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twitterLetter: Japanese market booms, but won’t bust
Saturday, Jan. 21, 2006 | 8:16 a.m.
Today's frenzied stock market in Japan is very similar to the start of the 1929 worldwide Depression. Wall Street and the stock market collapsed. Money suddenly disappeared throughout the world.
Businesses, including banks, closed because there was no cash to flow. With no money for payrolls, everyone suffered. The rich, who seldom paid in cash, were the most despondent; their "money" was in closed or valueless accounts.
In 1929 people bought "short" on "margin" and parlayed the "owned stocks" into more buys. Reportedly, that is the status of today's market in Japan!
The difference seems to be that checks are presently in place to stop the wild sales at maximum transfer rates.
Richard E. Law
Las Vegas
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