Detail The financial industry: Unnatural selection   Oleh:  The Economist Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 392 no. 8648 (Sep. 2009), page 15. Topik: Wall Street; Credit Markets; Market Finance; Economy Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.57 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel “WE HAVE a long track record of pulling together when times are tough…We’re on the right track.” Thus spoke the boss of Lehman Brothers on September 10th 2008. Within five days Lehman had gone bust and it quickly became clear that the world’s financial system had problems far beyond a single badly run investment bank and temporarily frozen credit markets. After two decades of expansion and deregulation, and the greatest bull market finance has ever known, many of the world’s banks were dangerously undercapitalised. Governments were forced to step in, providing capital, loans and guarantees to banks. In America, the euro zone and Britain the sums involved so far amount to about one sixth of GDP. A year on from Lehman that still looks like the right call. After the crash in 1929 America’s economy shrank by a quarter and the unemployment rate hit 25%. This time round, with the banks wrapped in cotton wool, extremely low interest rates and big public-spending packages, the economic distress has been massively smaller. Yet the recession has still been extremely painful, prompting a sense of outrage at the financial industry and in particular the big wholesale banks that execute transactions for clients and trade on their own account. This reflects not just their past sins, but also the perception that nothing has really changed. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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