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Strategies & Market Trends : Asia Forum
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To: Henry Volquardsen who wrote (7233)10/20/1998 8:44:00 PM
From: Dayuhan  Read Replies (2) of 9980
 
Henry,

<<My specific response to you was more on the order of not giving Asian politicians a free pass for having created the mess they are in.>>

A free pass is not in order. But Rubin's comments seemed to dwell excessively on the legal and regulatory deficiencies of Asian economies, without mentioning that those deficiencies were perfectly clear during all of the years when banks, funds, and large investors were piling money into those economies, which did a great deal to inflate the bubble. Where was our vaunted regulatory structure?

I certainly don't place exclusive blame on lenders and regulators in developed countries. But they deserve a portion of the blame, and they should own up to that portion. Finger-pointing at this stage, in any direction, seems a rather pointless way to pass the time.

Steve
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