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Friday, September 26, 2008 3:42:30 AM
1.) Is This 1929 Again? . . . Yes
2.) Could this have been prevented by playing a game of make-believe, as employed by Japanese banks and their regulators for the past 17 years?
No, of course not. This hasn't worked in Japan and wouldn't work any better here. With each passing year, the Japanese banks became more and more insolvent, failing one after another until the survivors sold a piece of themselves to foreign investors.
3.) Why is this 1929 again? Excessive debt relative to income.
2.) Could this have been prevented by playing a game of make-believe, as employed by Japanese banks and their regulators for the past 17 years?
No, of course not. This hasn't worked in Japan and wouldn't work any better here. With each passing year, the Japanese banks became more and more insolvent, failing one after another until the survivors sold a piece of themselves to foreign investors.
3.) Why is this 1929 again? Excessive debt relative to income.
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