China After the Subprime Crisis: Opportunities in The New by Chi Lo
By Chi Lo
This ebook analyzes the post-subprime predicament international from the worldwide, Asian and chinese language views. It dispels many of the myths concerning the crisis's results on Asia and China; and exposes the gruesome fact of bailout rules and their distortion and hindering of the world's monetary rebalancing attempt within the post-subprime period.
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Additional resources for China After the Subprime Crisis: Opportunities in The New Economic Landscape
1). The subprime debacle, which deteriorated into a global credit quake, was the fault of whiz-kid financiers who created financial instruments that even they did not properly understand. Along came the greedy bankers who pursued profit and personal reward without regard to risk, or even common sense. To complete the toxic potion for brewing the crisis, add in dozy supervisors who failed to properly regulate and restrain those bankers, and benevolent but arguably negligent central bankers who allowed an explosion in liquidity and asset prices which supported the whole rotten edifice.
Meanwhile, the shadow banking system,1 and hence the market for financial derivatives, has been shattered. The prices for structured securities, such as collateralised debt obligations (CDOs), have collapsed due to a loss in investors’ confidence in these instruments. The subprime crisis has left investors with the bitter realisation that the multi-fold chain of securitisation was no more than a huge institutional fraud. Those cash-back loans to ninja (no income, no job and no assets) customers that included hefty fees to brokers and were securitised and structured up to 60 times do not have any value when risk appetite disappears.
Since then, the global system seems to be on the mend. Ironically, one could even argue that it was Lehman’s failure that brought about all these drastic bailout measures. If it had not failed, it would not have triggered a global panic and there would have been no chance of getting the resources needed from the US Congress to resolve the crisis. So, despite the Lehman mayhem, things seemed to have turned out all right. Though Lehman Brothers’ failure caused a financial disaster, it had the effect of forcing a public sector resolution of the crisis and taught us the lesson that such a failure must be avoided.