Word: messes
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...mess caused by fast-and-loose mortgage lending in the U.S. has now blown into a perilous global crisis of confidence that has revealed both the scale and the limitations of globalization. Finance is built on trust, and suddenly that trust has been replaced by fear: fear among depositors from Madrid to Macao over the safety of their money; fear among banks worldwide about lending to one another; and now fear among politicians, central bankers and regulators that they don't have adequate tools to fix the problem...
...global financial meltdown can be traced to an American export - the subprime mess - the U.S. will import the consequences. As the go-go economies of China and India hit the brakes, so too will demand for American goods and services. That will have a knock-on effect on jobs and the earnings of companies that rely heavily on international sales. (One small silver lining: as their economies have slowed down, China and India have decreased their consumption of oil, contributing to a fall in prices, both globally and at the pump...
...publicly for the mistakes they make. I always thought Americans were much better in this respect. However, I wonder why there has been no one from Wall Street or the White House who would apologize to the American people or even to the global community for the horrible financial mess we are now facing - someone who would have the guts to stand up and say, "I am sorry for my mishandling, my misjudgment, my negligence." Wang Zhixue, MONTEREY PARK, CALIF...
...bought homes they couldn't afford? I had nothing to do with these securitizations, yet my children, my grandchildren and I will be paying for all of it over the next 30 years, thanks to the Fed's bailout. And if excessive lending and borrowing got us into this mess, how is the Fed acting differently by taking out a 30-year mortgage on our nation's future? Please stop the backlash against Wall Street; do not criticize me for my place of business. Kevin M. Nichols, NEW YORK CITY
...fears that the fallout from the U.S. subprime mess might cripple reform of China's financial system - now only partly open to the world - may be overwrought. Earlier this week Beijing sent a clear signal that, notwithstanding the mess in the U.S. and Europe, it still seeks to develop, slowly but surely, a more sophisticated capital market. China's State Council has approved a plan to allow margin trading and short-selling, giving domestic investors in China's A-share market "new opportunities to hedge and leverage their positions," says Jing Ulrich, head of China Equities at JPMorgan Securities...