Word: bankes
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Dates: during 2000-2009
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...Lowdown: As the cofounder and first president of the European Bank for Reconstruction and Development, Attali won fame for calling the U.S. financial collapse as early as 2006 - giving him more credibility than the average soothsayer. However, many of his predictions range from the absurd to the, well... predictable. His belief that Israel must keep its status as a regional power in order to survive is not exactly rocket science, while his belief that a utopia of altruistic "transhumans" will emerge from the ashes of mid-21st century planetary warfare is a bit hard to swallow...
...What will happen at this point is that bank stocks will not go up much more, but they will not dive sharply down either. There is enough evidence in comments from the CEOs of Citi and B of A and in the Wells Fargo earnings to show that the idea that banks are insolvent and probably in need of nationalization is no longer part of the consideration of how the problems with the system will be settled...
...equally safe to say that the large American banks are works in progress which are, in most ways, still dilapidated. Treasury Department analysts may not have the IQs of the PhDs who created mortgage-backed securities, but they did not do their detective work blindly when they insisted that bank balance sheets and loan portfolios needed close examination. It is also true that the private capital firms which plan to buy toxic assets using taxpayer money were not enticed into the new program based on an illusion. The banking system is still terribly weak and there is almost...
Some China-watchers see a light at the end of the tunnel for the country's faltering economy. These optimists note that there are mounting signs that the government's stimulus efforts - and in particular the flood of credit unleashed by the Central Bank last November - are beginning to have an impact...
...CLSA analyst Chris Wood says that recent improvements in China's economy can be attributed partly to a surge in bank lending that began in November. This, he notes, could only happen in an authoritarian country such as China, where the government can - and did - order the banks to lend. "The bottom line is that if this was a purely capitalist system, [lending] would be slowing," Wood says. Stimulus spending over the next three months will continue to boost economic activity, Wood says, but the impact will start to wear off later in the year. Absent a recovery in China...