Hong Kong through the Looking Glass:
They Sure Don’t Borrow Like We Do (Now)
by Dante Archangeli

By Dante Archangeli   Hong Kong housing prices decreased 70% over six years.  Does that remind you of anything that happened recently in the U.S.? In 1981 mortgage interest rates were around 13% and we bought our first house in a gritty Cambridge, Massachusetts neighborhood for about $80,000.  Our neighbor Charlie (a.k.a. Charlie Bad Teeth for obvious reasons when he smiled) frequently bragged about the pistol he had in case of burglars. Across the street an upright claw-foot bathtub half buried in the front yard framed the Virgin Mary.  Our "new" house had no bathroom sinks when we moved in and we found a milk bottle from the 1800's in a wall cavity.