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To: pass pass who wrote (49897)	3/13/2001 12:03:13 AM
From: Jacob Snyder	Respond to of 77400

Yes, there was a lot of money thrown at goofy ideas. A lot of wishful thinking. Anybody could get financing to spend billions putting in the infrastructure for things with no proven market, and/or untenable business plans. And all that money is going to get written off. Most of the dotcom and telco startups with IPOs in the last 5 years, will be delisted. And anyone who is holding their stock, or their bonds, or did vendor financing with them, is going to write it off. And, if some entity big enough gets into trouble, the government will probably step in, and arrange a "fix". Unfair that only the big failures get that attention, but that's the way it is. And here's the critical difference between us and the Japanese: the Japanese still, 11 years after their crash, have not written off their bad debts. Somewhere between 500B and 1T (dollars, not yen) have been uncollectible for a decade, and the Japanese seem incapable of dealing with it. There hasn't even been an honest accounting. So, their whole banking system has been in a deep freeze for a decade. Contrast that with how we handled our S&L mess.