The weather’s too lovely to dwell on grim news, but I’m going to stick my neck out and foreshadow a gathering storm methinks we’re going to hear a lot more about in the autumn.Was intrigued/disturbed to read Andy Kroll’s article Bank bailout: The greatest swindle ever sold about the six ways in which US taxpayers are being scammed by the American government’s US$12 trillion Troubled Asset Relief Program (TARP). It seems the biggest bank bailout in history is rife with flaws – a lack of oversight, endemic overpayments, no coherent plan for returning failing institutions to profitability and perpetuating the Byzantine, overleveraged financial practices which sent the whole system down the crapper to begin with, among them. Given the big, blank cheque that Darling Alastair wrote the City, I have a sneaking suspicion similar shortcomings are going to bite us all in the proverbial on this side of the pond too. Am more than happy to be proven wrong on this one, but…The fat financial lady hasn’t sung the last sorry note on this ongoing saga, that’s for sure.With the Ashes approaching, we Brits can be forgiven for indulging in a spot of light-hearted Aussie bashing (my PR guy’s from Oz and he’s already ducking for cover). So I was bemused to see reports last week that A$14 million of the Australian government’s recent A$900 per taxpayer cash handout designed to stimulate the economy was sent to people who had died. Seems Westminster isn’t alone when it comes to government data handling ***-ups. With all due apologies to the late, great stoner Jerry Garcia, it seems Australia’s the place to be if you want to join the ‘grateful dead’.Have a good weekend, folks.
I think you're absolutely right Mark.
Andy Kroll's article is on the money. I'm just hoping we get a bit of an up before the next wave. It all depends on people's attitudes. A friend of mine was concerned some European non-british banks may be the cause of a second wave in Europe in the summer as their asset stripping activities become laid bare for everyone to see. Confidence is key. The economy will bounce back. It always does, it's just the inconvenience of the waiting for things to happen. Out of work, I'm enjoying the sun while I can and while it shines.
However, I've never known it quite as bad as this. Usually there's a few odd jobs available to help pay the bills, but tnis time those jobs are simply not there.
Jobs that people would never dirty their hands with before are simply not there.
So everyone lives in fear of being laid off and confidence wains as a result.
A light will not switch itself on. People who have the power should act, but clearly they cannot. I'm looking at everything to simply pay the bills, to keep the family running, and there are many like me in exactly the same situation.
I am not alone, and soon I fear a lot more people will be joining me. The irony of it all is when I was working I made one hell of a lot of money for every employer and their clients that I worked for. It simply does not make sense.
Mark Roy
Blogging for:
Member since: 05 Jun 2008
Last login: 23 Nov 2009
Total Posts: 18
