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To: Ilaine who wrote (165)	4/1/2001 10:53:29 PM
From: Don Lloyd	Read Replies (1) \| Respond to of 443

CB - My point is that, in the sphere of TL&EV, Japan seems to have skated. I can't think of anywhere in the world of 1930-1931 that wouldn't have gladly traded places with modern day Japan. OK. You're saying that if you line up 1990 Japan and 1929 America, Japan has not (yet) suffered the massive downturn in the real economy that occurred in America. This is true enough, but the outlook is not positive. Also, there is likely a lack of equivalence between the two situations. Even today, Japan's stock market is a poor imitation of the US market. It simply is not integrated into the real economy as it is in the US, and Japanese companies are not the independent entities that US companies are. Creative destruction is not normally allowed to re-allocate economic resources. Regards, Don