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Archive for the 'Economics' Tag
51 post(s) are associated with this Tag
GM: A look into the abyss
Today was a bad day at stock exchanges all around the world and it was potentially the worst day in stock market history for General Motors.
Already down about 80% from its trading range around USD 40 per share 12 months ago, the share price of the Detroit car maker today was shredded another 30% to around USD 4.7. The report from JD Powers published today that is expecting an “outright collapse” for the global auto industry in 2009 certainly did not help. And for that the writing was already on the wall when GM stopped production in some of its factories in Europe earlier this week (Today even BMW has announces a short production stop with one of his factories in the next weeks).
Let’s put these figures into perspective:
The last time GM was traded around USD 4.7 a share was in the 1950s when an average car sold for …
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AIG: Execs went on leisure retreat - Taxpayers to foot the 500K bill
If you thought there might be some business ethics coming back to today’s executives in the banking business - think again. Looking at the biggest mess in worldwide finance ever created in mankind’s history and those guys still believe its business as usual. You hear stories of so-called executives that are leaving their sinking ships with severity / separation packages worth hundred of millions of dollars - at the same time their employees are left with nothing and many particularly the younger ones looking into a very gray future.
These are seemingly the signals sent out by the cover up plans hammered through these days by governments around the world - grab as much as you can today - we don’t know if we can sponsor your fat bonuses and pays with taxpayer subsidies in the near future. And don’t be shy - a hundred millions might not be as much tomorrow and you know - you did study economics and understand what happens as a result from these FED and other interventions with regards to inflation - don’t you?
Now one of the best indications what those people think has been provided during the House’s Oversight Committee hearing on AIG today. Just a week after the government agreed to bailout the tumbling AIG with USD 85 Billion of taxpayer money, the executives of AIG went on a leisure break spending almost USD 500K on manicures, massages, luxury dinners and hotel rooms…
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Humor: Reliable Investments
It’s a great time to invest.
From the Saturday Night Live series of Commercial Parodies.
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Video: Why the Bailout won’t work
This video has just been published but reality at the stock markets around the world has already been showing us how true some of these statements actually are.
The video puts the so-called 700 Billion bankers pensions and further profit plan Bailout plan into perspective with the Trillion Dollars Pentagon SNAFU, the actual size of the crisis (we have reported about that earlier) and the amounts currently being flooded into the banks / markets by the FED…
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How much is One Billion
There have been quite a few comparisons what could be done with USD 700 Billions (700,000,000,000 Dollar) instead of assuring fat profits for a few - health insurance for all, fight poverty in Africa for ten years, save the planet instead of the bankers, pay for the work of more than 22 Million people for one year - but the best examples to visualize and put back into perspective how much only one Billion alone is, we listed below…
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USA: Let’s play Wall Street Bailout
A very interesting speech by Rep. Marcy Kaptur (D-Ohio) during the congress debate on the so-called Bailout (transcript below)…
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Comedy: Bird & Fortune - Subprime Crisis
In one of their greatest sketches from this year the Long Johns describe the key concepts behind the subprime crisis. This is a few months old so they still talk about Bear Sterns as a live company.
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USA: Bailout Driven by Fear Not Fact
Ohio congressman Dennis Kucinich suggested the $700 billion bailout package was sending America towards ‘casino socialism, where the only real product is debt.
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The Incredible Lightness of Being: Today Wall Street
I guess there is not much that need to be said on what happened today at Wall Street. We dropped in charts of the leading stock indexes / average (DJIA & NASDAQ) for documentation.
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Bail-Out: Fallen Masters
This is definitely our last post for a while on this topic but the video is done so well that we thought you should watch it.
Basically - in essence - what some of those responsible for the crisis might believe that will happen to them in the future. Nothing, they will just carry on enjoying your money.
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