Andrew Ross Sorkin traveled to Tokyo this week and put our crisis in terms the Japanese would understand.
From the front page of The Japan Times:
The United States faces the risk of a “lost decade” of weak economic growth similar to that of Japan in the 1990s amid still high unemployment and unsolved political and economic problems, said Andrew Sorkin, author of the best-selling book “Too Big to Fail.”
Sorkin revealed a bearish outlook, the extent of which does not often make it into his Dealbook articles or appearances on CNBC. Here’s more:
The U.S. economy is “in a much better place than it was two years ago,” Sorkin said. “But the structural challenges we have, not just on Wall Street but with our own economy, are so challenging,” making it difficult to see the country registering over the next 20 years the kind of growth it used to experience.
And then there’s the high likelihood of another financial crisis and a sequel to “To Big To Fail”:
“The saddest reality of doing all these interviews was that I don’t think there was remorse,” Sorkin said. “A lot of them now call themselves survivors, like cancer survivors or something. But it’s such a misplaced idea.”
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