General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThere seem to be runs starting on Chinese banks.
Link to tweet
https://asia.nikkei.com/Business/Finance/China-readies-massive-bank-bailout-fund-as-slowdown-looms
Link to tweet
Eliot Rosewater
(31,112 posts)bigtree
(85,999 posts)...it's a localized China thing like the Keating savings and loan scandal.
"Chinese people are losing faith in their financial institutions. Theres been anger over harsh COVID lockdowns in Shanghai recently, while the collapse of China Evergrande saw rare public demonstrations as residents faced the prospect of losing their life savings used as deposits for housing."
Meh.
Demovictory9
(32,462 posts)iemanja
(53,035 posts)Because this isn't going to help our markets.
SoCalDavidS
(9,998 posts)Where will we borrow money from now?
roamer65
(36,745 posts)Thats what quantitative easing is money from thin air.
Mr.Bill
(24,304 posts)Most of our debt is owned by the federal government and U.S. citizens.
https://www.thoughtco.com/how-much-debt-does-china-own-3321769
IronLionZion
(45,465 posts)There were some sketchy banks overexposed to the mortgage issue back then but most other banks were fine. I hope this isn't going to be widespread.
Companies are losing investment capital in stock selloffs. There's a big demand for cash as people pull money out of securities.
Meanwhile investment firms have been scolding central banks for waiting too long to raise rates.
beaglelover
(3,487 posts)One of the reasons I greatly dislike Eric Holder these days. After what happened in 2008, someone surely committed crimes and deserved to go to jail for the suffering they caused.
OMGWTF
(3,962 posts)mahina
(17,673 posts)Screw that guy
🙄
IronLionZion
(45,465 posts)so he went to prison. He died last year.
Exactly 1 US banker went to prison for his role in the crisis. This guy: https://en.wikipedia.org/wiki/Kareem_Serageldin
There are many more who belong in prison from the US. Some European countries jailed some of their bankers. Iceland did so.
roamer65
(36,745 posts)That will take a bit to percolate through the world financial system.
Bev54
(10,057 posts)Friends of mine live in Shanghai and were locked down for 60 days. They packed up while in lockdown and decided to move as soon as they got out. Left last week, I bet they are happy they did.