Although it is widely reported, the ancient Chinese curse "May you live in interesting times" can not be substantiated as either ancient or Chinese. Sadly, the idea that the characters for "danger" and "opportunity" combine to form that of "crisis" is similarly apocryphal.
All this is to say that while it's good to look for a silver lining in turbulent economic times, perhaps it's best not to look for it in trite western concepts of eastern philosophy.
It looks like Paulson will be taking action over the weekend. I've heard that there may simply be a forced nationalization of the entire banking sector, though I don't know if it's true. After the last week on Wall Street, the idea of setting up some kind of market for distressed securities seems like it would take far too long.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment