The Legacy of Greed

With the recent troubling news about the state of the deteriorating global ecomony fueled by the bankruptcies of major US financial institutions and further doomed by the prognosis that the disaster hasn’t reached rock bottom and more worldwide aftershocks are likely to be expected, we ask ourselves the question – what do we do now? Must we go back to the hinterlands and farm, hunt and fish to ensure our survival? I actually suggested this at the cafeteria talk in our office whereupon a girl colleague of mine who went through a divorce a couple of years ago replied – can I come with you and work in your farm ?  Ouch.  I’m in trouble 😉   Sign of desperation ?

Are these financial institutions liable for our personal financial debacles ? Many people lost their houses, lifetime savings and retirement plans because they put their unflagging trust in the system.  In the recent news about the financially troubled investment bank Merryl Lynch,  it’s CEO, along with two other senior executives were supposed to divide some $200 million amongst themselves as the result of the company being bought by Bank of America, a desperate move to salvage of whatever was left of the company and prevent its collapse. The same story goes with the CEO’s of Freddie Mac and Fannie Mae . Both received millions for compensation despite the awful performance of their respective companies. Both companies were teetering in the brink of bankruptcy and were bailed out by the government. Now I’m thinking – what’s with the fat incentives ? Weren’t these executives accountable for the failure of their companies ? Where’s the sense of accountability ? Must we allow this legitimized plunder to continue unabated ? Perhaps we need to cut the crap and  peg the overpaid CEO’s salaries to the performance of his company.

No sense in buying a house, investing in stocks and retirement when they all disappear in a whiff. What’s your back-up plan ?  How about a career change ? My wife told me about this girl who comes into the bank weekly and deposits a bunch of $60 checks which come from all over the place.  She was curious about what kind of business she does.  One day an officemate told her that the girl operates her own nude website.  Now – that’s one heck of a recession proof job 🙂   

Aren’t you sick and tired with all these crises happening – oil crisis, subprime meltdown, the environment ?  Perhaps its time to go back to the hinterlands and live like our great grandparents did when they didn’t give a hoot about the price of oil and which bank went bankrupt. At the rate that we are destroying the world, not only materially but now financially, rendering all of us penniless, alas – perhaps the great flood is called for so we can purge the world of its ills and we can start all over again.

 

WHY I LIKE SARAH PALIN

 **********************************************************************************************************

Michael McDonald – Real Love

 

A poster’s comment on this YouTube video clip :

“not hearing this mans voice while being on this earth is deprivation”

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27 Responses

  1. Thousands of employees are fired or their salary increases frozen but the CEO gets a fat bonus. Shameful 😦

    Nice song.

  2. fetish mo bro? hehe

  3. Recession proof haha.. How much does she make in a week ?

    Voting for legs? LOL 🙂

  4. CEO pay ought to really be tied to performance and not the company’s share price. It’s a sad fact that a lot of CEOs these days tend to base their decisions not on the soundness of a business idea/plan but on what would trigger a rise in their companies’ share prices. Such view tends to encourage short-sightedness.

    What got lost too in Wall Street was that certain transactions’ prices were no longer based on actual economic activities such as manufacturing, services, or goods. Many of the prices were already based on perception with no real or sound basis in economic fact.

  5. Natez1 – grossly unfair isn’t it? Dang, CEOs bonuses look like they can pay the salaries of all staff fro the entire month 😦

  6. Verns – obvious eh ? :mrgreen:

  7. Irrealis – dunno, but she must be getting payments from credit cards too 🙂

    Yes, I’ll vote for legs hehe silly me. As the say, a thing of beauty is a joy forever 😎

  8. Panaderos – CEO salaries have skyrocketed like crazy and these guys never lose their retirement if the company falls down hard. Agree, speculation is one of the characteristics of the market but it can be detrimental if left unchecked ! We hear stories about a group of speculators who purposely played to keep the oil prices up, duh.

    In the end though, ordinary folks are being bounced around and they have no real clue as to what’s happening 😦

  9. scary world right now. all we can do really is ride the rough seas and pray that we’ll get out of this alive and still have something left over to live our retirement years.

  10. Ei,BW, you know Photo Cache and Ewok are one and the same right? Just FYI.

  11. Photo Cache – same here. I actually work for a U.S. financial inst myself so I’m in the front lines ! Being in Canada and and playing in a different field doesn’t spare me from the problem either. With the house is in trouble, all its parts are affected 😦 The scary part is that global thing. It does affect the whole world !

  12. Ewok – I knew about that long time ago my dear 🙂

    One thing I didn’t understand though is how come you’re still using Blogger for your photoblog hehe 🙂

  13. Aye! Maybe we do have to go back to basics. The way these greedy vultures are screwing us, we might not have a single cent left for retirement. It’s really shameful that these CEOs still profit from the miseries of investors who got screwed. I read somewhere that the feds are now looking into this…

  14. i think i would rather die of hunger than be paid $60 for being nude! hahaha

    nice legs there! haha vote for her legs! haha legs for VP!

