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To: robnhood who wrote (2490)	6/23/1998 8:54:00 AM
From: yard_man	Respond to of 86076

>>It is wrong to blame Asia's crisis exclusively on rampaging capital flows. For example, Japan's recession reflects its dependence on export-led growth. In the 1990s, exports (and related business investment) weakened; unfortunately, no other source of demand has emerged to replace them. << When the American economy slows down are people going to point to the trade deficit and say, see here? Will others point to a consumer led spending boom that could only be fed by a massive expansion of consumer debt? Overcapacity is overcapacity. It is here as well. Whether it be there or here, much of it has been fueled by policies which were at least well-supported by the US.