From Japan to Sweden, other nations have traveled from real estate busts to financial crises in recent years, leaving behind a simple lesson: Effective policy makes the difference between a long or a slow recovery. For US policymakers, Japan is the case study in what not to do when a credit bubble is followed by a real estate bust. (Christian Science Monitor, Friday)
The consequences of avoiding fiscal responsibility cannot be avoided.
FEE Timely Classic
Social and Financial Responsibility from The Guaranty Survey, August 1956, Albert C. Wilcox. Editor