  15. Michael Mcdonald was crooner for the Doobie Brothers for a few years. He later left for solo career. He made Grammy hits for the group. His style of music is soul and different from the Doobie sound. Good singer.

  16. Sngl – the effect of this disaster resonates on a global scale. Since most countries deal with America, the financial meltdown will be felt heavily, Pinas included.

    The CEO rip off hohah seems to be in the backburner nowadays as the world is nervous about how the 700 billion dollar bailout would actually work. I guess 200 Million is minuscle compared to the staggering billions 😦

  17. Piapot – $60 bucks appears to be the membership fee for one person 🙂 It can be a pretty lucrative home based business if you have members in the thousands hehe 😉

    She just might win because of her legs LOL 🙂

  18. Spencer – yes, MM sort of gave the Doobies a unique sound, but he did give them a Grammy 🙂

    I watched MM in a concert in the early 90’s. It was great 🙂

  19. Not hearing McDonald’s voice is a deprivation? That commenter must really like Michael McDonald. 😀 Man, that’s an old clip. Nice to see Arsenio again. hehe

  20. Wil – maybe it’s his girlfriend 🙂

  21. Hmm, that’s an idea. I can set up a nude website — featuring me in the nude to save costs — since I’m a bit knowledgeable about HTML/XHTML and do have an active Paypal account. I wonder, though, if I can fetch 60 USD a week for that, LOL.

    Just kidding, of course. People might think I’m serious.

    *****

    My husband and I were thinking of just buying a farm in RP and grow our own fruits and vegetables. 🙂 For now, we’re thinking of renting a garden plot with a mini garden house, where we can plant orange trees and vegetables.

    Farmers are blessed to have practical skills (reminds me of the “Little House on the Prairie” story) that defy any economic recession.

    There’s this self-sufficiency course in the UK which teachers you, say, to make your own butter, cheese, sew your own clothes, etc. I’m somewhat interested in enrolling. 🙂

    *****

    I think people should revert to the barter trade system. Something like this — I give you a full-body massage (egad) in exchange for a sumptuous meal, or you give me a dozen eggs in exchange for my photo services. Something like that. 🙂

    *****

    Over here, there are rumors that UBS is on the brink of a financial collapse. Time to move our bank accounts elsewhere, my husband said.

  22. P.S. That’s a nice song, by the way. I’ve never heard of this singer, though.

    Sarah Palin has killer legs, huh.

  23. Uhmnn, a nude website; now you just gave me a good idea. But I doubt if anybody wver wanna see me nude he..he.. 🙂

    About the financial crisis, overcompensation of CEO’s could be one major factor in banckruptcies as it does not only drain the revenue and resources of the compnay, but also becomes doscouraging to the entire organization that produces the wealth. If the entire organization will lack vigor, to be sure earnings suffer.

    If I remember it right, overcompensation is a misconduct according to accounting standards and could be penalized by the regulating authorities.

    It’s sort of like earning without a basis for such earning, except merely being designated to high positions.

  24. Jayred – I did give you silly recession proof tip didn’t I? hehe 🙂

    The idea of buying a farm in Pinas isn’t bad at all. The advantage in Pinas is labor is much cheaper.

    Barter is also a good idea although I would think you good get way more than a sumptuous meal for a real good massage 😉

    The financial disaster in the US has worldwide repercussions. The pres. of Iran was quoted today saying the US is crumbling. Pretty scary 😦

    MM is still singing and doing concerts here and there and still write songs for celeb singers. Incidentally, that song You Belong To Me by Carly Simon in my previous post was written by MM 🙂 There are already online albums of Sarah Palin’s legs floating around in cyberspace – unbelievable 🙂

  25. Major Tom – hey, there’s no harm in trying hahaha 🙂

    It is very discouraging indeed when CEO’s get bonuses and their customers go bankrupt. There is a huge disconnect there that needs to be fixed. Hopefully the US govt will do something about it and enforce some meritocracy in the system.

  26. Hello there BW,

    I heard a story that wherever a swiss banker goes you should go too. If you found one jumping off a building, should I stay or should I go? Go, there’s bound to be money where he’s going.

    Surviving a financial crisis is the art of self-sufficiency and liquidity and austerity. Farming is good, since it one answers the most basic necessities. Europe, Canada, Australia.

    I still don’t want to believe that sub-prime loans is enough to warrant all the declarations of bancrupcies. The IRS (If uncompromised) should find where the stash is hidden. *The swiss banker that jumped off the roof*

    Good day and God Bless.

  27. Soulshiek – it’s really bad believe it or not. In a very highly speculative market, the forecast of the growing number of bad, illiquid loans is recipe for disaster 😦

    Few people don’t realize that the subprime strategy ( giving out high interest loans to unqualified hence high risk creditors ) was a very daring , risky move.

    Hopefully the bailout by the US govt will start the ball rolling again because these days, credit, which is the lifeline of businesses so they can survive, is difficult to get from banks and financial insts since they have no money to lend !

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