Yesterday, I listened to guest speaker, especially at theround table, enlightening, last night opened a Happening. tell you there is no real estate bubble will not fall down, I have no real estate in China, dare not tell, I find the Internet to find prices in the United States changes, which are 25 single national residential homes, It neutral price changes, 50% of the house price it high, house prices are 50% lower than it was. This is not the average price, which is neutral prices. 1980 U.S. median price of an around 50,000, when you buy four rooms on two houses the Office of 50000% Now in 2005, more than 20 million, 25 to the rise of prices upward, we can see a decline, But time is short and small, I did not think China's real estate will be reduced by 30% to about 50%, some experts say that the United States is a bubble will break down 30% 50%, I do not think so, look at the table it does not appear that this information where they come from? Scientific American Financial companies do. Facie a table, in the past 35 years, the housing loan interest rate changes. interest rate changes reflect the entire economy of the changes. We see 77 to 80 years, the Housing loan rates above 10% to 16%, This is a time when United States President Jimmy Carter, although very diplomatic achievements is the establishment of diplomatic relations with China. But only when the term, why? Because people can not tolerate inflation, so he stepped down, 80-Lee began coming to power, interest rates have been rising. Li Kun, is actor turned president, the American people, he ranks third in the great President, I find it hard to understand You see, this plan will know, Mr Kan-adjusted interest has been reduced from 16% to 10%, He has done a very important issue is the appointment of Goerens - When the United States Joint Reserve Chairman. 1988, when Bush took office, 92 of the Clinton administration, the Americans say that the two presidents have not know economics, Why is the United States in recent years the economy is good? Greenstock - is the reason, especially the younger Bush is the militants, he became president because the economy is good Greenstock subcontractors. This table is the United States Housing changes in the interest rates, which forms sort of problems? 2004 From October 2004, the interest rate less than 5.75, the highest among time in March 2005, to 5.8, 5.9, in response to the September back to 5.75 level, we look at the figures we see no meaning, Why do I say this? figures in the past in June 2004, as the United States Greenstock-year, 11th consecutive increase in short term interest rates by the United States, he would like to achieve what is the purpose? He expressed the hope that long-term interest rates can also upward, but the table shows that, 12 months, long-term lending rates, as he did not expect there going up has been a downward trend, and this shows the power of one person limited. This is a reflection of the market, no matter how you control the government, so the market is reflecting. Greenstock of the United States - the most authoritative economic figures, he was very influential. He saw so interest rates have not increased to reflect, how do? His caller, he said some areas in the United States there are some bubbles, These may be the future bubble American economy more obvious, I saw, I also check the Internet investigation, see the Chinese media for his speech was how to understand, the title was very sensational, saying that the United States should the bubble burst. I said that the translation bubble burst in idle talk, I started researching the Goerens-how said. Many translators, and the news media of his friends may say two words do not quite understand, the two words are bubble the actual essence of the difference between a long-term equivalent of the cup, I quickly reversing beer, and it had a bubble, is what it means. For a period of time will slowly break apart, but if the bubble. Another term is a child of a soap bubble blowing, blowing a large outbreak results, the number of the latter have nothing. Yesterday, I heard Mr. Yi said this, I have not read his article, if true, as the media said, China has a 30% to 50% of the burst bubble, I do not know how to start the talks, the two words why I talk about, I find it very interesting that the Americans described 99-2001, IT high-tech industry bubble of it is a term with no second term, why? Because it did not, and what has been artificially blowing, blowing bubbles at National Cheng Kung University, a broken have nothing, and the real estate Again, it is also the land, not become 0, high-tech things, if burst, the stock may become 0. the property will not be turned into a 0, and will forever be things like reversing beer down to the cup, there is a bubble dissipated beer inside. If the real estate transfer, it is fine-tuning, not like a bubble burst have nothing. This map illustrated the problem. September of this year, Nie president to the United States to visit, I talked to him, I said I went to the United States for 17 years. At least two people say that the real estate bubble to burst and now someone said, this is my third time to listen. I observed a result, for 10 years, real estate prices are rising for seven years, two years of declining or not, a year down, You said real estate has not dropped is wrong, a decrease, 10 years may decrease a year, two years may be peaceful, the remaining seven years of inflation.

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