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Is this funny? It brought tears to my eyes.

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March 06, 2008 – Comments (2)

From the writings of Alan Greenspan, speaking of 2007 China:

'China is in dire need of financial expertise. No wonder, because people with such expertise had little role to play under central planning. Neither did business marketers, accountants, risk managers, or other experts so essential to the day to day workings of a market economy. These skills have entered the Chinese education curriculum in recent years, but it will take time before the economy, especially the banking sector, becomes adequately staffed. In December 2003, Liu Mingkang, the new chairman of the China Banking Regulatory Commission, visited the Federal Reserve Board. He acknowledged that Chinese banks lacked the professional expertise to judge what enabled a loan to be repaid. Liu indicated that increasing the foreign bank presence could help. I suggested that what China really needed was people who had worked in a market economy and had the sharp eyes and competitive judgement of able loan officers in the West. Much progress has been made since, but much needs to be done'.

Devoish

Translation: "Liu, for a piece of the pie, get us in the door. We market a little deregulated free market bs and we clean up. To bad Kudlow doesnt speak Chinese".

PS. I have really not shared alot of the foolishness in this book, if you want to read it all you will have to buy the book. Or buy my copy when I am done.

 

2 Comments – Post Your Own

#1) On March 07, 2008 at 1:00 AM, LordZ wrote:

Yeah the western loan officers have such sharp eyes and concrete judgements that they have done such a good job that they have worked themselves into financial ruin ~ I think the Chinese have a better grasp of what enables a loan to be repaid than the states.

I think that book would make excellent tinder.

 

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#2) On March 07, 2008 at 10:23 AM, cabuilderboy (88.89) wrote:

I read all 509 pages a couple of months back. In the end, I simply concluded: 1. He has had a pretty interesting life 2. The Fed Chairman runs by the seat of his pants. He takes the best guess he can in an everchanging market, hoping he is right. He doesn't have any more right answers than anyone else, just a plethora a data to scan, before he makes a calculated move.

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