Wednesday, October 01, 2008




"Things are seldom what they seem, skim milk masquerades as cream."

Eighteen years ago, give or take, My middle son was on a class trip during his senior year, taking a group of Russian exchange students to NYC. Their bus driver was C.C.

At one point, during the excursion, A person pssts from the alley they were passing. "Hey, ya wanna buy a brand new boom box? I need some cash and I'll give ya a great deal." C.C.'s interest is piqued and he goes over to investigate; "how much" he says. The side walk merchant shows him the box with a picture on the side of a beautiful , all the bells and whistles, boombox, and says "I wouldn't sell it for less than a hundred and fifty bucks ordinarily, but I need some cash right now, so I'll let you have it for fifty." C.C. takes out his wallet and removes fifty dollars and the exchange is made. The merchant makes a hasty exit with his earnings and C.C. hurrays back to the bus to open his prize. The brand-new box is heavy enough and wrapped and sealed just like you'd expect if you bought it in a store.

On the bus, with everyone gathered around to witness this great deal that C.C. (the adult) had negotiated, C.C. hurriedly unwrapped and opened the box and slid out the bubble wrapped cache of rocks.

I'll freely admit that I have limited, if any, knowledge of the workings of high finance. I have never invested in the stock market because of that lack of understanding. Oh yes, like most other folks in my income bracket, most if not all, of my retirement funds are based in the stock market through various financial institutions but they are manged by a proxie, not hands on by me. My only direction is to invest in stable (safer?) entities and at much lower return than in the more volatile investments, however high their promised rate of return.

Perhaps my youngest son J., who is employed as a finance person can add something in the comment section of this post. But at this point, I'm against the proposed "bailout" plan put forth by our federal gov't to rescue the failings of Wall Street.

First of all, I wonder where they're going to obtain seven hundred billion dollars. Are they going to borrow this money from Abu Dhabi?, China?, Iraq?, or maybe Russia. Then they are going to buy worthless mortgages with this borrowed money!? And how is it we're going to get the money plus interest to pay off those loans to foreign entities? Huh? huh? huh??? Sorry! This appears to me to be following the same path that led the financial experts, wizards if you will, to this failed state in the first place.

After reading numerous articles in the financial sections of varied news vendors, I've reinforced my belief that to "bailout" Wall Street defies common sense. Peruse the articles I've linked to below:

http://www.iht.com/articles/2008/03/16/business/paulson.php

Paulson defends Bear Stearns bailout

The Associated Press

Published: March 17, 2008

Notice the date!

2.

http://seekingalpha.com/article/96755-which-big-4-firms-will-audit-the-failing-banks

Which Big 4 Firms Will Audit the Failing Banks?

3.

http://latimesblogs.latimes.com/washington/2008/09/chris-dodd.html

Sen. Chris Dodd took millions from now-failing finance firms he oversees

Remember what Lord Polonius said in Hamlet?

Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine own self be true,
And it must follow, as the night the day,
Thou canst not then be false to any man.
William Shakespeare, "Hamlet", Act 1 scene 3
Greatest English dramatist & poet (1564 - 1616)




$20,000,000.00 for 17 days work? Kiss my _ _ _ _!!!!!!!!!!!!!!!!!!!!!

(it seems that good financial advice and poor practice have been around since the dawn of mankind.)

I'll leave you with this advice from Rudyard Kipling:

[IF]

If you can keep your head when all about you
Are losing theirs and blaming it on you,
If you can trust yourself when all men doubt you
But make allowance for their doubting too,
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise:

If you can dream--and not make dreams your master,
If you can think--and not make thoughts your aim;
If you can meet with Triumph and Disaster
And treat those two impostors just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to, broken,
And stoop and build 'em up with worn-out tools:

If you can make one heap of all your winnings
And risk it all on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on!"

If you can talk with crowds and keep your virtue,
Or walk with kings--nor lose the common touch,
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much,
If you can fill the unforgiving minute
With sixty seconds' worth of distance run,
Yours is the Earth and everything that's in it,
And--which is more--you'll be a Man, my son!

--Rudyard Kipling

Could you live without your credit card/s?

http://www.walletpop.com/blog/2008/09/29/a-modest-proposal-ban-credit-cards/

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3 Comments:

Blogger Epiphany said...

Oooo, rel, that credit card pic is reeeally good! ...and the answer is: most definitely.

10:21 PM  
Blogger Churlita said...

I can't even conceive of that much money. Who decided who gets bailed out in this country and who doesn't? When does it end?

11:39 PM  
Blogger Wanderlust Scarlett said...

Rudyard Kipling is a favorite of mine as well, you have excellent taste in literature.

I thought credit cards made the world go 'round.
;o)


Scarlett & Viaggiatore

12:51 PM  

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