Wall Street & the handwriting on the wall

[reed]

So, what do you all think of what's cooking with the "World Companies," Golden Parachutes, subprimes, and the letting go of the second cook and two maids?

[Satcomer]

The chicken has come home to roost.

I know that is harsh but I feel that is what is happening. I am just worried about my 401K.

[reed]

So we should bail out those that have played with other peoples money and too bad if all goes bust? In either case, it's the little guys who will pay. As usual. This is what I see at the present moment. Wall Street pigs will get away with murder either way.
In a word, the US Government has to give the Green Light. Too bad, but that is the way the cookie crumbles. SIGH.

[Rhisiart]

Greed is good!
Gordon Gekko 1988

However, Gekko was fiction. In real life the Peruvian Powder snortheads living on fat bonuses and gambling with our savings get away scott free. Wait for the next financial boom and they'll be back to their old tricks.

[fryke]

I just hope US election politics won't take down the _world's_ financial markets completely.

[reed]

Does anybody remember Bob Maxwell & what he did, Argentina & it's economic horrors that followed and Le Credit Lyonais Bank disaster in France (the archives where burned in the HQ in Paris by the way....by accident?). Only three examples.

[Rhisiart]

Vote for Obama. At least you'll live to regret it.

[reed]

this is fun

http://www.nytimes.com/interactive/2008/10/07/business/20080929-payout-graphic.html

[Viro]

The SNL skit on the current crisis that got pulled. http://msunderestimated.com/SNLBailoutSkit.wmv

I laughed so hard and then I cried. Like Satcomer said, our chickens have come home to roost. While it's fashionable in Europe to bash the US, this time Europe needs to shoulder its own share of the responsibility.

[Rhisiart]

The SNL skit on the current crisis that got pulled. http://msunderestimated.com/SNLBailoutSkit.wmv
Excellent.

Like Satcomer said, our chickens have come home to roost. While it's fashionable in Europe to bash the US, this time Europe needs to shoulder its own share of the responsibility.
Nice to see British Prime Minister Gordon Brown seize Icelandic assets under the guise of the anti-terrorism act. To hell with Al Qaeda - them rotten Björk fiends are obviously a major threat to world peace (or Gordon Brown).

[Viro]

What I don't get is, why are our town councils investing money in Icelandic banks? Why can't they use local banks? And even more pressing, town councils have money to put in banks?! They're forever trying to increase my council tax claiming they need more funds to operate and now I see that they've put millions in Icelandic banks?!

[Satcomer]

One thing has really made me laugh about this hole meltdown. It's the talking heads on TV searching for the right words. I finally see that they actually have NO idea about finance and are just being handed talking points by the investment house's cronies. I knew basic real reporting was dying but I never realized that these so called business shows were just cheerleaders for the greedy jerks I that now have failing businesses.

My prediction is that within a year half of all the business shows & web sites will fail just like the markets. People then will be at a lost, especially the so called news organizations.

[Rhisiart]

Dumbing down (i.e. journalism)?

[Viro]

That assumes something to dumb down in the first place. ;)

[Giaguara]

Well, everything is dumbed down from the top.
And unless there would one day be an extension pack for 9 more levels, the answer to the world's problems isn't always 42.

[reed]

It's not Dumbing Down. On the contrary...It's Dumbing UP. The famous Murphy Law with a very, very good bonus. For all the good buddies too. I scratch your back and I'll scratch yours and scr*w the peasants. Merci.

[Rhisiart]

This 'corruption' isn't confined to banks and other private sector industries. I work in the health sector and I see many examples of services being dumbed down to reduce budgets, with fat bonuses being paid to the managers who achieve these cost-saving targets. It's the patient (i.e. Joe Public) who loses out.

[reed]

You better believe it Rhisiart.
If you don't have insurance in the waiting room....no, better yet, the Emergency Room...you're in big doodoo.These are the famous HMOs that make the maximum of benefits ("cost saving targets", as you said) with little in return, in many cases. Take an aspirin and hope for the best.
I've always wondered about bonuses. For doing WHAT? Commissions? The more you sell iffy contracts the better?
But of course, you dope! Get with it Reed.

[Rhisiart]

Bonuses for doing your job (which you should be doing anyway)?

How about that the manager gets a fixed income, but deductions are made if he/she fails to meet targets?

P.S. What a fabulous idea Rhisiart (I wish I had thought of it myself).

[reed]

This just in, but this has happened a lot:
Yesterday......
Workers in a small metal works factory in Belgium are put on paid vacation. They come back to work and find that the factory is being dismanteled by a German firm that is going to send the lot to Eastern Europe. Some of these guys have worked in this company for 50 years. The director could not be reached by telephone.

[rubaiyat]

This 'corruption' isn't confined to banks and other private sector industries. I work in the health sector and I see many examples of services being dumbed down to reduce budgets, with fat bonuses being paid to the managers who achieve these cost-saving targets. It's the patient (i.e. Joe Public) who loses out.

The bad guys are rewarded, the good guys punished, the "police" get their cut, and no-one wants to learn from history…

…and you wonder how we keep getting back in deep shit.

[reed]

It's called "deep doodoo" rubiayat. Please.

Isn't there an expression concerning the Big Wigs getting away with murder. Hold on a sec! I just found it...."getting away with murder."

[CaribbeanOS-X]

Thanks for the images...

Down in the caribbean we are feeling the crunch, european banks are tight on lending money due to people not paying their over extended credit. Tourism is dead and this year's rainy season has yet to cease. Hurricanes... and if not on a full scale, then rain, wind and waves crushing the beaches, homes and restaurants that reside along the shores. Today, we just lost one of my favorite restaurants on the water... i'm heading down to see the remains... maybe i'll post a photo.

No matter where we are this has impacted us all... we'll get through it.

Disasters bring opportunities, i hope you guys up north build a good team (this time around) to pull the US back on it's feet.

[reed]

Not Rum Cay, I hope

[CaribbeanOS-X]

Before and after shots of my favorite bar/restaurant... unfortunately it was not insured for such a natural disaster and with moneys being tight... not sure if it will be rebuilt anytime soon.

:)

[reed]

CaribbeanOS-X

just a last add on... to off topic.

I was talking about the Out Island. Rum Cay. Port Nelson. Any news? Sorry folks.

[Satcomer]

You should read Warren Buffett's NYT article Buy American. I Am (http://www.nytimes.com/2008/10/17/opinion/17buffett.html?_r=1&partner=permalink&exprod=permalink&oref=slogin). It is very interesting spin.

[CaribbeanOS-X]

Enjoyed that article, Satcomer. :)

[reed]

The greed generation....


http://www.nytimes.com/interactive/2008/10/07/business/20080929-payout-graphic.html