just one comment on his analysis of the japanese market…

it doesn’t add up. despite the japanese central bank’s “slow response”, he doesnt address 2 simple things. 1) the indebtedness or bankruptcy of those caught in the crash and 2) public insecurity. neither of these things can be addressed after the fact of the crash, regardless of the speed of reaction. the fact that bubbles and the subsequent crashes are allowed to occur at all reinforces public insecurity while bankruptcy limits the ability of “investors” to reenter the market.

oh, and japanese pride. they would have simply killed themselves in the “old” days (like what, 50 years ago?) if they became indebted/bankrupt.