Wait a sec Dean. In the past you have praised Greenspan's low 1990s interest rates (when he guessed right about the productivity boom). Was he to stop the bubble using his bully pulpit without raising interest rates? When Warren Buffett spoke out he was dismissed as a old fuddy-duddy. It wouldn't have worked. Also you make no distinction between the 90s' disinflationary stock boom and the inflationary housing boom. Seems like 20/20 hindsight.

One of the most disasterous results of the stock market bubble was how it drained investment out of legit businesses, forcing a lot of them to go into the "downsizing" mode that was popular in the 1990's.

I can say one of them was Eastman Kodak, who was struggling with a real growth that was slightly above inflation. Sometime in the mid-1990's investors became agitated at Kodak management, demanding growth that was competitive with the internet bubble.

One big blow was the University of Rochester pulling dumping their Kodak stock. This was a insult added to an injury since guess who endowed the University of Rochester in the first place? Yup! Eastman Kodak.

So Kodak management got fired, and replaced with the Motorola guy, who laid off 50,000 people, and got paid $22 Million that year for his "management"....

Of course, 10 years later, Kodak is reversing everything the MOtorola guy did. But the cost in lives of workers and others for the stock market bubble was far more then anyone admits.

I wish you'd talk about this downside of stock market bubbles---the way they effect real businesses with real growth.

Joe, I was around working at a subsidiary of Kodak when the "Motorola Guy" came on board to turn the company around. Motorola was winning awards for innovation using the team approach. The very first suggestion from the MG was to run, not walk, to digital. These ideas were considered total heresy at Kodak, so the company was "turned around" using conventional techniques (lay-offs) and continuation with obsessional spying on Fuji, with respect to film only. For his entire tenure, the MG (George?) was in corporate handcuffs, stuck with supporting dinosaur technology. If you read about the company on Wiki, you read the lies about their innovation. It is the greatest story never told of "old blood" corporate suicide.

The purchase of "my" company was another one of their spectacular decision making failures, pre MG. Probably done on the advice of a corporate management consultant group when corporate diversity was popular. (You have headaches and can't manage your own company? Buy more headaches and companies you don't understand. Very popular train of thought.)

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The fall of the dollar was inevitable. It is the only way to get the trade deficit down to size. The real problem was allowing the dollar to rise to the point that it made such a painful adjutsment necessary. This was the Clinton-Rubin high dollar policy. It felt good in the short-term (except for manufacturing workers), but just like tax cuts that lead to big budget deficits, it could not be sustained.

Japanese Studies

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