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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: marginmike who wrote (54986)1/6/2001 4:59:17 PM
From: patron_anejo_por_favor  Read Replies (1) of 436258
 
MM: There are obvious differences between Japan now and the US in '82. For one thing, we came off a prolonged period of rate hikes which effectively purged bad debts and malinvestments in '82. Out prime at the peak was above 18%. The Japanese financial system is still rife with bad debts that have not been written off, indeed, they are continuing the zero interest rate policies that have failed for years. Fiscal loosening, which spurred the US secular bull in '82 would flat out fail in Japan now.

Untill the Japanese financial system experiences the tough love it so desparately needs, there will be no lasting recovery there.
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