BEVERLY HILLS, Calif. — Rather than curse the current financial darkness, let us try to light candles. Without blowing our credibility entirely, let us see if we can illuminate the brighter side of this global meltdown. Here is a trio of pluses to try on for size.
No. 1 is that the United States will probably now have to lecture the world a lot less on economic issues. How wonderful! That, at least, should reduce global rhetorical warming. Asia, in particular, deserves get a break from Uncle Know-It-All.
The American financial establishment, it seems, is now raising the same systemic questions about the financial practice of "shorting" companies and stocks as were raised by angry Asians during the Asian Financial Crisis. Then, even otherwise well-regulated economies and companies were attacked by Western hedge funds betting ravenously that currencies and stock prices in the region would fall.