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...other words, this can't go on forever. Greenspan has since delivered this message repeatedly, but markets paid no attention. Until, suddenly, they did. In a speech and question-and-answer session simulcast from Washington to conferences in Australia, Hong Kong, New Zealand and Singapore on Feb. 26, the former Fed boss repeated his concerns about risk and mentioned in passing that a recession was "possible" in the U.S. later this year...
...when a financial crisis in Thailand triggered stock crashes from Jakarta to Moscow to New York. On Feb. 28, as this new outbreak of investor gloom spread, India's main stock index tumbled 4%, Singapore's dropped 3.7%, Japan's fell 2.9%, South Korea's lost 2.6%, and Hong Kong's slipped...
...what the Shanghai shock provided was a reason for investors-finally-to get real: relentlessly rising stock prices virtually everywhere had dulled their sense of risk to the point where "anything-somebody sneezing-could have triggered this," says Sean Darby, head of regional strategy at Nomura International in Hong Kong. "We've ignored risk globally for a long time...
...stock of, say, Caterpillar Inc., a heavy-equipment maker in Peoria, Illinois, because they feared the company's booming China business was suddenly going to fall off the cliff should probably rethink that a bit. As Jun Ma, the chief economist for greater China at Deutsche Bank in Hong Kong, says, "We do not see any significant impact of this market correction on China's real economy. We remain bullish on the fundamentals of the economy," which is still steaming ahead this year at a growth rate of nearly...
...With reporting by Austin Ramzy and Peter Ritter/Hong Kong...