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Beware Zombies

May 12, 2009

Fashion and tax maven Lee Sheppard, quoted in Tax Analysts ($link):

Japan kept zombie banks alive with infusions and guarantees instead of forcing them to take the hits and closing them. Japan tried to prop up prices of equities. All of this delayed recovery. That was the lost decade. That's what America is repeating.

Just to cover the bases, we'll also go with Japan's lost decade government spending policies.

Tags: Lee Sheppard.

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