The banking crisis: what might be the long term consequences
By evanslf
@evanslf (484)
September 25, 2008 6:22am CST
Today I've read an interesting blog on CNN that talks about how Asian banks and investment arms of Asian governments are swooping on our cripped banks and investment companies by buying them up. For me, this means that there could well be a big shift in financial power away from US companies towards Asia. It seems that what has happened over the past 10 days will have huge consequences for the US in the longer term, consequences that won't be easily reversed.
The blog is here:
http://business.blogs/cnn.com/2008/09/25/wall-streets-pain-asias-gain
What do you think?
3 responses
@RhythmWalker1 (825)
• United States
25 Sep 08
Most every hotel chain in America is owned by someone overseas!
The "most" of our jobs have been sent out of America!
It's a little too late to gripe about it.
We have spent more enough money in Iraq to solve our problems
and are rebuilding what a war tore up while they get richer every day...
Impeach Bush before he sells America off to the highest bidder so that his
family and the rich never have to live like common folks do!
1 person likes this
@evanslf (484)
•
25 Sep 08
Thanks for your comments. You are quite right that many US jobs have gone overseas as a consequence of globalisation and free trade, but I think that this current financial crisis has accelerated things, particularly in relation to the banking sector where US companies will be more reliant than ever on funds from abroad.
I hope the link to the blog works, not sure if it does so I have put it in again:
www.business.blogs.cnn.com/2008/09/25/wall-streets-pain-asias-gain
@xParanoiax (6987)
• United States
27 Sep 08
I won't reiterate what everyone's already said but I'll say this: there's a good chance we may see the downside to globalization soon.
@newtondak (3946)
• United States
25 Sep 08
It is not just banks and investment companies - it is surprising just how many companies in the united States are foreign owned - most recently the largest brewing company in the United States was purchased by a foreign company.
