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Re: Personal Savings Rate Drops to Worst Level Since Great Depression
I had my first glimpse of the Asian equity bubble today. Spent the day in Hong Kong and saw quite more activity than I've ever seen in the investment section of a mall bookstore that carries English works. Quite a wide swath of Hong Kong society was present. Among those browsing the trading and investment books were foreigners and HKers alike, men, women and teenagers. More traffic in the HK Investment section than I've ever seen in any US Barnes and Nobles Investment section before, but maybe I was paying extra special attention today.
Nevertheless, the real kicker came later on in the day, when I got back home to the Mainland and bumped into the 20-something year old guy that had sold my girlfriend and I our gym membership. Today was the first time we had seen him in about 3 months. I remembered how his was a job for the low-skilled. It required him to stand outside a supermarket and pass out fliers about 10 hours a day, whether rain or shine. My girlfriend asked what he was doing now. "I've found a new job," he said. "Stock market." :eek:
I had my first glimpse of the Asian equity bubble today. Spent the day in Hong Kong and saw quite more activity than I've ever seen in the investment section of a mall bookstore that carries English works. Quite a wide swath of Hong Kong society was present. Among those browsing the trading and investment books were foreigners and HKers alike, men, women and teenagers. More traffic in the HK Investment section than I've ever seen in any US Barnes and Nobles Investment section before, but maybe I was paying extra special attention today.
Nevertheless, the real kicker came later on in the day, when I got back home to the Mainland and bumped into the 20-something year old guy that had sold my girlfriend and I our gym membership. Today was the first time we had seen him in about 3 months. I remembered how his was a job for the low-skilled. It required him to stand outside a supermarket and pass out fliers about 10 hours a day, whether rain or shine. My girlfriend asked what he was doing now. "I've found a new job," he said. "Stock market." :eek:
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