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View Diary: Yves Smith’s Devastating Takedown Of BofA’s Not-So-Independent Foreclosure Review, Part I of V (87 comments)

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  •  OK, I'll bite. The moral is (1+ / 0-)
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    elwior

    if we follow what Japan did and ignore the corruption and all the bad debt, we'll AT BEST get what Japan got.

    Hint: Since the world economy was doing OK as a whole during Japan's deflation, and during ours much of the world is NOT DOING OK, the odds are that our "lost decade" will be much longer than a decade. Not just writing off the bad debt, cleaning up the corrupt practices, holding C-level officers and boards to account, but the decade or more of young people who may be mid 30s before they find their first job that taps their many talents and skills in any kind of meaningful way.

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