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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: tonto who wrote (58620)2/4/2009 7:28:21 PM
From: Kenneth E. Phillipps  Read Replies (5) of 224751
 
Tonto, an answer to your question about the Japanese experience.

This is all too leisurely. Speed is of the essence now. No one understands this better than Geithner, whose formative experience as a young Treasury official in Tokyo came in watching Japanese authorities dither and muddle about for a decade after their own giant bubble of an economy collapsed in 1989. "Monetary policy was very slow to respond,"Geithner told The Wall Street Journal on Wednesday. "Fiscal policy was very tentative and then did a lot of zigzagging." He's right. Like Geithner, I was working in Tokyo at the time (as a journalist) and watched every one of those zigs and zags. The answer then, as now, was bold leadership. The Japanese didn't supply it, and they still haven't fully recovered. What's the point of historical lessons if you don't learn from them?

newsweek.com
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