Doug writes: > Japan has been unable to appropriate the serious sums necessary to
socialize all that bad debt. Or, put another way, the Japanese ruling class has been
unable to use the state to bail out Japanese capitalism. Compare it with the S&L/bank
bailout in the U.S., in which something like $200 billion - no one can say exactly how
much, really - was spent with almost no public debate (and little in the way of
reforms).<
That's the way I was thinking about it, though I do think that there have been a lot of
reforms (though perhaps not enough) of the S & L sector. Their charters were tightened
and
made more like commercial banks, while the "capital requirements" were raised. -- Jim
Devine
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