Wall Street Journal,9/18/08 page A1,A8: Worst Crisis since '30s, with no end in sight. Let us wait and see the events in the days to come.
Page A6: Congress vows action on markets but after election.NOT YET!
Page A25: Mr.Roche,President of Independent Strategy in London wrote:
"The credit crunch will be an end as there is to all things. When we energe from this, it will be to a world in which thrift has replaced leverage and scarce capital is invested more productivity" My comment: Confucianism teaches students to be thrify and frugal with education to enhance productivity as I sent my blogs in the past to stress Sino-American Economics re globalization.
Page C5: Three Chinese state-owned banks reported small exposure to the debt of Lehman Brothers Holdings. ICBC,Bank of China and China Merchants Bank.
Page D4: Air China adds frills to attract high-end fliers after Olympics to expand business to international customers.
New York Times page A1: The mighty FED wears several hats i.e.
to set monetary policy,insurance conglomerate and investment banker and even hedge fund manager.For Example: Bear Stearns,AIG, Fannie Mae and Freddie Mac.
Page C12: The Chinese economy grew 23% ?in dollar terms last year. Source unknown.
Page A33: Prof. John K. Galbraith explained: "The salary of CEO is not market award but warm personal gesture by the individual to himself. Cf. Book Review: Almost Everyone's Guide to Economics. Published by Atlantic Economic Review,Sept.1979.
Washington Times: Sept.18,08 Page A20: Bandit Capitalism? Hardly a day goes by without PAGE ONE stories about business malfeasance and financial misfeasance.
Francis Shieh a.k.a. Xie Shihao, a keen watcher of economic happenings since 1940s as a graduate student from China to advanced studies in USA. Sept. 18,2008
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