Dennis R Redmond wrote:
>If Japan really did
>what Wall Street says, namely raised interest rates and cut domestic
>spending, you'd see a global credit and GDP holocaust which would make
>the breakup of the Soviet economy look like a success story.
No, Wall Street doesn't want that. Wall Street wants Japan to do some kind
of Keynesian stimulus - big tax cuts preferably. Yeah, sure they'd save a
lot of it, but they'd probably spend more of it than they save. Summers and
Rubin would never sound off about a Japanese stimulus program if Wall
Street didn't approve.
Speaking of the adminstration & Wall Street, Tom Schlesinger - who's
putting Fed transcripts up on the Financial Markets Center website soon! -
told me today that the Treasury's top bank regulator, Comptroller of the
Currency whathisname, has been the most industry-friendly in at least 30
years.
Doug
