Ha ha ha, whoops sorry for laughing

[Thailandnotes]

"The biggest criticism of Chinese banks has been that they lend not on the financial merits but in adherence to the wishes of party leaders. Fearful that a large state company may fail and disgorge angry, unemployed peasants onto the streets, local party officials pressure state banks to keep the credit flowing and spare the jobs. In recent months, the center of the American financial system has effectively shifted from New York toward Washington, as taxpayer funds keep many institutions in business."

http://www.nytimes.com/2009/05/17/we...gewanted=print

[metalman]

Re: Ha ha ha, whoops sorry for laughing

"The biggest criticism of Chinese banks has been that they lend not on the financial merits but in adherence to the wishes of party leaders. Fearful that a large state company may fail and disgorge angry, unemployed peasants onto the streets, local party officials pressure state banks to keep the credit flowing and spare the jobs. In recent months, the center of the American financial system has effectively shifted from New York toward Washington, as taxpayer funds keep many institutions in business."

http://www.nytimes.com/2009/05/17/we...gewanted=print

'anglo-saxon credit bubble with chinese characteristics'.