> -----Original Message-----
> From: J. Barkley Rosser, Jr. [SMTP:rosserjb at jmu.edu]
> Sent: Friday, May 14, 1999 12:36 PM
> To: lbo-talk at lists.panix.com
> Subject: Re: Today's Salon (continued) -- "Abrasive prick"
>
> Doug,
> The WSJ article is not too far off. There has been
> probably more restructuring than in some of the other
> "East Asian crisis economies," but certainly not as
> much as the IMF wanted. Furthermore, growth has
> only barely restarted, if at all. There are all these
> boomy forecasts, but it has not really taken off yet
> in any substantial way.
> One irony is that the smallish amount of turnaround
> that has happened has apparently already worked to
> slow down the restructuring efforts.
> A quick summary would be that there has been more
> restructuring of the banks than there has been of the
> dominant chaebols. What little there has been of them
> has been almost entirely just a shell game of shuffling
> things around.
> Barkley Rosser
> -----Original Message-----
> From: Doug Henwood <dhenwood at panix.com>
> To: lbo-talk at lists.panix.com <lbo-talk at lists.panix.com>
> Date: Friday, May 14, 1999 11:21 AM
> Subject: Re: Today's Salon (continued) -- "Abrasive prick"
>
>
> >Henry C.K. Liu wrote:
> >
> >>Doug is respected not because his views are from the left, but that
> his
> >>views are often validated by subsequent facts.
> >
> >An invalidated. For example, I thought the U.S. and IMF would really
> >succeed in restructuring Korea to their liking. But a front-pager in
> >today's Wall Street Journal says, with palpable sadness, that Korea
> is
> >recovering without "reform." Anyone know what the truth is?
> >
> >Oh yeah, and the WSJ has an op-ed by Rudi Dornbusch saying that while
> U.S.
> >stocks may be a tad overpriced, the adjustment should be "turbulent
> but
> >ultimately soft" - but Japan could still turn into "the biggest
> financial
> >crisis of the postwar period." How reassuring. Funny he should say
> that
> >4-5% U.S. inflation is impossible the very morning the CPI showed a
> >month-to-month inflation rate that annualizes to 4.9%.
> >
> >Doug
> >