This year's sublime fiasco with the sub-prime mortgage market in the United States had made me wince at the plight of U.S. mortgage holders, even though I am not one of them and I have but a buck ninety-eight invested in American banks.
But it's made me recall the rough years of Japan's real estate bubble, during which time I had a house yanked from under my feet here in Tokyo. And I didn't even own it. I was renting.
Until then the bubble meant nothing to me other than fodder for humor columns. For what is funnier than seeing a galloping economy screech to a dead halt, with the poor rider being flung forward into the water trough?