Thursday, December 18, 2008

Wait! You mean economic bailouts have been tried before?

And they didn't work then either?

From Reason Online:

Return of the Living Dead
What the U.S. can learn from Japan's failed experiment with "zombie businesses"

Anthony Randazzo

Twenty years ago, Japan faced nearly the exact same problems. Then they fell prey to the zombies.

After Japan's asset bubble burst in the late 1980s, their economy took a sharp downturn, prompting government officials to try bailing out banks and investing in infrastructure, much like the activity and proposals floating around America today. The results were terrible.

Mr. Randazzo goes on to list the incredible parallels between the current American economic crisis and the previous Japanese one. It's uncanny and scary. It's your duty to read this eye popping article. Stay informed, no matter how much of an idiot we feel like after reading it.

Grrr: Why didn't our leading officials know this!?!?!

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