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To: Robert Rose who wrote (121775)	3/26/2001 7:51:20 PM
From: GST	Read Replies (2) \| Respond to of 164684

The hard part with Japan is to recognize BOTH what is right and what is wrong. Despite the stagnation, Japanese people have enormous private wealth. But their public finances are a complete disaster. Despite the stagnation, the Japanese have a huge investment in all of Asia that is more and more integrated as an extension of their own economy. They are leaders in Asia, yet they have been unable to forge a new vision of their own society. Their problems are deeply political -- their concept of power is hard for us to comprehend. By no means is it all bad. They just have such a hard time admitting they were wrong during their bubble years -- with rampant stock and real estate speculation. They just do not want to mark their assets to market -- like some people in our stock market who believe the best thing to do is always "buy and hold" and never admit when you have made a mistake. That is why I generally believe in our system -- we say "hey, I was wrong, this property is not worth more than pennies on the dollar, lets sell it and move on". By the way, that is what we see every day when somebody sells BRCD, AMZN and Yahoo, etc.