<<we are not so different from the Japanese
our bankruptcy laws are better>>
A good comparison IMO they copied our system of banking, added new ideas, and carried it too far
With a crash of the Nikkei from 36K to 10K and no recovery in sight.
Their major error was to steal everything from the common man, which left people with no income or survival
method.
Here the emphasis is on the flow of money to the populous in many forms, SS, retirement, unemp comp., dividends, grants, minimum wage, etc.
Beyond that, tho, proliferation of derivatives, options, bundled mortgages, has let the brokers and bankers run hog-wild with the total at-risk beyond calculation. Its a bubble that needs deflating-sometime. More controls.
Mr Greenspan and the Feds have been very worried. Their main job (and a proper one) is to save the banking industry and its a mistake to think they can save the stock market -which is beyond any persons control
I happen to think they can postpone the fatal day by their present actions, increased liquidity, far cheaper
Fed funds available to improve bank earnings, printing more money.
So far the system seems to be working, but the fixes implemented are going to create a huge burden in the form of future inflation. In which case Mr Greenspan or his successor, will be even busier than today.
Sig
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