A quote from an article in yesterday’s NYTimes, comparing our economic struggle with that of Japan a decade ago, how similar it is and how long it took for Japan to recover.
A final lesson may be that the crisis will spill over into the real economy, confronting America with the prospect of a long, grim recession. But that might not be all bad, said Yukio Noguchi, a finance professor at Waseda University, if the recession forces Americans to consume less and kick the habit of overseas borrowing. “The final chapter of the crisis,” Dr. Noguchi said, “may be when Americans finally learn to live within their means.”
I couldn’t agree more.