muckz
12-03-2008, 02:43 PM
Some valid points made, and while I acknowledged those, I am highlighting the BS.
All of us - countries, corporations and consumers - have neglected basic principles.
Ethics - we have lost sight of an honest day's work for an honest day's pay.
This, from Sir Evelyn Robert Adrian de Rothschild, who is a British financier and a member of the Rothschild banking family of England.
If you think hypocrisy has its limits, think again.
The rest of the article - http://news.bbc.co.uk/2/hi/business/7754768.stm
Careful management - we have indulged our wants without the taxes or the prices or the cash to pay for them.
True, but out of curiosity, who made easy credit available? Didn't it come from the banks? Thought so.
Oversight - public relations and spin have replaced disclosure and transparency; casual yet complex accounting and accommodating rating agencies left us blissfully unaware of the problems, and we revelled in our ignorance.
Complex accounting? How about fraudulent accounting?
Hubris has replaced community responsibility as a requirement for executive positions.
American automobile executives and British bankers have been unable to form their lips into an apology.
I don't remember ANY bankers apologizing, and this is a rather odd thing to say by a member of the British banking family.
Yet their institutions lie in ruins and the rest of us are left feeling embarrassed for them.
Their customers worry that their savings or their working capital will just vanish, their mortgage will be transferred to a new institution they have never heard of.
Their employees wonder which of their colleagues - or they themselves - will be unemployed in the coming week, with bleak prospects for working again anytime soon.
Where is the shame of those who only months earlier boasted of ever increasing profits, of ever more clever products, of ever easier loans?
Sounds like he's rubbing it in.
The US automakers may be the worst of the lot, so far.
Years of incompetence and now maneuvering in the halls of Congress for a massive bailout.
I wonder why he failed to bring up Wall Street. I don't know who is more incompetent, the 3 companies asking for a $25 Billion LOAN or the banks asking for TRILLIONS of BAILOUT money?
Management prefers to hold onto private corporate jets rather than push for fuel efficiency standards to make their products more competitive.
Union members would rather hold onto their gold-plated pensions for life than to save their companies.
Why should taxpayers help those who have so frequently refused to accept responsibility themselves?
Golden words! Why should taxpayers help those who defaulted on their mortgages and the banks? Indeed, why should taxpayers help those who have so frequently refused to accept responsibility themselves?
If the US government uses up its remaining credit to help the auto industry carry on as usual, who will lend the country the money to repair its bridges, build its power stations, clean its water, fuel its navy?
Again, if you can't see past this, you must be blind. He is talking about $25 billion. Where did the US gov't get the $700 billion to go to the banks? I guess its credit is much better than imagined - you do have unlimited credit if you can control the printing presses.
The taxpayers were refusing the bankers bailout. Who listened to them?
Don't get me wrong, it's true that things need to change at the Big 3, but they changed, and are continuing to change.
This is just more brainwashing the public over how irresponsible they and these corporations are, with no mention of Wall Street, the Fed, IMF, WorldBank. What a perfect scapegoat for the current recession. :rolleyes:
Slow revival
Thirty years ago, New York City found itself in a position similar to GM, Ford and Chrysler today.
They asked Washington for help. The government refused.
The Daily News summed it up in its front page headline - Ford to City: Drop Dead
Instead New York balanced its budget, taxed itself, reduced hiring, negotiated better labour contracts and gradually worked itself back to fiscal health.
It took more than 10 years.
Last I read as of 2002, New York City was hemorrhaging money and it was bailed out either in the 1980s or 1990s. Will check my reference again when I get home.
Take responsibility
This era of struggle may last as long.
Until we can be generous in accepting fault for our predicament, we will have difficulty dropping our suspicions about others so that we can get on with repairing the damage.
Unless action is taken soon, we can only see a long time of difficult and very onerous problems continuing.
Could be one or two years.
It is therefore essential that management must take a firm look at it's problems and accept its faults and redeem them.
A lot of talk and a lot of words have been written.
