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Non-Tech : Banks--- Betting on the recovery
WFC 84.59+1.7%Nov 24 3:59 PM EST
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To: tejek who wrote (175)3/3/2009 10:25:42 AM
From: damainman  Read Replies (3) of 1428
 
Japan prolonged its credit crunch and recession for almost a decade before it finally nationalized two of its biggest banks, the Long-Term Credit Bank of Japan and Nippon Credit Bank, in 1998.

"The key to all our problems is the zombie banks," Mason said. "We're giving them money, which is not going to solve anything. We're repeating the mistakes of Japan, which wasted a decade by not moving decisively against its zombie banks."

Yeah, look at Japan NOW, Nikkei about half of what it was in 1997 and Toyota begging for money- maybe nationalizing doesn't solve everything after all eh?
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