Korean Job Discussion Forums

[mises]

[Kuros]

I say this acknowledging that nearly every American deserves the coming suffering,

but our creditors will bail US out. Although the terms of that bailout might be really tough.

[Ya-ta Boy]

Over the years there have been endless posts about how stupid the Koreans were for having a banking/industrial system that collapsed because of poor organization, culture, operating systems. I'd like to hear what they have to say now about the US. Somehow I think they will still manage to convey a sense of superiority and contempt.

[mises]

Who is "they" in your post. People here on Dave's?

[mises]

Finally, some honesty.

[Jandar]

Russia's top banks get infusion

September 17, 2008 -- Updated 0907 GMT

MOSCOW, Russia (AP) -- Russia moved to bolster the country's
increasingly stressed banking sector Wednesday, as the global economic
turmoil deepened fears that the country could face a crisis similar to the
one 10 years ago.

Russia's primary stock indexes, MICEX and RTS, plummeted, with
banking stocks leading the way, prompting regulators to halt trading as of
noon (0800 GMT.)

The Finance Ministry said it was increasing liquidity for the country's three
largest banks, raising lending to 1.12 trillion rubles ($44.9 billion). The
country's top banks -- Sberbank, VTB, and Gazprombank -- will be
loaned federal funds for a minimum of three months, the ministry said.

"These are market-making banks capable of insuring the liquidity of the
banking system," the Finance Ministry said in a statement.

"Essentially we're counting on them as core banks to be able to lend to
small and medium banks," Finance Minister Alexei Kudrin said in televised
comments.

The move came a day after Russian stocks plummeted to their lowest
level in nearly three years as tumbling oil prices and Wall Street turmoil
focused concern about Russia's commodity-driven economy.

The Central Bank on Wednesday said that for the third day in a row, its
daily "repo" liquidity had been fully used by banks. The daily auctions are
used to loan money to domestic banks.

On Tuesday, the Central Bank had provided a record 361 billion rubles
($14.1 billion) at that day's auction.


http://edition.cnn.com/2008/WORLD/europe/09/17/russia.banking.ap/index.html#cnnSTCText

[Jandar]

Recession ... or not?

The economy isn't doing as badly as you think. It just feels that way.

By Geoff Colvin, senior editor at large,September 17, 2008: 1:53 PM EDT

(Fortune Magazine) -- The recession is no doubt hurting you, perhaps badly. Your sales may well be down. Maybe you've even lost your job. Whatever your troubles, you may safely blame them on the recession.

After all, most of the CFOs questioned in a recent poll agree that the U.S. is in a recession; among the general public, 76% said the U.S. was in a recession six months ago, and other polling suggests most people believe things have grown worse since then.

The government takeover of Fannie Mae and Freddie Mac, its rescue of insurance giant AIG (AIG, Fortune 500), the collapse of Lehman Brothers, and this week's hair-raising plunges in the Dow reinforce the sense of economic collapse. Even the No. 1 album on iTunes recently was Young Jeezy's The Recession. When hip-hop chart toppers are talking about the economy, something big is going on. The recession is everywhere.

Just one problem: There isn't any recession. The latest figures show that we clearly were not in one as of midsummer, whether you use the rule-of-thumb definition - two consecutive quarters of GDP shrinkage - or the looser concept of a sustained and significant economic decline.

The economy shrank marginally (-0.2%) in the fourth quarter of 2007, but otherwise it's been growing steadily for years. In the most recent quarter it grew at a vigorous 3.3%, fueled not by government stimulus checks but by a strong rise in net exports. The OECD has just raised its forecast of U.S. growth for the full year from 1.2% to 1.8% - not blistering, but still the fastest growth of all the G-7 countries.


Talkback: What do you think?

So if we're not in a recession, why does everyone think we're in one? Partly it's because in a global economy, it's possible to produce economic growth that many people don't feel. The rewards of economic growth are going disproportionately to those with the best educations, bypassing many of the more numerous workers without college or higher degrees. In some cases, well-educated workers like teachers have also missed the rewards of growth. Even a company's stock price that rises with global growth doesn't benefit Americans as much as it used to, because ownership is dispersed much more widely around the world than before.


http://money.cnn.com/2008/09/17/news/economy/colvin_recession.fortune/index.htm?cnn=yes

[Cornfed]

[Captain Corea]

[Ya-ta Boy]

[aka Dave]

Some of us Americans opposed Reagan, the right-wing Republican ideology, Bush, and the psychopathic neo-cons in their manic deregulation (though Clinton signed an awful bill that is part of the problem. Rubin, the DLC crowd also share some blame, but not nearly as much as the Republlicans).

They were adroit at using cultural wedge issues (Palin, anyone?) to win/steal (2000) elections. I've always thiought if we just got rid of the South America would be much better off. Less country music for one thing.

To be honest, this is good for America in the long run. First of all, it puts a real dent in McCain's chances. Second, it's one more nail in the coffin of the free-market deregulation schemes that the Republican's champion.

And whether our financial system is "rational" or not is not relevant to whether Korean banking is. They might both suck, I don't really know about Korean finance so I can't say.

[Joo Rip Gwa Rhhee]

you know the US isn't even in recession. The US is a lot more than financials.

The the biggest problem the US economy faces is entitlements , not the national debt.

the US economy is stong enough to handle the nation debt . But something needs to be done about entitlements.

[Ya-ta Boy]

[muss8813]

"I say this acknowledging that nearly every American deserves the coming suffering"

Uhhhh, yeah. Why nearly everyone exactly?

[Ya-ta Boy]