Word: 1980s
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This country's move into big-time debt exports began with the big-time government deficits of the early 1980s--which had to be financed by somebody. "The Reagan Revolution was essentially an experiment in seeing how much money America could borrow from overseas," says Murphy, who at the time was an investment banker in Tokyo. The answer was lots. Guided by Murphy and his ilk, Japan snapped up U.S. treasuries and other debt, keeping interest rates here from exploding as many had feared...
...this kind of bailout unprecedented? The current financial Hail Mary is much different from Washington's late 1980s rescue of the nation's savings and loans institutions. This time, the Federal Government wants only to carve out and buy poorly performing mortgages and securities, not the institutions that issued them, which had already gone under (or were on their way) when the Resolution Trust Corporation took them over. Richard Kogan, a federal budget expert at the nonprofit Center for Budget and Policy Priorities, says that buying all those bad assets creates "the greatest possibility of giving the taxpayers a bath...
...That left an opportunity for MUFG, and it took it. Time will tell if the Japanese bank made the right move. In the 1980s, when Japan was booming, its companies bought a series of U.S. assets - from movie studios to the Pebble Beach golf course - that subsequently plunged in value, generating a fair bit of xenophobic resentment in the process. Now, it's Tokyo to the rescue on Wall Street. The Japanese are hoping that having learned the hard lessons of their own banking disaster a decade ago, they can now make some money navigating the one unfolding across...
...improvements, or hasten the need for increased taxes and deep spending cuts. A similar challenge faced incoming President George H.W. Bush in 1989 when his Administration had to oversee a $100 billion cleanup of poorly regulated savings and loans that were weakened or simply crashed after the go-go 1980s...
...would have an easier time recruiting enemy Syria to her side than trying to woo over rebellious Knesset members. His remarks come after a Damascus daily glowingly referred to her as a "Mossad beauty" because Livni, now 50, had served as a junior Israeli spy in Europe during the 1980s...