AIG Executives Say They’ll Quit
The New York Times has a Reuters report that five AIG executives wrote letters on December 1 stating they may quit if their salary and bonuses are cut.The senior executives at American International Group
Government Bailout
AIG Executives Say They'll Quit
The New York Times has a Reuters report that five AIG executives wrote letters on December 1 stating they may quit if their salary and bonuses are cut.The senior executives at American International Group
The Economic Crisis
I know you can hardly wait for my take on the current economic crisis. I’ll be the first to admit, that like John McCain has said, I’m no expert on the economy. Certainly there are a lot of “financial products” out there I don’t have a clue about, but there are some things about the market and the politics around it I do understand. Any plan needs to come at this current economic problem from at least two directions. One direction must work on the consumer side to reduce the number of defaults and bad loans. This will help the economy and reduce the total cost of any bailout. On the other side, perhaps purchasing some percentage of an institutions bad debt is acceptable, but that institution has to absorb a portion of their bad decisions. This goes to trust and accountability.
Read moreThe Free Marketeers and Cardinal Richelieu
Today, while running an errand, I passed a sight which gave me some pause. I’m not sure why I noticed, and I’m not sure why I am drawing the assumptions I’m drawing, but I’ll tell the story anyway. Some years back, to make ends meet, I worked a part time job for a lot of years. For several of those years, I sold shoes at a Florsheim shoe store right in the main corner of the largest mall in Greensboro, NC. To pass the time when we were slow, I would often pick out someone walking by, and just based on what I could see, I’d make up the person’s current life situation. If that person came in the store, and any sort of chat developed, I was often astounded by how accurate my story had been, and so, from that perspective, I tell another story. I have no clue how accurate it is, but it illustrates a point about the recent economic downturn.
We were driving up Dale Mabry Highway, the main north-south road here in Tampa. Walking north (going south would eventually run you into the water of the bay) was two men. One of them was maybe near my age in his late 40s or early 50s. The other person was a bit younger, probably in his late 20s. (I don’t think they were related.) They both had backpacks and were carrying more bags by hand. They had the look of people moving on to somewhere else taking along just what they could carry. I didn’t get the idea from their appearance they had been homeless.
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