Lessons From Japan in Stemming a Crisis - NYTimes.com

Lessons From Japan in Stemming a Crisis - NYTimes.com:A reminder from Japan: Don't coddle the banks, act swiftly, and force the banks to write off bad debts. "I thought America had studied Japan’s failures,” said Hirofumi Gomi, a top official at Japan’s Financial Services Agency during the crisis. “Why is it making the same mistakes?”"and later"... Japan’s financial system did not start to