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Strategies & Market Trends : Asia Forum
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To: Henry Volquardsen who wrote (7233)10/20/1998 8:49:00 PM
From: Jay Scott  Read Replies (1) of 9980
 
Henry, on not giving Asian politicians a free pass...

I agree completely that their corruption and misguided policies contributed greatly to their current situation, but as the so-called leaders of the Free World, do we have to condone and abet their corruption? Particularly at taxpayer expense?

I think about the small investors who have been burned twice, once when their mutual fund investments caved in from emerging market exposure of some form or another, and twice when they coughed up tax dollars to prop up the IMF to make more loans that will never be repaid. More good money into the black hole of bailouts.

The argument was made that short-term decisions were being made for political gain. That is true. Reform can only be made by taking calculated political risks in the short-term in order to try to achieve positive results in the long run. This is what Congress ALMOST did by making an IMF reform an issue, before again caving in to the Clinton/media meat grinder.

JS
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