Greenspan (regulators): for he kept interest rate too low (1%) for too long, during the recession after dot com bubble.
Bush (politicians): for his failed Iraq war which cost American tax payers more than 500 billions so far. He asked American “go shopping” after 911, in addition to buying a car or a house. Democrats are no better in this aspect: Fannie Mae and Freddie Mac have deep roots in Democrats leadship.
(Video by LATimes: anxious customers on day 2 of IndyMac Fed takeover)
When I say a mutual fund manager, what kind of personality (impression) appears in your mind? A guy or a lady in his/her 40s, with financial education, 10 years or more experience in investment field…
This is not the case in China. Due to the boom of China stock market in recent years, and the boom of the hedge fund, many experienced guys (like Danbin, more about Danbin later) started or joined hedge fund so that they could make more money. Here is a Chinese article titled “rookie fund managers in charge of trillons of Yuan, only 7 fund managers have more than 7 years experience in China mutual funds”. The following Chinese video below tells the same problem.