And who accepted them on the other end? EU bankers (notably the Irish--enough said) who didn't do their homework. If a drug dealer offers you crack do you necessarily take it?
I love Switzerland and think it's a beautiful country. That doesn't change the fact that it's a cradle-to-grave welfare state, and that it's 'bank secrecy' laws immunized it as much as anything against past economic downturns. Good luck if that goes bye-bye. Also, to think that greed wasn't the overall motivating factor for anyone buying CDOs is pure folly - to blame the fallout on the U.S. is silly... As they say in Latin, which I believe some Swiss still speak, 'Caveat Emptor.'
Isnt that Stephen Colbert from the 'Daily Show with John Stewart'? So someone with specs and a French name is going to commeth down on us?
We should be alright here in Britain 'cos we got that financial genious Gordon Brown !! He wasn't Chancellor for 11 years and PM for 2 for nothing. What he knows you could put on a postage stamp
I've made 99% of my career trading profit in countries I don't live in, commodities I never use, currencies I don't get paid in or spend in, and stocks whose balance sheets I never read and products I never use. Trading requires no first-hand contact whatsoever with the instruments being traded.
Japan's exports down a whopping 47%! Korea saw exports drop 31%! These are mind-blowing numbers. WERD
Not to worry. Japan's exports only account for 16% of its GDP. In Korea, its a different story. Some 48% of its GDP is exports!