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To: Oeconomicus who wrote (132358)	10/2/2001 1:29:34 PM
From: GST	Read Replies (3) \| Respond to of 164684

Thanks Bob -- "We are not Japan." I guess the question is in part what can we learn from Japan's post-bubble experience, all of which seems to be bad. The cut rates to zero and used so much fiscal stimulus that they have wrecked their public finances -- yet they are in worse shape than ever with a recession that, if anything, is worse now than it was ten years ago. The most devastating critique is Krugman's "liquidity trap" and I refer you to that because he writes a lot -- I understand he had an article in the New York Times this past weekend where he suggests that we are not as different from Japan as we might think -- hence the risk of a liquidity trap. I think you might find this interesting, even if you don't entirely agree with it.

To: Oeconomicus who wrote (132358)	10/2/2001 2:41:17 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 164684

bob, i'd also add that folks need something to do with borrowed money or they don't borrow it. when one is sitting on massive oversupply conditions, borrowing cheap to invest in more oversupply doesn't even make sense to the masters of the new economy.