Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 16. August 2009

Does The United States Have Its Priorities Wrong?

Posted by hkarner - 16. August 2009

aus dem Harvard Business Review Blog von meinem Freund Chris Meyer und Julia Kirby (HBR) – sie sind übrigens beide Amerikaner:

In the 20th Century, many people in the United States and elsewhere were raised on the idea that the U.S. economy led the world in wealth, health, income, innovation and education. In 1992, Francis Fukuyama of the RAND Institute published „The End of History and the Last Man,“ asserting that in light of the collapse of the communist bloc, „the advent of the Western liberal democracy may signal the end point of humanity’s sociocultural evolution and the final form of human government.“ The protracted growth of the U.S. economy and rapid advancement of democracy around the world did nothing to undermine that thesis.

Slowly, data have emerged that belie this notion of supremacy that make it easier to reach a clear-minded assessment of actual performance. Some evidence: Den Rest des Beitrags lesen »

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Obama’s Second Biggest Test: Reforming Wall Street, and Why Early Indications Aren’t Hopeful

Posted by hkarner - 16. August 2009

aus Robert Reich’s Blog – schon wieder erfrischende Beobachtungen und glasklare Aussagen:

Citigroup — the giant Wall Street bank still on life-support courtesy of $45 billion from American taxpayers — wants to pay its twenty-five top executives an average of $10 million each this year, and award its best trader $100 million. Whaaat? Den Rest des Beitrags lesen »

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China’s Homegrown Private Equity

Posted by hkarner - 16. August 2009

New tax laws and a little help from the government in Beijing are giving domestic private equity firms a big boost against foreign players

0934_71chinaBy Frederik Balfour

Hong Kong – The barbarians, it seems, have arrived at the Great Wall—and now they’re coming from both sides. In China the top players in private equity—the proverbial barbarians at the gate—have been Carlyle, TPG, Warburg Pincus, and other foreigners. But lately those global heavyweights have had to contend with increasing numbers of homegrown rivals. „Local competition is our biggest challenge,“ says Wayne Tsou, head of Carlyle Asia Growth Partners.

Last year, $4.3 billion worth of domestic private equity capital was raised in the mainland’s currency, the yuan, nearly five times the 2006 level. This year that will likely reach $6 billion, and domestic cash now represents almost half of all private equity money in China, according to the Center for Asia Private Equity Research, a Hong Kong consultant. Den Rest des Beitrags lesen »

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Business Outlook: Why Inflation Fears Are Unfounded

Posted by hkarner - 16. August 2009

aus der dieswöchigen Business Week:

The Fed will have plenty of time to reverse its huge stimulus, as unused labor and production capacity prevent price pressures from building

By James C. Cooper

Given all the monetary fuel sloshing around the economy right now, it’s easy for investors to feel a little edgy about future inflation. So policymakers at the Federal Reserve have gone to great lengths to convince people the Fed has the tools to sop up the excess funds before they ignite an explosion in prices. However, market professionals have never doubted the Fed’s ample assortment of tools. The question has always been about timing. Too little policy tightening too late could kindle inflation, forcing more stringent measures to tamp it down later on. Den Rest des Beitrags lesen »

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Consumer Spending is *Not* 70% of GDP

Posted by hkarner - 16. August 2009

Frisch aus der Busienss Week. Posted by: Michael Mandel on August 14

I opened up this morning’s NYT and see the big headline “Retailers See Slowing Sales in a Key Season.” And I just know that we are about to have another round of “consumer spending is 70% of gross domestic product, so blah blah blah blah of course we can’t recover unless consumers start spending again.” (Not in the NYT story, to their credit, but you can find similar quotes everywhere you look). Blah blah indeed. As a textbook author, there are few things that frost me more than hearing “consumer spending is 70% of gross domestic product,” because it perpetuates two very large and very misleading untruths. First, the category of “personal consumption expenditures” includes pretty much all of the $2.5 trillion healthcare spending, including the roughly half which comes via government. When Medicare writes a check for your mom’s knee replacement, that gets counted as consumer spending in the GDP stats. Den Rest des Beitrags lesen »

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Private Equity Moves In on Banks

Posted by hkarner - 16. August 2009

aus der Business Week; wenn auch schon vom 18. Juni, so um nichts weniger besorgniserregend. Übrigens: Österreich ist da schon viel fortschrittlicher in seiner Naivität; was in Amerika noch immer verboten ist, war in Österreich schon erlaubt: der Übernahme von 90% einer Bank (BAWAG) durch einen Private Equity Fonds (Cerberus). Glückliches Österreich!

With hundreds of banks in desperate need of cash, regulators are allowing deals with firms that rewrite the rules of ownership Den Rest des Beitrags lesen »

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Ende der Rezession, nicht Ende der Krise

Posted by hkarner - 16. August 2009

aus der „Zeit Online“:

Die Rezession in Deutschland und Frankreich scheint gestoppt. In Europa ist das Bild gespalten. Risiken für die Konjunktur bleiben

Zahlreiche Länder der Eurozone konnten sich im zweiten Quartal aus der Rezession befreien: In Deutschland und Frankreich ist die Wirtschaftsleistung jeweils um 0,3 Prozent gewachsen, das  Bruttoinlandsprodukt (BIP) der Slowakei legte sogar um 2,2 Prozent zu. In vielen anderen Euro-Staaten fielen die Rückgänge deutlich geringer aus als zu Jahresauftakt. Den Rest des Beitrags lesen »

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Die unterschätzte Gefahr

Posted by hkarner - 16. August 2009

aus der „Zeit“.

Von Thomas Fischermann

Die deutsche Wirtschaft wächst wieder – das erinnert an die Krise der 1930er Jahre. Auch damals gab es immer wieder gute Zahlen und Börsenbooms. Es folgten Enttäuschungen

Endlich der Aufschwung! „Investmentbanker stellen einen Aufwärtstrend fest“, steht in der New York Times. „Weiterer Fortschritt in der Geschäftswelt“, berichtet das Wall Street Journal. „Ökonomen sehen Zeichen einer Erholung“, „Kräftiger Aufstieg an den Börsen“, melden andere. Einige Blätter schreiben auch darüber, dass sich in Amerika ein gewisser Bischof Campbell zu Wort gemeldet habe, der das große „Misstrauen“ in der Welt der internationalen Finanzanleger geißele. So etwas halte die wirtschaftliche Erholung bloß unnötig auf.

Die Schlagzeilen wirken vertraut in diesem August 2009doch sie stammen aus dem Jahr 1931. Sie wurden mitten in der Großen Depression der USA gedruckt, in der schwärzesten Wirtschaftsperiode des 20. Jahrhunderts also. Den Rest des Beitrags lesen »

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