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Shadoer posted:Fortunately any investor that isn't insane has likely been able to get their money out without too much loses, courtesy of those pensioners. Now those lazy greedy pensioners and that big fat government will be holding the bag and those job creators will be scott free. This is China though so the big fat government actually is to blame in this case.
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# ? Aug 26, 2015 08:49 |
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# ? May 25, 2024 14:04 |
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quote:Washington — CHINA, many believe, is in a financial and economic meltdown causing anxiety and panic everywhere. China’s stock market dive first dragged down other emerging markets and has now spread to the United States, slicing trillions of dollars off the value of stocks traded here and in other global markets. Since China is the world’s second largest economy and has growing financial ties around the world, developments there clearly have enormous potential implications for both developed and emerging markets.
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# ? Aug 26, 2015 08:59 |
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^^^^^^^^^^^^^^^^^^^^quote:
So which news organization is posting this piece of delusion?
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# ? Aug 26, 2015 09:04 |
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Shadoer posted:^^^^^^^^^^^^^^^^^^^^ The loving New York Times lol http://www.nytimes.com/2015/08/26/opinion/false-alarm-on-a-crisis-in-china.html
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# ? Aug 26, 2015 09:06 |
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I've read some stuff about Xi possibly preparing to throw Li Keqiang under the bus as a fall guy, and given Li's role in it I would imagine that might end the process of economic liberalisation for the foreseeable future, at least on a macro level.Fojar38 posted:The loving New York Times lol
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# ? Aug 26, 2015 09:15 |
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Fojar38 posted:The loving New York Times lol And cancelling my subscription... Been considering doing it for a while as the nytimes quality has been sliding over the last while, but this takes the cake.
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# ? Aug 26, 2015 09:19 |
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Shadoer posted:And cancelling my subscription...
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# ? Aug 26, 2015 09:21 |
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Wow got up this morning and there was a rally and now it's in the negatives? Somebody just made money and someone else took a bath.
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# ? Aug 26, 2015 11:42 |
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etalian posted:The law got changed to allow Chinese pensions to invest in risky local investments like derivatives or A class stocks. "Derivatives" they're not buying loving rates swaps with this money lol
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# ? Aug 26, 2015 12:46 |
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the Chinese markets are, more than any western market, ruled by sentiment. The "disconnect" btwn them and the real economy is t something the nyt just made up, but I can't verify the economic statistics quoted in that article
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# ? Aug 26, 2015 12:52 |
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Zohar posted:In their defence it's the op-ed section and there's better stuff about China on the front page right now. Not that I'm hugely enthused about the NYT in general. Isn't that what the Op-Ed section is for? Providing counter arguments to the mainline narrative? Eh, if that piece really sways someone they'll get what they deserve as 5 minutes of critical thought and google disproves almost every point in there.
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# ? Aug 26, 2015 12:57 |
Let the investigations begin! I wonder if it will be a real investigation into potential illegal activities and corruption... quote:HONG KONG — The authorities in China have opened two investigations into the country’s biggest brokerage firms amid market turmoil. or not so much.
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# ? Aug 26, 2015 13:29 |
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tbp posted:the Chinese markets are, more than any western market, ruled by sentiment. The "disconnect" btwn them and the real economy is t something the nyt just made up, but I can't verify the economic statistics quoted in that article Nobody can because they come from the government and are most probably bogus. Really if you want to get an actual feel for the Chinese economy you need to rely on one or both of the following: 1) The Li Keqiang Index 2) First hand accounts from those who are actually involved in private investment or industry Neither of those are good right now, and haven't been for a while.
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# ? Aug 26, 2015 15:35 |
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So what did the market close at yesterday? And/or what time US does it close? I think I've been seeing that it opens around 8:30pm CST. Sorry for the newb questions, I've only started looking at this thread since the Tianjin explosion, and was all when it went from ~2 posts a day to 200.
