Marie Gwin

Base

Name

Marie Gwin

Ort

La Garde

Webseite

http://www.ardenneweb.eu/archive?body_value=%3Cbr%3E+IN+2005%2C+while+running+a+financial-software+company%2C++best+hedge+fund+Charles+Morris+became++convinced+-+https%3A%2F%2Fwww.biggerpockets.com%2Fsearch%3Futf8%3D%25E2%259C%2593%26term%3Dconvinced++that+credit+markets+were+heading+for+a+crash.+He+found+a+publisher+who+was+willing+to+take+a+gamble+and+began+tracing+the+roots+of+the+yet-to-unfold+crisis.+However+up+to+date+it+may+seem%2C+this+book+is+no+rush+job.+Mr+Morris+deftly+joins+the+dots+between+the+Keynesian+liberalism+of+the+1960s%2C+the+crippling+stagflation+of+the+1970s+and+the+free-market+experimentation+of+the+1980s+and+1990s%2C+before+entering+the+world+of+ultra-cheap+money+and++best+hedge+fund+financial+innovation+gone+mad.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E+He+puts+the+eventual+bill+for+the+financial+follies+of+the+past+few+years+at+some+%241+trillion-if+all+the+excessive+leverage+%28or+borrowing%29+is+wound+down+in+an+orderly+fashion%2C+which+he+considers+unlikely.+Thanks+to+securitisation%2C+poor-quality+mortgages+are+marbled+through+the+entire+global+credit+system.+And++hedge+fund+there+is+more+to+come%3A+commercial+property%2C+credit+cards%2C+corporate+debt%2C+credit-default+swaps.+For+the+most+exposed+institutions%2C+it+will+be+death+by+a+thousand+++hedge+fund+-+http%3A%2F%2Fwww.jinshusc.com%2Fcomment%2Fhtml%2F%3F8898.html++cuts.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+Changes+in+the+structure+of+the+markets+add+to+the+problem.+Unlike+commercial+banks%2C+investment+banks+and+hedge+funds+tend+to+increase+their+leverage+during+booms+and+shrink+it+in+rough+times.+Since+these+two+groups+now+account+for+half+of+all+credit%2C+their+accelerated+deleveraging+is+likely+to+make+the+credit+contraction+much+worse+than+in+past+cycles.+Mr+Morris+sees+hedge+funds-spared+the+worst+at+the+start+of+the+crisis+but+now+suffering+as+their+lenders+demand+more+collateral-as+the+next+weak+link.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+He+describes+three+trends+converging+to+create+the+bubble.+By+2006+the+growing+trend+towards+deregulation+had+pushed+three-quarters+of+all+lending+outside+the+purview+of+regulators.+Securitisation+created+a+serious+agency+problem%2C+leaving+loan+originators%2C+who+were+paid+up-front%2C+with+no+incentive+to+avoid+bad+credits+and+every+reason+to+piggyback+inappropriate+products+onto+good+ones+%28in+one+particularly+depressing+tale%2C+a+retired+postal+worker+whose+mortgage+is+almost+paid+off+is+switched+to+an+interest-only+product+that+leaves+him+in+danger+of+losing+his+home%29.+Banks+and+rating+agencies+were+gripped+by+the+pretence+that+all+finance+can+be+calculated+by+risk-modelling+eggheads.+It+did+not+help+that+many+investors+blindly+accepted+the+rating+agencies+as+a+kind+of+%22financial+Supreme+Court%22.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+The+story+has+no+single+villain%2C+but+Alan+Greenspan+comes+close.+Under+him%2C+the+Federal+Reserve+fuelled+the+housing+boom+by+sharply+cutting+the+cost+of+short-term+money.+Mr+Greenspan+ignored+warnings+about+subprime+excess%2C+while+eagerly+championing+%22new+paradigms%22%2C+from+hybrid+mortgages+to+credit+derivatives.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+By+November+2007%2C+when+the+narrative+ends%2C+it+was+already+clear+to+Mr+Morris+that+this+crisis+was+much+more+serious+than+the+last+big+crunch%2C+the+1998+Russian+debt+default+and+the+bail-out+of+Long-Term+Capital+Management%2C+an+American+hedge+fund+%28+mouse+click+the+next+web+page+-+https%3A%2F%2Fwww.nexea.co%2Fbest-hedge-funds-in-sea%2F+%29%2C+by+a+group+of+banks+under+the+Fed%27s+direction.+%22In+2008+there+is+no+one+to+call+a+meeting%2C+there+is+no+conference+room+big+enough+to+hold+the+parties%2C+and+no+one+knows+who+should+be+on+the+invitation+list%2C%22+he+says.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+Ominously%2C+Mr+Morris+sees+a+closer+parallel+in+the+great+Japanese+asset+bubble+of+the+1980s.+He+worries+that+the+extent+of+the+problem+will+tempt+America+to+paper+over+losses+and+keep+sickly+lenders+on+life-support%2C++top+hedge+fund+as+Japan+did.+If+it+does%2C+then%2C+like+Japan%2C+it+is+likely+to+suffer+a++lost+decade+-+https%3A%2F%2Fwww.herfeed.com%2F%3Fs%3Dlost%2520decade+.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+He+offers+a+raft+of+suggestions%3A+originators+should+retain+the+riskiest+portion+of+securitised+loans%3B+prime+brokers+should+stop+lending+to+hedge+funds+that+fail+to+disclose+their+balance+sheets%3B+trading+of+credit+derivatives+should+be+brought+onto+exchanges+for+the+sake+of+safety%2C+++hedge+fund+-+http%3A%2F%2Fkac1920.com%2Fforums%2Ftopic%2Fhedge-fund-what-to-do-when-rejected%2F++even+if+this+raises+costs%3B+and+some+version+of+the+old+Glass-Steagall+act%2C+which+separated+commercial+banking+and+capital-markets+activities%2C+should+be+re-introduced.+Ultimately%2C+he+argues%2C++best+hedge+fund+after+a+quarter-century+of+%22market+dogmatism%22+it+is+time+for+the+regulatory+pendulum+to+swing+the+other+way.%3Cbr%3E+%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+%3Cbr%3E++%3Cbr%3E+There+are+risks+in+any+such+roll-back.+Mr+Morris+admits+that+even+the+biggest+bubbles+contain+innovations+that+endure%3A+think+of+collateralised+mortgage+obligations%2C+which+suffered+a+meltdown+in+1994+but+later+transformed+the+industry%2C+saving+borrowers+billions.+However%2C+his+provocative+book+is%2C+by+and+large%2C+a+well-aimed+opening+shot+in+a+debate+that+will+only+grow+louder+in+coming+months.%3Cbr%3E+

Über mich

My name is Marie (21 years old) and my hobbies are Footbag and Driving.