c**i
发帖数: 6973 | 1 Kelly Evans, US Economy Trapped by Its Circle of Strife. Wall Street Journal
, Oct 17, 2011 (in the column "Heard on the Street").
http://online.wsj.com/article/SB1000142405
2970204774604576631333856825052.html
("They are supercycles in terms of both time frame and scope. They are
marked by asset-price bubbles thta, upon reversal, trigger financial crises
as the banking system struggles to stay afloat. And importantly, these
financial crises tend to occur at the strat--not end--of the debt-shedding
process that can take years or even decades fully to play out.")
Note:
(a) "They" refers to
(i) Japanese asset price bubble
http://en.wikipedia.org/wiki/Japanese_asset_price_bubble
(1986-1991)
(ii) US subprime mortgage crisis, and
(iii) The Great Depression.
(b) Economists are studying one, both or all three of them. This article
advanced a theory: asset bubble popped, banking then fell.
(c) There is no need to read the rest. Still, the article is kind of
interesting.
The last paragraph of the WSI article: "If there is one lesson from Japan--
or the Great Depression, for that matter--it is that it ain't over when you
think it's over. The US economy is going nowhere fast. |
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