03
Mar
2009
"Biggest Dose in History Failing, Proves Dose Was Too Small"
I heard some guy on NPR’s “Fresh Air”–he used to be chief economist for the IMF and now teaches at MIT–talking about the alleged lessons of Japan’s lost decade. You guessed it, the problem was that they didn’t reform their banking sector. I am no expert on Japanese history, but I’m guessing they pumped in more tax dollars to the banks in that decade than ever before (or since). And yet the term “zombie banks” was coined in this period.
Naturally, the obvious conclusion is that the government didn’t do enough to reform the banking sector.
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