fact is the banks/cc companies got their buddies in congress to rewrite the personal bankruptcy laws in their favor, now where that used to be an option it isnt and now the banks are finding out the hard way
of course the banks were stupid to give out mortgages and credit cards to people who had no business getting them but thats another debate
So apparently it IS a Korean administrator who will have the final say as to whether Jeff Jones’ kids get to go to an Int’l school this year or not.
Apparently, a statement of his qualifications.
Well, I liked JJ’s advice… even if Wedge speaks the truth, too.
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