One of the worlds biggest financial enterprises are falling apart, like the Lehman Brothers, and 
there are talks regarding the same thing whcih might happen to the biggest insurance company in US AIG. As the ex-chief of the US Federal Reserve System characterised the current financial crises Alan Grinspen, that this event happens “once in 100 years” is true. However on the other hand looking 
back at the Asian Financial Crises it was the peoples expectations, government and banks decisions which made it happen. Sounds a bit like the beginning of the mortgage crises, in regards to peoples expectations and decision making. The US crises pulled down the Russian market, which collapsed after the world market collapse. In the 80s the managers in US from Sales and Loans agreed that what they were doing was highly risky, however in order to compete they had to go for it. Sounds also like the mistaken which led to the mortgage crises. Banks were sure that in case loans wont be paid back, they had government as the strongest security behind them……wrong! Even the fourth largest bank in US (Lehman) was not backed up. In my opinion it’s vicious circle of mistakes which comes from greed and race for money, which turns out to be the 
backbone of the 21st century problem. Short term gains made us blind, and incapable of forseeing the long term or “ripple effect” of our actions.
there are talks regarding the same thing whcih might happen to the biggest insurance company in US AIG. As the ex-chief of the US Federal Reserve System characterised the current financial crises Alan Grinspen, that this event happens “once in 100 years” is true. However on the other hand looking 
back at the Asian Financial Crises it was the peoples expectations, government and banks decisions which made it happen. Sounds a bit like the beginning of the mortgage crises, in regards to peoples expectations and decision making. The US crises pulled down the Russian market, which collapsed after the world market collapse. In the 80s the managers in US from Sales and Loans agreed that what they were doing was highly risky, however in order to compete they had to go for it. Sounds also like the mistaken which led to the mortgage crises. Banks were sure that in case loans wont be paid back, they had government as the strongest security behind them……wrong! Even the fourth largest bank in US (Lehman) was not backed up. In my opinion it’s vicious circle of mistakes which comes from greed and race for money, which turns out to be the 
backbone of the 21st century problem. Short term gains made us blind, and incapable of forseeing the long term or “ripple effect” of our actions. Now for the next couple of years banking industry will play safe and then liquidity will be redeemed, along with the old habit of going for a profit. The question is if it will be short term profit not focusing on what effect it will have or will we learn…?
1 Kommentar:
I will agree on the point that the current situation with the american crisis has some similarities with the asian crisis however in my oppinion it is wrong to compare the two cases. In the case of asian crisis there was a huge mismanagement of the central bank which also did not have funds to hedge its policy. Whereas today we are dealing with whats thought to be a rather strong economy with pleanty of ability to recover. Vladimir
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