On 8/30/95, Tom Walker posted the following: > >I have just heard the news on the radio that Japan's largest >credit bank has collapsed. For the first time, the Japanese Government has >been prepared not to prop up an incompetently run bank. So it is finally >joining the ranks of other advanced nation governments which have decided >that they cannot control their economies any longer. > >This is a cause for rejoicing, but also not a cause for rejoicing because >the gloabl economy is poised on the edge of great danger. Almost all the >other Japanese banks are bankrupt, too -- vastly so -- with huge debts >caused by the property and inflation related madness which overtook many >advanced countries some four or so years ago. Both Standard & Poor, and also >Moodys give credit-ratings at about the Cs and Ds, far far below the credit >ratings of US banks. Even bankrupt New York City, I believe, has a credit >rating of BBB. ____________________________________ I knew that these bank's balance sheets were in trouble, but I had not heard that they were actually starting to declare bankruptcy. Does anyone (Doug H?) have any info on what is actually happening? I will start teaching my Fall money and banking course in a week, and would like to be up on this. Thanks, Doug Orr [EMAIL PROTECTED]