But in the end action has to be taken and action must be taken very soon if we are not going to see this stretched out over many years.
All of us - countries, corporations and consumers - have neglected basic principles.
Ethics - we have lost sight of an honest day's work for an honest day's pay.
This, from Sir Evelyn Robert Adrian de Rothschild, who is a British financier and a member of the Rothschild banking family of England.
If you think hypocrisy has its limits, think again.
The rest of the article - http://news.bbc.co.uk/2/hi/business/7754768.stm
Careful management - we have indulged our wants without the taxes or the prices or the cash to pay for them.
True, but out of curiosity, who made easy credit available? Didn't it come from the banks? Thought so.
Oversight - public relations and spin have replaced disclosure and transparency; casual yet complex accounting and accommodating rating agencies left us blissfully unaware of the problems, and we revelled in our ignorance.
Complex accounting? How about fraudulent accounting?
Hubris has replaced community responsibility as a requirement for executive positions.
American automobile executives and British bankers have been unable to form their lips into an apology.
I don't remember ANY bankers apologizing, and this is a rather odd thing to say by a member of the British banking family.
Yet their institutions lie in ruins and the rest of us are left feeling embarrassed for them.
Their customers worry that their savings or their working capital will just vanish, their mortgage will be transferred to a new institution they have never heard of.
Their employees wonder which of their colleagues - or they themselves - will be unemployed in the coming week, with bleak prospects for working again anytime soon.
Where is the shame of those who only months earlier boasted of ever increasing profits, of ever more clever products, of ever easier loans?
Sounds like he's rubbing it in.
The US automakers may be the worst of the lot, so far.
Years of incompetence and now maneuvering in the halls of Congress for a massive bailout.
I wonder why he failed to bring up Wall Street. I don't know who is more incompetent, the 3 companies asking for a $25 Billion LOAN or the banks asking for TRILLIONS of BAILOUT money?
Management prefers to hold onto private corporate jets rather than push for fuel efficiency standards to make their products more competitive.
Union members would rather hold onto their gold-plated pensions for life than to save their companies.
Why should taxpayers help those who have so frequently refused to accept responsibility themselves?
Golden words! Why should taxpayers help those who defaulted on their mortgages and the banks? Indeed, why should taxpayers help those who have so frequently refused to accept responsibility themselves?
If the US government uses up its remaining credit to help the auto industry carry on as usual, who will lend the country the money to repair its bridges, build its power stations, clean its water, fuel its navy?
Again, if you can't see past this, you must be blind. He is talking about $25 billion. Where did the US gov't get the $700 billion to go to the banks? I guess its credit is much better than imagined - you do have unlimited credit if you can control the printing presses.
The taxpayers were refusing the bankers bailout. Who listened to them?
Don't get me wrong, it's true that things need to change at the Big 3, but they changed, and are continuing to change.
This is just more brainwashing the public over how irresponsible they and these corporations are, with no mention of Wall Street, the Fed, IMF, WorldBank. What a perfect scapegoat for the current recession. :rolleyes:
Slow revival
Thirty years ago, New York City found itself in a position similar to GM, Ford and Chrysler today.
They asked Washington for help. The government refused.
The Daily News summed it up in its front page headline - Ford to City: Drop Dead
Instead New York balanced its budget, taxed itself, reduced hiring, negotiated better labour contracts and gradually worked itself back to fiscal health.
It took more than 10 years.
Last I read as of 2002, New York City was hemorrhaging money and it was bailed out either in the 1980s or 1990s. Will check my reference again when I get home.
Take responsibility
This era of struggle may last as long.
Until we can be generous in accepting fault for our predicament, we will have difficulty dropping our suspicions about others so that we can get on with repairing the damage.
Unless action is taken soon, we can only see a long time of difficult and very onerous problems continuing.
Could be one or two years.
It is therefore essential that management must take a firm look at it's problems and accept its faults and redeem them.
A lot of talk and a lot of words have been written.
But in the end action has to be taken and action must be taken very soon if we are not going to see this stretched out over many years.