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To: Jacob Snyder who wrote (129630)3/8/2001 11:46:56 PM
From: tejek  Read Replies (1) of 186894
 
Japan has yet to write off mountains of debt that have been uncollectible for a decade, and are still on the books of companies and banks. They cannot do what we did to fix our S&L problem.

Jacob,

They "cannot" or won't? I don't know the Japanese culture very well but I understand that there is some "dysfunction"/resistance to tackling their most serious problems.....its amazes to me.

And I know the story of Argentina well. Arising from my interest, I happened to read a book on Evita Peron when I was in college. It astounded me how the Perons placed the final cherry on the systemic stripping of Argentina's great wealth, and yet they were celebrated as icons. In spite of that, Argentina still has exceptional wealth but can't seem to sustain the necessary reforms needed to elevate its economy.

ted
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