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View Diary: America Turning into Japan (89 comments)

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  •  I had a front row seat during the Japanese bubble (3+ / 0-)

    I moved to Japan in 1988 to study at Tokyo's Sophia university and stayed until 1992 so I had a front row view of the excesses of the bubble era.  

    One of the most striking results of the Japanese bubble was the creation of a "lost generation" of young people who were unable to secure good employment after graduation and became resigned to a life of being under-employed or part time/contract employment without security.

    Accordingly, this lost generation shifted its values and consumption patterns and decided that owning things like cars was an unnecessary burden and that buying a house was something akin to a fairy tale. The sense of futility and loss of confidence that emerged and took root is in stark contrast to the bubble era when national pride and giddy consumerism were at their peak.

    Looking at the America of today, you can see the beginnings of our own lost generation and a similar shift of popular sentiment into that of deep despair. When pundits and economists were declaring the official end of the American recession in June 2009, I knew that the US, just like Japan, was only beginning its long ride downward and that this recession was a decade long wave that would wrench everything from the moorings. It is going to be a brutal ride.

    •  Tell me About it (1+ / 0-)
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      pgm 01

      I lost 5 million in the Japanese market.

      What the author doesn't specifically mention is that because the Japanese are big savers the debt they owe is largely to other Japanese institutions.  Not only is the not a nation of savers, but the debt Americans owe is largely owned to foreign nationals, such as the Chinese, the Japanese, the British and the Saudis.  

      Sadly, with republicans about to take the helm, we are in for a very bumpy ride, unless people organize to prevent it, which won't be easy considering that republicans largely control the mainstream media.

    •  LOL ... (0+ / 0-)

      I joined a Japanese company in 1988 where I still work (in China).

      So I'm not going to get started commenting on this diary ....

      What about my Daughter's future?

      by koNko on Thu Sep 29, 2011 at 01:34:30 PM PDT

      [ Parent ]

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