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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Dayuhan who wrote (7234)	10/21/1998 2:49:00 AM
From: Stitch	Respond to of 9980

Steven, <<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. >> Guess where the chicken is roosting. <G> Best, Stitch

To: Dayuhan who wrote (7234)	10/21/1998 8:44:00 AM
From: Henry Volquardsen	Respond to of 9980

Steve, Even in that case point a bit of the finger towards the Europeans. The European banks, several government owned, have much larger lending exposure to Asia than US banks and took the hit. But I do question how obvious it all was. We spent most of the 70s and 80s convincing ourselves that somehow the Asian way of doing business was superior. Remember all the stories about the coming Pacific Century. We all bought into that. But as far as your question about where our 'vaunted regulatory structure' was, it was allowing for maximum free flow of capital just as we as citizens wanted it to do. The individuals who made the decisions to invest in Asia were operating in their own interests. It was their responsibility to the analysis. It was quite possible to avoid the problem. Not to brag, but, except for short horizon trades, I got completely out of Japan in the late 80s when they started pricking the bubble. I got out of all emerging Asia in 95. The information was there for anyone who wanted to look. We all benefit from free capital flows and I don't believe US regulators were remiss in US investor and lender involvement with Asia. Henry