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# ? Aug 26, 2015 15:35 |
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Zarin posted:So what did the market close at yesterday? 2,927.29 (-1.27%) E: It's 12h off from EST so it closes at 3am EST or 2am CST. -Zydeco- fucked around with this message at 15:48 on Aug 26, 2015 |
# ? Aug 26, 2015 15:43 |
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Shifty Pony posted:Let the investigations begin! So, the Chinese model is arrest a bunch of people that the uneducated can easily attribute blame too even though it's obvious that poor government policy led to the event and any individuals behavior is just a scapegoat. While the western model is to arrest no one because the people who knowingly created fraudulent AAA product ratings (and sold them as such knowing they were junk) via rules trickery didn't actually break any laws even though the people responsible are easily identified and known to the public and their actions are completely documented. Not sure if I had to choose which one of those I would prefer (neither).
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# ? Aug 26, 2015 16:03 |
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Murgos posted:So, the Chinese model is arrest a bunch of people that the uneducated can easily attribute blame too even though it's obvious that poor government policy led to the event and any individuals behavior is just a scapegoat. We did threaten the lives of common securities traders through the anonymity of the internet. That counts for mob justice?
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# ? Aug 26, 2015 16:23 |
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Murgos posted:So, the Chinese model is arrest a bunch of people that the uneducated can easily attribute blame too even though it's obvious that poor government policy led to the event and any individuals behavior is just a scapegoat. The sad part is, you can do very illegal things like launder money for drug cartels and still not get charged for a crime. So it's not just people successfully walking that fine line between illegal and legal. You can literally assist in laundering money for murderous drug kingpins and all you get is a fine. Heck, it wasn't even an American bank so there were no political downsides to prosecuting the gently caress out of that bank. We just apparently really like bankers and hate to see them inconvenienced.
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# ? Aug 26, 2015 16:34 |
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Was there ever a reason given why we didn't prosecute HSBC for that?
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# ? Aug 26, 2015 16:45 |
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Radbot posted:Was there ever a reason given why we didn't prosecute HSBC for that? Capitalism. quote:US authorities defended their decision not to prosecute HSBC for accepting the tainted money of rogue states and drug lords on Tuesday, insisting that a $1.9bn fine for a litany of offences was preferable to the 'collateral consequences' of taking the bank to court. OwlBot 2000 fucked around with this message at 17:00 on Aug 26, 2015 |
# ? Aug 26, 2015 16:53 |
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Radbot posted:Was there ever a reason given why we didn't prosecute HSBC for that? basically the official reasoning was "Too big to fail" v 2.0 except this time with actual criminal activity. Ah beaten ^
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# ? Aug 26, 2015 16:56 |
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Reasons which apply to any non-local bank.
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# ? Aug 26, 2015 16:56 |
Murgos posted:So, the Chinese model is arrest a bunch of people that the uneducated can easily attribute blame too even though it's obvious that poor government policy led to the event and any individuals behavior is just a scapegoat. If I had to chose between the two I'd much rather policy failures be publicly aired so that there is a chance they can get fixed vs nailing individuals who were only enriching themselves via exploiting that policy. But of course it is a false dilemma and we should do both. I'm kind of expecting that the investigation will turn up a foreign investor or two doing something shady (with that much money flowing around how could there not be some?) and that will be the scapegoat to continue the narrative that this is all the fault of anyone in China. Edit: bonus if they catch one of their wanted ex-pats doing it. Shifty Pony fucked around with this message at 17:07 on Aug 26, 2015 |
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# ? Aug 26, 2015 17:02 |
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There are probably British goons in this thread, did the HSBC mess make a lot of news over there? I imagine the Queen's banking regulators were pressuring the U.S. against prosecuting if the ramifications were really that big. Not that they had to push too hard, since we really like bankers in the United States. As for China, it's just a question whether they'll execute the scapegoats in Beijing or send mobile execution vans to their hometowns.
