
I'm a bit confused as to the meaning of the second part. Is "nothing" a good or bad thing?

Japanese proverb means, literally, "Too short for a belt, too long for a lace". So, both parts of the sentence are neither good nor bad. They both talk about a thing that is good for nothing, I believe. :-)

What does this mean?

Isn't the proverb:
Too many cooks spoil the broth. ?

Yes, that's a real proverb. But does it mean the same thing?

By reading sharptoothed's comment here now: no, it does not mean the same. I just increased confusion.
Maybe something like:
Having too much is bad, but also having too little is as not having it at all.

This item still needs to be taken care of.
See the comments above.
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edited by sysko, August 11, 2010
linked by Martha, March 23, 2011