In response to:

Prepare for Fiscal Doom

RJBJr Wrote: Nov 15, 2012 6:45 AM
The fundamental problem in Japan is their manufacturing philosophy. Their rise was bsed on W Edwards Deming's quality systems. Then the Toyota Production System but the brakes on Japan's growth. Contrary to the experts' opinion, TPS prevents the kind of innovation needed to compete with lower-wage countries. US manufacturers adopted the Toyota system - a BIG mistake. As the Japanese lost jobs to the Chinese, we did too. Our borrowing is replacing the revenue lost from this basic mistake made by our manufacturing execs ever since.

OK, perhaps doom is too strong a word, but then again, perhaps it is not. 

In either event, 2013 is not shaping up to be a banner year for the economy. And it’s not just or even mostly because of the fiscal cliff.

Our financial system is not stronger now than it was in 2008 when it finally collapsed under the weight of crashing real estate prices that fell all the harder because they were ballasted by plenty of government guaranteed debt.

In fact, prepare right now for the Next Great Bailout. Because this time around, the federal...