Fleckenstein never says anything positive. Buy Japan, maybe in the future? Whoa Nellie. From RM:
"...Two Czars Are Born: On a positive note, there may be hope for Japan yet, thanks to a business consultant by the name of Takeshi Kimura, whom the government has appointed to a task force to deal with the bank-loan debacle. Mr. Kimura appears to have the right idea about allowing bad credit to go bust and finally letting the markets clear. Further, Japan's new "economic czar," Heizo Takenaka, seems to be of a similar viewpoint.
Subsidy Swan Song: This will, no doubt, cause a fair amount of pain in the short run -- witness the spanking in their market last night -- but dealing with the problem head on may ultimately set the stage for recovery. Sometime in the next three to six months, it may actually be possible to buy Japan, knowing the worst has been seen. It would even be better if our market was at last flushed, and we could get that event behind us, as well. In any case, I intend to keep watch on how events unfold, with the hope that something positive develops there in the not-too-distant future...." |
