- John Paulson Is In Denial And Is Still Bullish
The iconic investor of the 2008 blowout--who made $20 billion going short the sub-prime mortgage-- is still bullish about the US stock market, which he reckons is too cheap in valuations to avoid. I reckon Mr. Paulson -- who mistakenly went overboard on the money center bank shares like BAC, is not fully getting the message of crisis in Europe and the coming austerity in the US. Nor does his bullish view consider the impact of the massive $75 billion redemption of equity mutual fund shares since April. Well, Paulson's wealthy clients can afford to lose some more money before running for cover. Fidelity and T. Rowe Price's individual investors are more compelled to protect their capital. サブプライムローン短い行く200億ドルを作った - - 2008パンクの象徴的な投資家は、まだ彼が避けるために、評価にあまりにも安くなってreckons米国の株式市場、強気です
- Moral Hazard, Government Style In Estonia
In 2009, when the U.S. authorities bailed out some of the key participants in the sub-prime mortgage debacle, it became clear (to paraphrase George Orwell) that “all are equal, but some are more equal than others.” Regardless of its political hue, the government was going to offer a helping hand to such giants as AIG or Citigroup, creating, in economists’ parlance, a problem of moral hazard.
At its core, moral hazard is about an absence of responsibility for one’s risky or incompetent behavior. Companies deemed “too big to fail” can engage in risky investment ventures or delay painful restructuring, knowing that the economy-wide ramifications of a potential collapse will force governments to dole out generous bailout packages.
Not surprisingly, the recent crisis has cast the moral hazard problem almost exclusively as a hallmark of large corporations, thus creating a legitimate opportunity for government interference. The government itself, however, is by far the most likely and dangerous source of the problem. If being too big to fail is a tell-tale sign of moral hazard situations, then the government apparatus and the politicians who service it become natural suspects.
Even in free-market economies, however, governments can still be susceptible to moral hazard situations. Consider Estonia, known until recently as one of the most business-friendly economies in Europe, a country that joined the OECD in December 2010 and adopted the Euro in January 2011.
In 2001, the government of Tallinn, the Estonian capital city, sold a majority of its share in Tallinna Vesi, a Soviet-era water utility, to U.K.-based United Utilities Group PLC (UU.L). As a part of the deal, the investor agreed to upgrade the quality of the drinking water, to bu 2009年に、米国の当局は、サブプライムローンの崩壊で重要な参加者の一部を救済するときに、明らかになった（言い換えジョージオーウェルに）。。u0026quot;すべては同じですが、一部は他よりも等しいです
- UNDP: Women under-represented in SEA
Women have gradually been elected to local governments in the Asia-Pacific area but they have yet to be installed as leaders in South East Asia, a joint report released on the eve of the 100th commemoration of International Women’s Day states. 女性は徐々にアジア太平洋地域の地方自治体に選出されているが、彼らは東南アジア、国際女性の日の状態の100記念の前夜に発表した共同報告書でリーダーとしてインストールされていない
- HSBC's results hinge on US write-downs
Margins are under pressure and how many billions of dollars HSBC Holdings will write down on its US subprime loan portfolio is anybody's guess, but the market is sure to move after the index heavyweight reports annual results on Monday.
余白の圧力の下で、英国のHSBCホールディングスは、米国のサブプライムローンのポートフォリオを書き留めて、ドルの何十億ドルが誰だと思うが、市場は、インデックスヘビー級のレポートを月曜日の年次の結果の後に移動することです
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