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To: Haim R. Branisteanu who wrote (3564)	7/13/2000 11:14:49 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 436258

Haim, in that case, SOGO and a slew of others would have been in bankruptcy long ago, finally clearing out the pile of bubble malinvestments accumulated during the bubble. the Japanese economy would have suffered some short term pain, but would have been able to grow from a clean slate. until such time as Japanese policy makers realize this, things will simply slowly go from bad to worse. a new, radical approach is needed...the opposite of what they're doing now. risk a big short term shrinkage of GDP, and in return be left with a healthy economy, free of the bad debt load that is suppressing activity now. the bursting of the US credit and asset bubble has a good chance of turning into an even bigger disaster, since there are zero savings and a vast current account deficit.