Been There, Done That

This is a good article that illustrates how strikingly similar this financial crisis is to Japan’s Lost Decade. If Obama fails to do the right thing now, he is going to be in big trouble in several years, because everyone will dig up this type of articles, and say that he didn’t listen to the abundant warnings, just as we are now hearing from many people who warned us about Bernie Madoff. In hindsight, Obama will look like Christopher Cox, the SEC chairman.