no comparison

Steve Lohr of the New York Times would have us believe that there are lessons to be learned from Japan’s decade+ recession [From Japan’s Slump in 1990s, Lessons for U.S.] but I know that Richard Katz of the Oriental Economist knows better and Katz’s commentary in the WSJ Asia is a more compelling read: Crisis Comparisons.

Three factors define the difference between today’s American subprime crisis and Japan’s lost decade: the source of the crisis, the magnitude of the strain and the response of policymakers.