Give them anything: cold water, a beating, unpaid holiday in Siberia but no cash. They will pay each other more retainers, boni and retirement funds; and go home at 5.30.
Help the people who really got in trouble, pay workers, scrap or reduce VAT for December, pay health services, cut farm subsidies, allow more qualified immigration, invest in small companies, anything, but do not let the fat cats sleep one minute longer. Wake them up. It is market judgment day.
The Citibank sold my grandma a real estate fund as safe investment for her age. Now they froze the fund and ask her for new money.
Simple truth is they didn’t do their job. Out of greed and/or stupidity they ignored a basic universal law: Risk and profit are partners.
Let them suffer!
Many people suffer three problems:
1. They have to work very hard to earn money.
2. Then they have to endure ignorant (cheap) or arrogant (expensive) sales people to drag stuff home and decipher maddening manuals.
3. Finally they get a headache from all the broken or unfashionable belongings in their garage and backyard.
That makes live hard work only: A garage full of old handbags, shoes, toasters and TVs, cupboards, tools and toys, tea sets, pans and pots, jackets and pants.
Mark that no good gem or jewelry will ever end there!
Don’t buy all that stuff.
It is only trouble.
Well, well, now we know for sure. The masters of the universe are in fact no masters. They don’t have a clue either. Not on their street and not in their own companies.
For years they have allowed local banks, homeowners and real estate agents to dream up house prices, give loans based on those dreams and then pay each other fat fees and bonuses.
The homeowner, most innocent of the gang but not free of guilt, closed both eyes and enjoyed the banks generosity. People, not only in the US, got themselves annual loans to buy some whatever (“Our house went up 20% last year!”); or financed a bigger even more overvalued place with a debt on the old house (one may call this a “self-enhancing feed-back cycle”).
And as sure as physics the cycle defaulted. The long financial food-chain awoke from dreaming up asset values. With that awakening crashed a good deal of world economy, paying for the damage not only in taxes but in trust and confidence. Failing masters are scary.