Friday, February 6, 2009

Say 'Ello To My Very Beeg Fren?

How about Sayonara instead?

The NYT reports from Hamada, Japan: The liberal government's massive public works spending in 1980s while their economy was faultering, did little to help the long-term economy and helped turn the nation into a Tokyo controlled, big-spending welfare state.

Money Q:

"Nor is this remote port in western Japan unusual. Japan’s rural areas have been paved over and filled in with roads, dams and other big infrastructure projects, the legacy of trillions of dollars spent to lift the economy from a severe downturn caused by the bursting of a real estate bubble in the late 1980s. During those nearly two decades, Japan accumulated the largest public debt in the developed world — totaling 180 percent of its $5.5 trillion economy — while failing to generate a convincing recovery."

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