Word: panics
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...Indeed, shorting strategies have been widely blamed for exacerbating volatility. On Oct. 28, German automaker Volkswagen briefly became the world's most valuable company when hedge funds that had shorted the company's stock on the premise that it was overvalued were forced to buy it back in a panic after smaller rival Porsche announced that it had secretly bought up a sizable share of VW. The stock's rollercoaster ride may have cost short-sellers up to $40 billion...
...depressed mood is typical of the gloom that has enveloped the world's 13th largest economy. As has happened around the world, the panic that began on Wall Street has seeped into the minds and hearts of South Korean businessmen, bankers and housewives, who fear the consequences of an impending global recession. With the country heavily reliant on exports, South Korea, like the rest of Asia, cannot escape the fallout from a U.S. downturn. Goldman Sachs predicts GDP growth will sink to 3.9% in 2009, the lowest since...
...panic-stricken behavior makes perfect sense in light of the nation's recent history. Of all of the amazing growth stories in Asia's economic miracle, South Korea's is probably the most miraculous. In a mere generation, the country transformed itself from an impoverished backwater living on American aid to a globally competitive manufacturer of microchips, cars and flat-screen TVs. Any setback to that progress is taken with grave seriousness. During the 1997 crisis, office workers, too ashamed to tell their families they had lost their jobs, donned business suits each morning only to hide...
...60th birthday. She says she's still afraid. "There are so many variables in how we receive our drugs that it's amazing there hasn't been a worse problem. Now look at all these kids sick in China because of tainted milk. Sometimes I get in a sheer panic thinking about...
...possible that the panic never would have happened if Paulson and Federal Reserve officials hadn't allowed Lehman to fail. Although, given how much criticism they got for their semi-bailout of Bear Stearns in March, it's easy enough to see where that decision came from. Less easy to understand is why Paulson initially stubbornly insisted that the bailout bill be structured as an asset-purchase plan - it's still called the Troubled Asset Relief Program, or TARP - rather than as a straightforward recapitalization of troubled banks. Treasury has since switched to the latter approach, so far putting...