Shanghai Planning Own "Wall Street bull": Report

Reuters:

Wall Street may be down on its luck, but China's growing business hub, Shanghai, plans to install its own version of the Street's famed charging bull statue, casting in metal its hopes to eventually rival New York.

Read the whole story: Reuters

Comments

[brownstoness]

With consumer deleveraging and credit crunch - we cannot have any quick recovery - L is best case scenario. Speculative stock buying and PPT euphoria is no substitute for anything.

Credit is falling so much - private credit decreased by $1.8 Trillion is the first quarter, consumer credit by $90.7 billion (annualized). Household net worth down by $13.87 trillion.

There is no trigger for recovery - new technology, new markets, demographics, new ideas. Green is just a boondoggle and BRICs can only do so much. JPM and GS etc are just trying to create another bubble - it suits their ends not yours.

hat tip to http://iamned.blogspot.com

[spinns17]

and will walmart own it to ?

[spinns17]

can we export wall streeters ?

[mamacat]

If the Chinese Bull stays true to form, it will be made out of radioactive metal, and painted with a toxic lead-based paint.

[starrianna]

Earth to China:

GET YOUR OWN DAMN IDEAS!

Stop stealing and copying everything in sight! Don't you people have originality?

[ruben4obama]

"You people"?

[spinns17]

lol think there people

[twistedknickers]

A dragon hum.ping the WS bull would be too symbolic.

[munki]

They are learning from our mistake(s)­...

Hmmm...

[nycwerewolf]

The thing that the Chinese will never understand is that Wall Street is not run by power but by capitalism. The desperate need and desire to make as much money as humanly possible. China is in it for the wrong reasons. And thank God they will never win. Our country is built on stronger stuff than what the Chinese have got. And fortunately we have an amazing President at the helm in Obama to keep us strong.

[munki]

Chinese history - not socialism or communism.­..
only recent years from 1946 but did not last long...

[Bodie1]

The Chinese wouldn't be breathing down our necks without the permission of the oligarchy that runs this country. We were sold out by our own.

[whitemerlot]

Must they copy everything cultural/artistic from the west? They invest too much time in energy copying, pirating, emulating western symbols of beauty and cultural significance when the Chinese have an embarrassment of wealth when it comes to the cultural arts. They should be teaching the world their own symbols rather than adopting somebody else's.

[melponeme k]

If I were them, I would build a different symbol.

The bull did us no good, it is a symbol of ill luck. A symbol for rapacious greed and the desire to physically destroy people for money. Nay, a whole country even.

China needs another symbol to usher in their world dominance.

[loki]

I hate to say it, but it will be very fulfilling to see the same traitors who worked so hard to profit off the loss of American jobs, losing their jobs too. They have raped and pillaged the USA for all they can, and the rest of the worlds has seen it happen. Now the rest of the world will gladly turn to a prospering country such as China that is growing in leaps and bounds because they actually make things. Manufacture and producing products people want in their own country and around the world. Were here in the USA, we make?? Not even cars really. Cars are assembled here, but not made here. Computers, tvs, books, magazines, 95% of things we use and need are sold here, but not made here.

[desertman]

You've never hold the old adage of the capitalist selling the executioner the very rope he will be hanged by?

[TJCole]

If the Chinese only knew these swine on Wall St. would sell them that one, for the right price...

Everything's for sale the whole country is one Big Yard Sale at this point, didn't they know that...?

[desertman]

I think they know that.

[RomeoMD25]

President Obama"s plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy, which is likely to be enacted before the end of the year, will officially herald the beginning of a new form of government in the United States - an ultra-powerful banking dictatorship controlled by a small gaggle of shadowy and corrupt elitists.

[Layman23]

We have had that for so long now. Wake up.

[DrPneumann]

Speaking of Bull...

The New York Stock Exchange quietly announced last week that it would end its practice of requiring companies to report all their program trading — a move that helps shield large investment banks, particularly Goldman Sachs, from public scrutiny.

The new rule means the public will no longer be able to tell if large investment banks are manipulating the stock market for their own gain, says Matt Taibbi, the journalist whose Rolling Stone article on Goldman Sachs’ role in asset bubbles over the past century has rocked the financial world.

According to previous NYSE rules, any company that carried out program trading — essentially, large computer-automated trades worth more than $1 million — had to report the trades to the NYSE, which then made the information publicly available.

But, under new regulations (PDF) published last week, that requirement has been removed.

http://rawstory.com/08/news/2009/07/04/taibbi-nyse-ends-transparency-to-protect-goldman-sachs/

[desertman]

Also in the same PDF can be found the following:

Member organizations are reminded that they are required to have adequate policies
and procedures, including written supervisory procedures, reasonably designed to
ensure proper identification of activities that constitute Program Trading and compliance
with all reporting requirements of Program Trading activity as discussed in this and prior
Information Memos. This requirement applies to all program trading activity submitted
through a member organization’s mnemonics, including as direct market access or
sponsored activity. Failure to have an adequate supervisory system in place may result
in disciplinary action.