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During the past two years, it would have been better to throw some brains at our problems rather than wads of money. But business consultants, making rosy predictions that the good times would roll on forever, were more interested in closing deals rather than advising good business sense. You know, make a quick buck and run.

Private Indonesian companies, saddled with debt, might want to call their business consultants and ask just what was the logic for some of the deals they advised?

If they don't return your calls, read about how MIT's Prof. Paul Krugman -- not very popular in Asia -- rang the alarm bells a long time ago. He explained that the case for Asia was not that there was too much investment. It was too much badly advised investment.

The lesson is clear: Beware of guys who steal your watch to tell you the time.

OSVALDO COELHO

Jakarta