Lessons From the U.S. Economic Meltdown

Jack Perkowski: Well I have a blog, and I’ve actually written quite a bit on this because, if the US in capital markets in terms of sophistication are 10, China is a 2. Okay? So, China’s got a long way to go. The capital markets in China are like when I went on Wall Street in 1973, they’re about as developed as that was. Okay? So, that’s a negative in one sense. But I think that China can learn a lot from what’s happened over the last 10 days, 2 years, whatever you want to, whatever time frame you want to pick, because the US market has gotten so sophisticated, so big, so complicated, and now everybody is scratching their heads and say, “Hey, how do we regulate this? How do we control it? How do we prevent this from happening again?”

This gives China a gigantic opportunity to look at all those, what everybody’s going to be analyzing and studying about this whole crisis. And then, think themselves about how they then go about the process of taking their capital markets up the curve.

So in many ways, being the second or the last kid on the block is a lot of times an advantage because you get to kind of see where everybody else has gone through and kind of learn from their experience. And I think that that China will be well-served to really look very, very hard and really try to understand how these all happened. And then, to think about in the context to China and what that means for how China’s capital market should develop.

 

Recorded on: September 22, 2008

 

Chinese capital markets are about as developed as Wall Street was when Jack Perkowski started there in 1973.

LinkedIn meets Tinder in this mindful networking app

Swipe right to make the connections that could change your career.

Getty Images
Sponsored
Swipe right. Match. Meet over coffee or set up a call.

No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.

Keep reading Show less

Space toilets: How astronauts boldly go where few have gone before

A NASA astronomer explains how astronauts dispose of their, uh, dark matter.

Videos
  • When nature calls in micro-gravity, astronauts must answer. Space agencies have developed suction-based toilets – with a camera built in to ensure all the waste is contained before "flushing".
  • Yes, there have been floaters in space. The early days of space exploration were a learning curve!
  • Amazingly, you don't need gravity to digest food. Peristalsis, the process by which your throat and intestines squeeze themselves, actually moves food and water through your digestive system without gravity at all.
Keep reading Show less

Carl Sagan on why he liked smoking marijuana

Carl Sagan liked to smoke weed. His essay on why is fascinating.

Photo: Photo by Robert Nelson on Unsplash / Big Think
Mind & Brain
  • Carl Sagan was a life long marijuana user and closeted advocate of legalization.
  • He once wrote an anonymous essay on the effects it had on his life and why he felt it should be legalized.
  • His insights will be vital as many societies begin to legalize marijuana.
Keep reading Show less

Can the keto diet help treat depression? Here’s what the science says so far

A growing body of research shows promising signs that the keto diet might be able to improve mental health.

Photo: Public Domain
Mind & Brain
  • The keto diet is known to be an effective tool for weight loss, however its effects on mental health remain largely unclear.
  • Recent studies suggests that the keto diet might be an effective tool for treating depression, and clearing up so-called "brain fog," though scientists caution more research is necessary before it can be recommended as a treatment.
  • Any experiments with the keto diet are best done in conjunction with a doctor, considering some people face problems when transitioning to the low-carb diet.
Keep reading Show less