Skip to main content

View Diary: Anglo Disease: Black Friday Blues (170 comments)

Comment Preferences

  •  There is so much in this article to comment on (7+ / 0-)

    but I will limit myself to two points:

    1. As you noted the "savings glut" in Asia is a misnomer. In Japan for example, people generally have enough savings to weather economic downturns, emergencies and to pay for vacations in "shudder" cash! There is not that buffer in the US.
    1. The Japanese example brings up a set of similarities between the Japanese doldrums of the nineties and similarities between both causes and likely outcome with the US in the noughties. The banking crises and real estate bubble are two similarities in causes. However, there are some differences - the Japanese did not have the added burden of throwing trillions at a black hole in the middle east. Additionally for all the angst in Japan about the erosion of the employee contract, Japanese companies still attempted to maintain employment and pension agreements. The US companies would likely not do either, leading to the thought that long term doldrums in the US could lead to a depression.

    "Nations, like individuals, are punished for their transgressions." U.S.Grant

    by shigeru on Thu Nov 22, 2007 at 12:18:01 PM PST

Subscribe or Donate to support Daily Kos.

  • Recommended (133)
  • Community (67)
  • Elections (33)
  • Media (33)
  • Trans-Pacific Partnership (31)
  • 2016 (29)
  • Environment (28)
  • Law (28)
  • Civil Rights (26)
  • Culture (25)
  • Barack Obama (24)
  • Hillary Clinton (23)
  • Science (22)
  • Republicans (22)
  • Climate Change (21)
  • Labor (20)
  • Economy (19)
  • Josh Duggar (18)
  • Jeb Bush (18)
  • Marriage Equality (18)
  • Click here for the mobile view of the site