2012.09.11

More truth from the Sage of Singapore:

The only thing that works is facing reality; let people who are bankrupt go bankrupt.They bite the bullet, take the pain, accept reality, reorganize and start over.  The Japanese didn’t let anyone go bankrupt for 20 years – remember zombie banks, zombie companies. The Japanese stock market is 75% below where it was 21 years ago.  The Americans have already had one lost decade, we are going to have two lost decades or three lost decades, the way things are going.  Denying reality has never worked and it’s not going to work in America this time either.

Speak on, Jim…