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...Asia's governments to ease the pain would be to finish cleaning up the mess left over from the 1997 debacle. In Thailand, many companies that ran into problems still haven't repaid their loans, leaving banks unwilling to lend to more viable firms. Korea has done more to reform its profligate ways but the government still props up sick companies with state funds, discouraging the kind of restructuring that would create more competitive businesses. Taiwan sailed through the crisis in 1997, but it is now reckoning with a Thai-style banking fiasco, albeit a less serious one. Taiwanese banks...

Author: /time Magazine | Title: Sinking Feeling | 7/23/2001 | See Source »

...Nonetheless, Asia is going to feel a lot of pain. Analysts are talking about an old-fashioned slowdown in which things get steadily worse over a period of many months. Already, Singapore's GDP is shrinking after it grew 9% last year. The jobless ranks in Taiwan are more swollen than they've ever been in history; not coincidentally, the suicide rate has seen a spike too. Unemployment rates are also rising in Malaysia, Thailand and Singapore. Companies everywhere say the carnage will only get worse in the months to come...

Author: /time Magazine | Title: Sinking Feeling | 7/23/2001 | See Source »

...just do it. Bad idea. Equities have gone downhill ever since. Of course, I'm not alone: millions of people across Asia have seen their net worths shrink dramatically in recent months. Other than weeping ourselves to sleep and kicking ourselves in the pants, how can we ease the pain? Chastened by my own experience, I've been polling investment experts for tips on what to do in an economic slump...

Author: /time Magazine | Title: Best Advice: Stay Put | 7/23/2001 | See Source »

...typical of a Japanese politician seeking votes. "I will carry out reforms that no other parties have dared to touch," Koizumi shouts, the wind whipping his famous locks, helicopters with TV crews whirring overhead. "We will march onward knowing we must better our future, though surely we will feel pain...

Author: /time Magazine | Title: Tough Love | 7/23/2001 | See Source »

...Pain? Until fairly recently, a politician talking about hard times ahead in an election speech could just as well hang up his gloves. But this is Japan 2001?and this is Koizumi, who has turned bad news into political capital. He swept into power in April by telling Japanese voters what they already knew but rarely heard from their leaders: that their country was an economic mess. Yes, he pledged to clean it up?by getting rid of bad bank loans, privatizing government-run behemoths like the postal service and killing useless public-works projects. But he also warned that...

Author: /time Magazine | Title: Tough Love | 7/23/2001 | See Source »

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