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 any comments? ZT 郎咸平：韦尔奇制造了ＧＥ泡沫 |
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| 所跟贴 |
在中国什么都是泡沫。不制造泡沫怎么挣钱啊？ -- 安普若 - (0 Byte) 2004-5-19 周三, 08:05 (684 reads) |
Theme
头衔: 海归少校
加入时间: 2004/05/03
文章: 214
海归分: 28969
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作者：Theme 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Most of China's bubble are more due to AG's monetary policy.
A little history of AG's policy:
Credit has to be given to Mr. Greenspan. By bailing out the S&L Associations in 1990 he contributed to the creation of the emerging market bubble of 1994, which led to the Mexican crisis. Then, by bailing out Mexico - with the then acting Treasury Secretary Robert Rubin's help - he contributed to the emerging market debt excesses that led to the Russian crisis and the LTCM debacle of 1998. Again he bailed out the system with an enormous liquidity injection and created in the process financial history's biggest bubble - the NASDAQ bubble of 1999/2000. But until then, Mr. Greenspan was only a "serial" bubble blower. He managed to create bubbles, but only one at the time and in different asset classes, at different times and in different parts of the world. But this time around, we have to give him far more credit for his monetary achievements and nominate him for a Nobel Price in bubble creation. After all, he is the first central banker in the history of capitalism who has managed to not only create a credit bubble in the US, which has led to the entire mortgage refinancing scheme, excessive household borrowings, over-consumption, and a growing current account deficit, but he has also miraculously managed to create bubbles all over the world - in stocks and bonds of emerging economies, the currencies of Australia, New Zealand and South Africa, in housing, and lastly in Chinese capital spending, which is now growing by more than 40% per annum, as well as in commodity prices.
作者：Theme 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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