Thursday, October 23, 2008

Happy Tenth Anniversary

On this day in 1998, the Diet voted to nationalize the Long Term Credit Bank (Nihon Chōki Shinyō Ginkō, now Shinsei Bank) - the first postwar nationalization of a bank and the first irrefutable admission that Japan's banking system was not going to grow itself out from under its mountains of toxic debt.

Just a reminder of how quickly a decade slips by...and how far we have managed to crawl in the interim.

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