By Paul Blustein
Within the Nineties, few international locations have been extra lionized than Argentina for its efforts to affix the membership of rich international locations. Argentina's guidelines drew enthusiastic applause from the IMF, the realm financial institution and Wall highway. however the membership has a stressful propensity to show its again on arrivistes and forged them out. That used to be what occurred in 2001, whilst Argentina suffered probably the most brilliant crashes in smooth background. With it got here appalling social and political chaos, a cave in of the peso, and a wrenching downturn that threw hundreds of thousands into poverty and left approximately one-quarter of the crew unemployed.
Paul Blustein, whose publication in regards to the IMF, The Chastening, used to be referred to as "gripping, frequently frightening" by means of The Economist and lauded by way of the Wall highway Journal as "a fantastically said and assuredly woven story," now will get correct inside of Argentina's upward thrust and fall in a dramatic account in keeping with thousands of interviews with best policymakers and monetary marketplace gamers in addition to reams of inner records. He exhibits how the IMF grew to become a blind eye to the vulnerabilities of its megastar scholar, and exposes the behavior of world monetary marketplace gamers in Argentina as redolent of the scandals — like these at Enron, WorldCom and worldwide Crossing — that rocked Wall highway in recent times. via going backstage of Argentina's debacle, Blustein exhibits with unmistakable readability how unfortunately elusive the trail of wish and development is still to the good bulk of humanity nonetheless mired in poverty and underdevelopment.
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Extra info for And the Money Kept Rolling In (and Out) Wall Street, the IMF, and the Bankrupting of Argentina
You would not spend $50 to buy a can of beans at one store if you can buy the same can of beans for $1 at another. That simple distinction is often blurred in the stock market. In the market, analysts at several important banks would have strong buy ratings on the $50 can of beans and sell or hold ratings on the cheap stuff. The analysts would issue research reports saying that the $50 beans are the best beans in the world, the management team exudes brilliance, and consumer demand is huge and getting huger.
Very few sold to take proﬁts. They didn’t want to miss the next surge, and the chance to make even more money. They held on even when the stock market ﬁtfully tumbled lower. And when the market ﬁnally fell with a thud, millions of investors panicked and sold their stock. Seasoned investors stayed calm during the darkest hours. They bought as much stock as they could. They reasoned the stock market was unlikely to fall any further. After all, how much worse could it get? The bad news created an unprecedented buying opportunity.
They did not. The prices stopped declining. “Had we added less than 1 percent of the fund to each position, we would have more than made up the cumulative losses we suffered in AIG. 2 By May 2011, Wells Fargo’s stock traded at $29, an increase of some 260 percent. American Express’s stock rose some 400 percent to $50. The gains illustrate how fear is often a divining rod that leads to opportunities. Fear is an investor’s friend. Master fear or be mugged by fear. Bad news panics unseasoned investors.