Foreign Investment in the United States

I was upset but understanding when I read Catherine Collins’ opinion piece on Japanese investment.

Upset, because she’s mistaken about how real estate markets work, and she suggests that we try to treat the symptoms instead of the disease.

Understanding, because not long ago, someone asked me if I was ashamed of what I do for a living. I don’t make porno movies or pour toxic wastes into the water supply. I’m a real estate broker, and a substantial part of my business is selling buildings to Japanese investors.

The “globalization” of investment in real estate is a symptom of deep changes in the economic structure of the country and the world. We no longer dominate the markets we used to. The problem is that we’re living like we used to.

If our economy were stronger, I would be flying to Japan to buy real estate, not to sell it.

A final question: Are we selling our children’s heritage? Certainly we are.

The better question is, “What are we buying with it?” If the money generated from these sales is invested in education, in manufacturing, in those capital investments that will once again make it attractive to buy a U.S.-made car or machine tool or television set, what we are doing is painful, but wise.

If we waste it, we are burning the furniture to keep warm for a night.

And in that case, I guess I am ashamed of myself and of all of us.

MARC DANZIGER

Los Angeles

Danziger is vice president of Julian J. Studley, Inc.