Greedy Jitters

In the past week we have had of the stock market propelling to another 1980's. The year when many lives were destroyed because the financial experts got things terribly wrong - but cleverly blaming politicians. When things go wrong, we always seem to blame politicians because, these individuals who do very little except talk, always seem to convinced us that they matter - in fact they matter very little. They just do not want to do hard labour. Hence every person and organisation take a swipe at them - and they do very little to defend themselves except offer one excuse after another. And when you have people like Margaret Thatcher or John Reed of the UK political scene fight back, people find these difficult to counternance because politicians are not supposed to answer back.

When things go BAD - they are supposedly BLACK. This is the same colour that imperial Britain and France used to describe a whole people in Africa, The Sun newspaper of the UK described the stock market difficulties last week as "BLACK THURSDAY". All these refer to the fall in shares, stocks and pension funds around the world - caused, it was claimed, by some US banks giving mortgages to people supposedly unfit to be given loans, people who under 'sensible' condition must be allowed to either live under the highway bridges or 'crash' on the high streets of central London and other UK cities for example - people otherwise described as HOMELESS. The truth is that many financial institutions are so GREEDY and so driven by the supposed profits that they make us take risks - us, (the ordinary people), under the guise that they are helping us to be rich - em - it is called investment - I think! They in turn make huge profits and are paid sometimes obscene salaries, they award unbelieveable bonuses to their so called executives - and all at the expense of these unfortunates - the same people they despise.

Somehow we are told that these falls in shares and stocks were the fault of some the US banks which gave out mortgages to unfit individuals - and then ended up selling these debts to some European and other world financial institutions - many of these banks are now keeping quiet about themselves and the exact amount they bought - thereby causing jitters in the market. Since these banks are willing to take risks, they should be able to stand up and be counted - hence able to weather the storm. I believe that they should continue to give these poor people the opportunity to pay their way out of the intolerable poverty they find themselves - if it means extending the loans.

But with only a little tremor in the market, the world banks are taking flight, forcing state institutions to step in to calm things down. It is about time that governments around the world put their foot down to either restrict through legislation - corporate obscene salaries and bonuses - if they lose their balls or whatever else they have at the slightest shake. What we have witnessed recently is some greedy persons who really cannot afford to take risks by themselves when they force others to do so. So much for financial expertise.