On Fri, 17 Apr 1998, Doug Henwood wrote concerning Japanese austerity:
> No, Wall Street doesn't want that. Wall Street wants Japan to do some kind
> of Keynesian stimulus - big tax cuts preferably. Yeah, sure they'd save a
> lot of it, but they'd probably spend more of it than they save. Summers and
> Rubin would never sound off about a Japanese stimulus program if Wall
> Street didn't approve.
Rubin actually said this? Oh, yeah, the G-7 thing, I'd forgotten about
that... the idea of Wall Street talking up other people's deficit spending
is kind of amazing, though consistent with the logic of the whole Asian
bailout, which was mostly done with Japanese/European money.
This probably explains why the Nikkei Weekly, putative voice of
Japan's deeply wounded but ever hopeful proto-rentier class, has been
sounding off for awhile now about the necessity for cutting taxes on the
rich.
> Tom Schlesinger - who's putting Fed transcripts up on the Financial
> Markets Center website
What's the URL on this? I spidered for this and came up empty.
-- Dennis
