Survive-onomics
2009.0127 (updated 2009.1029)
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I'm glad you've chosen to join me here. We're going to start a new
series, entitled Survive-onomics 101.
I don't know
about you, but I've seen quite enough fingers pointed in my direction,
blaming me for the current economic mess. There are a few things in
particular I'd like to address right now.
- President Bush said the market got drunk and we woke up with a hangover.
I guess I wasn't invited to the party -- were you?
- I am sick of so-called "financial experts" cheerily telling us that we've been financially irresponsible and that we can save an extra $1,000 per month by simply cutting back on coffee. Get Real.
- Most of us didn't cause this mess, and many of us didn't participate in any of the excesses. We went to work every day, raised kids, tried to make a home, went to bed and got up the next day to start all over again. We saved through company retirement plans and wherever else we could, and tried to keep our credit use from getting totally out of hand. Our reward? "They" took our money.
- Those who were paid to watch over our financial markets complained about lack of transparency in the markets.
When they should have been implementing proper controls, they unplugged all the warning devices, turned the lights out, closed the door, and went to bed. Instead of whining, regulators could have worked to increase market transparency. Sleep well.
- While regulators and others in the government slept, cockroaches scurried in to devour and contaminate the financial system. Now the lights are on, the culprits are scurrying, and we're being blamed for our excesses.
- The Baby Boomers are also being blamed for the demise of the Social Security system, despite the fact Congress and the White House have been pillaging the funds since the Johnson Administration.
- The government allowed unacceptable risks to be taken. Leverage on Credit Default Swaps was as much as 40:1. Wall Street took full advantage.
- The government failed to monitor dubious activity even in the face of
warnings from knowledgeable analysts. Financial thugs and con artists took full advantage.
- Now that all our money is gone, we're expected to reimburse Wall Street for the money it has lost. And by the way, no strings -- after all, attaching strings would take all the fun out of spending their money once we give it to them.
Okay, so "the rest of us" can't do much (except vote) to solve the economic mess. I'm personally hopeful that Washington is sufficiently awake now to take the proper correctional steps -- and our prayers should go with those who are sincere in trying to fix this mess. meanwhile, what should you do to survive and keep whatever money you have left?
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