It isn’t like this hasn’t happened before. In 1907 US I banks went bankrupt, Wall Street was cleaned up and subsequently the US became the 20th Century King of the Jungle. In 1966 almost all the financial companies went bankrupt in Japan, the Japanese then cleaned up the system and Japan became the world’s best growth economy for the next 20 years! In 1990s the Japanese propped up banks and, they did not let their banks fail, this led to the creation of zombie banks and major problems for Japan which still haunts it...
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It isn’t like this hasn’t happened before. In 1907 US I banks went bankrupt, Wall Street was cleaned up and subsequently the US became the 20th Century King of the Jungle. In 1966 almost all the financial companies went bankrupt in Japan, the Japanese then cleaned up the system and Japan became the world’s best growth economy for the next 20 years! In 1990s the Japanese propped up banks and, they did not let their banks fail, this led to the creation of zombie banks and major problems for Japan which still haunts it...
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Title	Pages / Words	Save
BofA The number of commercial banks in operation fell down to 7,598 in the first quarter of 2005, down from 8,129 in 2002. Of the 5,743 state-chartered banks, 919 were members of the Federal Reserve System...	1 / 232
MISS Most Japanese savings until late 1990s continued to flow into banks. The banks therefore remained large but had to search for new lending opportunities...	2 / 383
Interest Rate Most companies had to downsize the organization and reduce employees and corporate bonds to survive in the recession. Even if they started new business and made new goods, Japanese consumers would not buy such things...	2 / 325
Why did the Japanese economy begin to experience major difficulties in the 1990s? From the second half of the 1970s, a current account surplus occurred in Japan as current account deficit of United States increased. Remarkable progress of export industries created trade friction between many foreign countries, especially with United States...	6 / 1403