American - Businessman | 1957 -
So you know, everyone points out Greece's default record, but the history of a lot of sovereign nations is not a good one when it comes to lending them money.
James Chanos
GoodHistoryMoneyYouKnowOut
And so it can be very much in the interest of bank A to sell-short bank B shares, or buy CDSes on bank B, because they have exposure to bank B. It's the responsible thing to do as a fiduciary, and yet if everyone does it at the same time, it's destabilizing because everyone is selling.
TimeSellingResponsibleBankSame
Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.
EvilFinancialDoneNothingLike
People who lose money always need someone to blame.
MoneyPeopleBlameSomeoneLoseWho
It's almost sickening now that the regulators 'on the beat' while the biggest credit collapse in modern financial history unfolded are now patting themselves on the back for their 'brave' stance on short-selling!
HistoryBraveFinancialCreditBack
The interesting thing about the China story, getting back to the macro and micro, and as dire as I think the macro story is - due to bad credit and credit extension that makes Greece and Spain and the U.S. look like child's play - when you get to the micro of individual companies, they look even worse.
ChildStoryThinkInterestingCredit
What we define as a bubble is any kind of debt-fueled asset inflation where the cash flow generated by the asset itself - a rental property, office building, condo - does not cover the debt incurred to buy the asset. So you depend on a greater fool, if you will, to come in and buy at a higher price.
FoolBuildingYouPriceKindBubble
Healthcare is growing now at about 10 per cent per annum in the U.S. top line, versus 3 per cent for the economy. As someone with a sharp pencil and an eye for this kind of thing, this can't last.
EyeSomeoneHealthcareGrowingKind
The U.S. healthcare system is probably the most interesting large group of companies that are heading for major problems that we've seen in a long, long time.
TimeProblemsInterestingHealthcare
Increasingly, the real estate developers can't get bank loans for their project financing in China. They're now going into the Hong Kong market to raise money in the bond market at very, very high rates, as high as 15, 20 percent.
MoneyReal EstateBondNowProject
What American people and what the markets want is a fair and level playing-field, where the rules are clearly elucidated, where the referees are competent, and where we know that the game is not rigged.
PeopleGameAmericanRulesKnow
While short sellers probably will never be popular on Wall Street, they often are the ones wearing the white hats when it comes to looking for and identifying the bad guys!
LookingShortBadWhiteWallStreet
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