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Technology Stocks : BORL: Time to BUY!
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To: James L. Fleckenstein who wrote (7701)11/24/1997 8:51:00 AM
From: Neil Booth  Read Replies (2) of 10836
 
James,

It was an interesting article. Today we've had Yamaichi (or Yamai-chi if you know any Japanese and appreciate dry jokes) go into volountary liquidation here in Japan. One thing I'm sure about is that they are not the last. It's the poor Japanese taxpayer (which includes myself at the moment!) that I feel sorry for. Japan has a vast problem with its ageing population, and having wobbly banks have to be bailed out by taxpayers who already feel squeezed doesn't help. Never mind the pensioners who are trying to live on an income of about 0.25% annually on their pensions. Basically their capital is eroding rapidly. Then there is something I doubt many have heard of - the JR debt (Japanese Railways) which is simply astoundingly huge. The debt of the national railways in Japan is the order of $250-350 billion. That's about half the size of the UK national debt!! We all know whose shoulders that's going to fall on, too.

The Japanese people were well screwed by their big companies and politicians in the 1980s. I imagine many are feeling quite deluded. However, they have to share some of the blame; they're too trusting of such institutions and there is almost no consumer movement or outspoken criticism. Things are starting to change, but only slowly. The government sold NTT to the public in the 1980s at a PE of 240! Simply outrageous.

To me the funniest thing is that they elected to the position of prime minister the guy who was finance minister in the late 80s and let the whole bubble thing get out of hand - Hashimoto.

Enough of my rambling.

Neil.
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