"This is no ordinary bear market. Downright scary similarities exist between Japan's post-bubble struggles and the current U.S. downturn. Here's why the next couple months are critical."
By Bill Fleckenstein
"What's different is that part of the reason Japan has been unable to come off the mat, aside from the aftermath of its mania, is that the Japanese banks have kept businesses alive that should have gone bust. These are often referred to as the zombie companies: "alive, but nearly moribund." One thing we tend to do here in America is to let capitalism work. The dead wood does get swept away. However, the Fed is trying to use all its power to thwart the bust that follows the boom -- and this is exactly what's wrong with its present policies. Capitalism is all about creative destruction, and booms and busts are part of the landscape. Regrettably, our Fed thinks it's so omnipotent that it can stem the tide."
http://moneycentral.msn.com/content/P29427.asp