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Strategies & Market Trends : Asia Forum
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To: Lee who wrote (6799)9/30/1998 11:19:00 AM
From: Henry Volquardsen  Read Replies (1) of 9980
 
Lee,

I just posted that article for informational purposes, I didn't agree with any of it.

My personal responses were that the Japanese were just trying to find someone else to blame for the Asian economic downturn and LTC was giving them hedge funds as a ready made whipping boy. Frankly the Japanese should be trying to focus on their own abysmal record of managing risk.

The quote you reference is from Gordon Brown the UK Chancellor of the Exchequer. Frankly he is from a political leaning of regulate and government control of everything. I pay very little attention to what he says.

And I agree with Greenspan's comments. You ask why the system must be bailed out. It hasn't been, there was no federal money injected. You ask why is it losing money. If the it is the hedge fund industry or the 'sophisticated' money it represents it is not losing money. Despite the very spectacular losses of LTC and and the Russian related losses the hedge fund industry is making money as a whole. Not as much money by far as the last few years but then that is the same for mutual funds etc. Why are there investments in industries already at global capacity? Because knowledge is imperfect. But free market money has done less of that then govenment assisted money. Much of the Asia over capacity is the result of directed policies in those countries. Yes free capital moved in as well but the fre market was being distorted by local policies.

Henry
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