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Japan got a housing bubble and insolvent banks in 1989
USA got a housing bubble in 2007.. blew up in 2008 (housing bubble and insolvent banks)
Both .. BOJ and the FED pumped massive liquidity.. DID QUANTITATIVE EASING..
Japan is still doing it ..
Bernanke just started QE INFINTY(QE3) .. which is about $2 to $2.5 Trillion
BOJ did 2 decades of QUANTITATIVE EASING.. and still not working