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December 04, 2008
Lee Kuan Yew on the economy: "You’re down the drain!"
LEEWATCH said:
“Falling asset prices, people feel poorer, they can’t pay their mortgages, home values are down, credit cards can’t be paid up, installments due on cars, they’re fearful of being retrenched, so there’s a spiral downwards. It started with the subprime mortgages, a floor must be put on that, I don’t know how to do it. ... People feel poorer, they don’t spend, their assets keep on sinking, their debts become more and more unrepayable, and you’re down the drain!”
Recommended by Anonymous Coward: "Lee Kuan Yew tells us what he really thinks about the economy. And how does Channel News Asia summarize those views? "Mr Lee expressed confidence that the US Treasury would be able to revive the economy. ""
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