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To: Ian@SI who wrote (4633)	1/29/1998 10:43:00 PM
From: Jess Beltz	Respond to of 10921

Ian, Hashimoto (or his pick for Finance Minister) will force the banks into reform if and when he absolutely has too, not before. I think in the end, he'll do it, but for precisely that reason, because he WILL absolutely have to. Until his hand is forced (and this was really the point of my post,) he will do nothing meaningful, and the only thing that will force his hand is that his country's economy will be destroyed if he doesn't. jess

To: Ian@SI who wrote (4633)	1/30/1998 5:38:00 AM
From: John Cuthbertson	Respond to of 10921

Ian, I also saw that part of Greenspan's testimony yesterday morning. Very interesting. It seems to me that George Bush gets way too little credit for the RTC solution to working out the S&L crisis in this country. I think we can see from Japan how bad the consequences of that problem could have been. Scary. ==John

To: Ian@SI who wrote (4633)	1/30/1998 1:53:00 PM
From: Aaron Cooperband	Read Replies (1) \| Respond to of 10921

Ian - Re: "Alan Greenspan's testimony .... he believed that the Japanese are finally showing promising signs of resolving their banking system problems." If the Japanese make any forward progress at all he has to say this to encourage them to keep on going. The Japanese government won't regain my confidence until I see them stop making political compromises that save face and start making some seriously painful decisions. They must let go of the reins and let the economy go where it may. This means massive bankruptcies and social upheaval short-term, but a healthier western-style economy going forward. Given the right infrastructure I'm confident the Japanese can excel. Just look at how far and how fast they've come since WWII. But their old economic model has failed them in the current environment. Without a drastic makeover they will continue to wallow. Aaron