The main idea is this: enough people benefit from credit bubbles in the short run that it is impossible to oppose credit bubbles once they get started. They have political, economic, and societal support. The nature of man is to seek free money, whether as consumers, businessmen, or politicians. People are willing to suspend disbelief when times are good.
All for now. Will write more in the next two days. Remember, Japan has much bigger problems than the quakes and nuclear incidents, which should make you more bullish on Japan; the current problems will fade.