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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (34910)	5/23/2000 6:26:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 42523

George, what really gets me is that no-one seems to take the Japanese experience seriously. all i ever hear from the bulls is how different things were in Japan. 'different' is actually one of the most tortured terms in the perma bull community. i would say that quite on the contrary, it is surprising in how many ways Japan's economic data looked exactly similar at the height of their bubble. what is so important about the example is the fact that Japan proves that secular bear markets are indeed possible in modern times. Japan is the second-largest economy in the world...a modern up-to-date economy as it were. and the root cause of their problem was exactly the root cause of the problem now besetting the US tech bubble: a monetary policy that was too lax and allowed excesses in both asset and credit markets to build to absolutely bizarre proportions. the fact that there is still this state of denial regarding the burst bubble is very disturbing....