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# ? Aug 26, 2015 17:15 |
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Krispy Kareem posted:The sad part is, you can do very illegal things like launder money for drug cartels and still not get charged for a crime. So it's not just people successfully walking that fine line between illegal and legal. You can literally assist in laundering money for murderous drug kingpins and all you get is a fine. http://www.bloomberg.com/news/articles/2010-06-29/banks-financing-mexico-s-drug-cartels-admitted-in-wells-fargo-s-u-s-deal The old Red, White, & Blue based banks weren't clean on this front, either. To be honest, the corruption runs so insanely deep in many of these places that I can't imagine a lonely teller or branch manager blowing the whistle on this without fear for their future safety. It's really the corporate office's responsibility to be putting auditing in place so that these can be caught with minimal retaliation to the low level drones.
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# ? Aug 26, 2015 18:01 |
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That's crazy volatile. It went as low as -4% and as high as +3% in one day of trading. That instability can't be good for the Chinese economy, even if they didn't have another day of free-falling stock prices.
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# ? Aug 26, 2015 18:48 |
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http://english.sse.com.cn/ In a move straight out of the Fox News playbook the Shanghai Stock Exchange's site has reversed the colors of it's stock arrows. Look at all that green .
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# ? Aug 26, 2015 19:45 |
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ThingOne posted:http://english.sse.com.cn/ In a move straight out of the Fox News playbook the Shanghai Stock Exchange's site has reversed the colors of it's stock arrows. Look at all that green . its always been like that, as red is a good color in china
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# ? Aug 26, 2015 19:49 |
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Why is green bad? Trees are green, as are other plants.
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# ? Aug 26, 2015 19:59 |
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drilldo squirt posted:Why is green bad? Trees are green, as are other plants. Exactly. Disgusting peasant poo poo, not like beautiful concrete and red lacquer.
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# ? Aug 26, 2015 20:00 |
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Mange Mite posted:Exactly. Disgusting peasant poo poo, not like beautiful concrete and red lacquer. Those loving Chinese devils.
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# ? Aug 26, 2015 20:02 |
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Mange Mite posted:Exactly. Disgusting peasant poo poo, not like beautiful concrete and red lacquer. And gold I imagine literally everything in China is either grey, red or gold
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# ? Aug 26, 2015 20:15 |
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icantfindaname posted:And gold Pretty close from my experiences there.
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# ? Aug 26, 2015 20:16 |
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Sheng-ji Yang posted:its always been like that, as red is a good color in china Well now I feel silly .
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# ? Aug 26, 2015 20:19 |
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It's kinda weird to see that people are following the Chinese stock market and posting the fall as it happens. OwlBot 2000 posted:Capitalism.
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# ? Aug 26, 2015 21:06 |
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Poil posted:It's kinda weird to see that people are following the Chinese stock market and posting the fall as it happens. Will be interesting to see if shoveling the pension funds into furnace was enough to stabilize the market or if it's going to start dropping off tomorrow again.
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# ? Aug 26, 2015 21:45 |
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Puistokemisti posted:
Look, those pension funds are overfunded anyways. The party dictates that those funds do not include realistic mortality rates, as glorious PRC cannot have environmental pollution resulting in increasing rates of mortality! What are the funds gonna do, admit that the party's environmental policy is absolute poo poo, lower their retirement ages, or provide a bailout to China's investor class?
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# ? Aug 26, 2015 21:53 |
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It's a little weird that there's so much going on in this thread as if the problem here is that Beijing isn't intervening enough.
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# ? Aug 26, 2015 21:54 |
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Nah man it's more that the systematic injustice of state capitalism is so familiar as to be banal even on a massive scale.
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# ? Aug 26, 2015 22:57 |
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# ? May 25, 2024 14:04 |
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Fojar38 posted:It's a little weird that there's so much going on in this thread as if the problem here is that Beijing isn't intervening enough. Capitalism has nothing to do with "intervention" or lack thereof.
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# ? Aug 26, 2015 22:59 |