The New Paradigm for Financial Markets by George Soros

Sub-heading: The Credit Crisis of 2008 and what it means.Published by Public Affairs. 162 pp. $22.95. George Soros is a billionaire speculator whose voice is amplified by real money. Soros blames former FED Chairman Alan Greenspan for not intervening to slow the mad real estate boom that led to the subprime mortgage disaster. Under Greenspan's leadership, the FED kept short-term interest rates too low for too long and ignored the spread of impenetrable financial investments, such as complex mortgage-based securities, which expanded risks of default beyond any reckoning. When risk can't be figured out and markets turn down, panic often follows. The newly invented methods and instruments were so sophisticated that the regulatory authorities lost the ability to calculate the risks involved. Sorios writes. He calls this a shocking abdication of responsibility on the part of the regulators. Reviewed by Peter Behr, a writer to the C.Q. Global Researcher. The complicity reaches high and low: reckless financiers, dishonest mortgage brokers,credulous consumers(for most innocent folks) and home buyers(taking advantage of low interest rates). But the blame starts at the top where those in charge - the Bush administration, Congress, the Federal Reserve and financial industry leaders - closed or averted their eyes as the crisis approached. Published by The Washington Post,Book World,Sunday,Sept. 7, 2008 on page 11.

I read the above with awareness and I have reason to believe that such expose would be of interest to the readers of Sino-American Economics to detect the human behavior in the field of economics in action by the people with political clout and financial finesse. Confucianism has stressed ethics and morality as known to all.

Francis Shieh a.k.a. Xie Shihao,an octogenarian lifelong learner detecting the human nature of some folks who fail to work for the public interest and to be greedy for private interests in this mundane world. We need honest leaders with ethics and morality to change human behavior for the best interest of Americans in November 2008 and beyond in the 21st century. Reference for all decent folks on earth. Sept.7, 2008