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Those that are in the market to borrow are often doing so with ease. In Atlanta, Rob Hale didn't have any problem getting a loan. The president and CEO of United Controls International, which tests circuit breakers and fuses for nuclear power plants, actually had banks competing to lend him money to buy a new building. "I've never seen an environment like this," he says. "Banks are clamoring for my businesses." He now has three offers on the table and is going back to each of the banks, which have started lowering interest rates and removing loan covenants...
...conventional economic thinking says, dangerous speculative bubbles are built. And these days not much - aside from the possibility of a double-dip recession in the U.S. - has more economists, international investors, hedge-fund managers and bankers tearing their hair out than the deceptively simple question, Is China's property market a bubble? (See pictures of Shanghai...
...real estate investment comprised nearly a quarter of that. Toss in the not insignificant fact that it was a huge real estate bust in the U.S. that dumped the world into recession in the first place, and many analysts are now beginning to fear the worst. "China's property market," says independent Shanghai economist Andy Xie, "is a massive bubble." (See TIME's photo-essay "The Making of Modern China...
...much of the rest of the developed world. Consider the complex in which Yang, the cabbie, bought one of his three Shanghai apartments. The developer, Shanghai Forte Land, presold all the units before spending a cent on construction. In China's residential market, financing development with customers' cash, not loans, is standard operating procedure...
Bartnett-Hart’s findings? As she explains in her abstract, her research “suggest[s] that the problems in the CDO [Collateralized Debt Obligations, for the non-ec types out there] market were caused by a combination of poorly constructed CDOs, irresponsible underwriting practices, and flawed credit rating procedures.” Seems simple enough. But why couldn’t someone with more experience than an undergrad offer the same insight...