There was a lengthy article about the Japanese lesson in the Wall Street Journal, too. The gist of it was to do want Japan didn't or couldn't: Act decisively and boldly in the early stage of the problem. Ergo, the prospect of the Fed's QE2 is on everyone's radar.
Yes, but that means we take the stats coming out of the US seriously. I for one do not.
A lot of the numbers are fabricated. The US is in worse shape than Japan. That is why I am planning to get out by march of 2011.