Well, hit or miss, what! Are we in the red
Like Lehman Brothers?-the world has gone mad.
Let Banks cry, “Foreclose!” as they please
Money is all that need not lose its head.
(#8 in the Second ed.)
Posts Tagged ‘economic meltdown’
Well, hit or miss, what! Are we in the red
A welfare state is founded on the principle that the state plows back some of its accumulated strengths from the combined force of its people.It takes the form of services and also financial help on the assumption that in any society some 15% are likely to go under and consequently may drag the rest with it if some kind of coordinated support is not given in time. It is not charity but prudence to keep the morale of the people in certain temper that keeps the state to go about its business. Even an underprivileged citizen on welfare can be put to use in an emergency: war, fire or plague. If his life is not worth considering by state in good times it cannot expect his or her support in bad times.
It is the fault of the state if it cannot put its member of the state to good use.
A hellfare state is where the state works on the seemingly sound principle of letting the brightest and the cleverest special privileges like tax cuts (for those who don’t need them-super rich, I mean) incentives for entrepreneurs to control the workforce to do their bidding. More likely than not the brightest or cleverest would prove to be enemies to state if necessity arises, to save their own wealths than meet the danger the state may be facing.
Now to my main subject.
Those who invested in Iceland were not looking for the welfare of the country but worked purely on the principle of greed. When Iceland faced economic slump it let foreign investors and runaway banks ( chasing after profits whether on sound banking principles or not) also share some of the blame. Whereas Ireland seems to make the taxpayers suffer for letting those pushed up economic bubble beyond sustainable levels. When the banks went bust who are to be penalized people or the banks?
Here is a joke. What is the difference between Iceland and Ireland? Oh just a letter r. It is often the case whenever one falls one is more likely to land on the head or on the r’s.
One panhandler: When my career was on right track I had a job and a desk. No one came with meaner killer streak. Around the cooler my jokes dropped them dead; my back-stabbing took no prisoners.
The other: Then what did go wrong?
The first: The gravy train went wrong way.
Madoff ‘victims’ do math, realize they profited
By DAVID B. CARUSO, Associated Press Writer
‘NEW YORK – The many Bernard Madoff investors who withdrew money from their accounts over the years are now wrestling with an ethical and legal quandary.
What they thought were profits was likely money stolen from other clients in what prosecutors are calling the largest Ponzi scheme in history. Now, they are confronting the possibility they may have to pay some of it back.
The issue came to the forefront this week as about 8,000 former Madoff clients began to receive letters inviting them to apply for up to $500,000 in aid from the Securities Investor Protection Corp.
Lawyers for investors have been warning clients to do some tough math before they apply for any funds set aside for the victims, and figure out whether they were a winner or loser in the scheme.’
P.S What is a Ponzi scheme? Is it not a get-rich-soon-and-pass-on-the- losses to the next? Same as any shot at the Wall Street where investors are looking for their own financial health and not of the nation. Ethical question according to me arises if the ‘fortunate scalpers’ from the Ponzi scheme want to apply for a free handout as proposed by SIP Corp. In such a case they want to eat the cake and keep it as well.
Energy As Wealth ©
This is the story of two brothers. Hedgie-Lee was the older and his brother was Lee-Hung Woof. They had not a yen between them when their father died. Mr. Hedgie went to Shanghai. When he first came home he saw his brother picking scraps of paper from the dusty lanes and splashing water about.
“Why break your back?”
Oh I mind the environment. There are lots of dust and rubbish. Health of our village is..”
“Ah you needn’t quote from the little red book.” The older brother was always irritated by his idealism. ”Mao is dead and gone. Wake up brother!”
Mr. Woof asked, “What do you in the big city?”
“I sit in a big hall and watch dots of lights go up and down. When the gong strikes some fellows just like me sit around and compare notes. And at the end I pocket wads of notes. I earned it.”
Of course Woof didn’t understand what it is to be a broker. His brother had money to burn. That shut up all who thought he was idling away chasing some one’elses money.“
“It must be festival time!Every day!” was the remark of Mr. Woof when he came next to see his brother. Mr. Hedgie was a director in one of the investment banks.
“You must work hard to earn such a three piece suit?”
Mr. Hedgie chortled. He knew his brother wouldn’t understand a word of his operations. He grimaced to see his brother waste his time taking health inspector, a barefooted peasant, around each house to check the pregnant mother and the infants. “ Infants are prone to sickness if we didn’t take care of their mothers. So I identify all the pregnant mothers who needs looking into.”
Mr. Hedgie checked before he felt anger rising within. “It is your life!” he said curtly and next time he came and announced that he was the CEO of Greed-Is-Good Bank.
A year later Mr. Hedige came all in a fluster and whispered,”Hide me brother. I lost even the shirt off my back.”
While he blubbered how he had lost all wealth, and was about to be apprehended for all the economic woes, Mr. Hung said,” You can start all over. You still have health?”
“You mean I should sweat out as you do?”
Then he caught the sight of a certificate hanging on the wall, signed by the Chairman himself, thanking him for the services.
“ I receive a stipend that takes care of all my needs.” Mr. Hedgie coud see that his brother was made much of by the entire village. They saw to that he was not in want in any thing.
Mr. Hedgie made money with no sweat but Mr. Woof because of his dedicated service won the respect and affection of all. Energy that he collected by selfless service does not clink as gold.
For some anything that they cannot convert into money is worthless. There are so many such fools walking about grown up but still like a baby inside. They cannot distinguish between the real and trifle.