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To: limtex who wrote (8114)	2/7/1998 1:02:00 AM
From: dougjn	Read Replies (1) \| Respond to of 152472

It might surprise you to know that I tend to agree with this. (At least as a relative statement, compared with each of the other countries badly caught up in the East Asian crisis.): <<the Koreans have acted relatively like greased lightning to get themselves back on the road and doubters just watch them ...you ain't seen nothing yet. The Koreans have done with starving and poverty they don't like it. OK they made the same mistakes as many Western countries have made ( eg S&L probelms in the US and secondary banking problems in the UK years ago) but unlike the West they will take a hell of a lot of pain very quickly and get back to reasonable employment again this year. They may not get back to the same spending levels so quickly but they WILL be on their way.>> However, I suspect the dimensions of the problems are pretty deep in Korea, as in Thailand, Indonesia, Malaysia and Japan. And I also know that they have never (since their incarnation as a capitalist society post WWII) had to deal with serious economy wide recession, bankruptcy and restructuring before. (Unlike the West, which is well used to periodic recessions/depressions. Since the 30s we haven't had any real serious depression, but those were common enough every decade or two before then throughout our history, if you know anything about economic history. The point is not that deep recessions are something to strive for, but rather that the experience of both surviving them, and more importantly of structuring banks and companies so as to be able to withstand downturns without failing is something rather foreign to the area. It must be learned. Doug