To: Ron Bower who wrote (2821 ) 4/17/1999 10:40:00 PM From: Tom Read Replies (1) | Respond to
Ron, I don't like economies qualified only by financial markets, and liquidity therein. It's the same story being played-out again. Hot money, hot market. But, then, that's what the Hang Seng's about -- volatility. It's also, right now, about too much money chasing too few scrip.puts on a Hong Kong derivative. We'll see whether liquidity is all it seems, and all it takes.new paradigm crowd is grousing about their financial markets, even as liquidity is being mopped-up a bit. They're also accustomed to easy money and a regulatory authority that's best described as indifferent."It's early days," cautions Tim Condon, regional economist for Morgan Stanley in Hong Kong and a former World Bank official in Southeast Asia. "Banks aren't lending - that's why economic output is not growing." As he looks out over the Chao Phraya river from the top of his imposing Thai Farmers Bank head office, Banthoon allows: "Recovery is in sight, but you need binoculars to see it."
