About 'accounts and finance jobs'|British PR Agency Account Handlers and Finance Manager Jobs in Nairobi Kenya
People should be angry about the state of the economy but they aren't. Or they're angry in a sort of directionless way. Or they don't know why they're angry. They know they're losing their jobs; they knew they are paying higher prices than they can afford, they know they need stuff right now that they cannot hope to buy until later. They would like the 75% retail sales but would like it even more if they had the 25% it takes to buy something. I would like to be angry, too, but how can I get angry when I'm so confused? It makes no sense at all to blame an American president for the state of the economy but we do it all the time. More than for any other reason, the collapsed economy is why Barack Obama will assume the duties of the presidency on January 20, instead of his rival, John McCain. McCain is associated with the "failed economic policies of President Bush," a phrase used by president-elect Obama often enough during the campaign. While president-elect Obama has had his ardent and impassioned supporters, one could make the argument that, because of the economy, he has become a president by default. Very soon, though, and in spite of the injustice of it all, the responsibility for the collapsed economy will fall on Obama's shoulders. When it does, some people will discover that the anti- Bush chants and bromides no longer have cache among the chattering classes. Blaming the economy on "Wall Street" works for only a little while, then it fades. Blaming the economy on Halliburton seems ignoble now that Halliburton has laid off thousands of workers and plans on laying off a few thousand more. Blaming the war in Iraq for the economy no longer makes sense when the economic stimulus and deficit spending package for 2008-2009 could be as high as two trillion dollars while the war in Iraq costs a paltry $100 billion per year The economy is the economy. It expands, it contracts. Of course, there are policies and both natural and unnatural occurrences which make it do both. The so-called "credit crisis" is a prime example of the latter. The "credit crisis" goes by other names, too. It may be called the "housing crisis" or the "mortgage crisis" but it is, in reality, a problem with lending-as in lending money. The process starts out with a simple bank mortgage loan for a house or other edifice. Terms are "affordable" with small down payments; the bank makes money on the cost of the transaction and the interest payments. The bank then sells the mortgage to a purveyor of mortgages who "packages" a number of mortgages together and sells "derivatives", essentially issuing a paper contract with a value based on the sum total value of all the basic lending contracts upon which it is based. So long as real estate prices hold and demand is high, everybody wins. Investors, banks, home buyers, stock brokers, just about everyone begins to act as if the laws of gravity don't apply. We buy overpriced real estate convinced that prices will continue to rise each time a property is "flipped." In this case, however, gravity is assisted by greed and a network of "friends" at the top. Senator Christopher Dodd, of Connecticut, gets cheaper mortgage loans from his pal Angelo Mozilo of the failed Countrywide Bank even though his is chairman of the Senate Banking Committee. That's just one example of "fiscal irresponsibility." Jamie Gorelick is another. Remember her? She had to recuse herself from parts of the 9-11 Commission investigation because, as Deputy Attorney General under Janet Reno, she was the architect of the policy of separation that prevented the FBI from passing information to the CIA about the 9-11 highjackers. Gorelick had no training, education or experience in finance, so naturally, by the logic of Washington's revolving door, she landed the plum job of vice-chairman of Fanny Mae Mortgage Agency, a sometime repository for Countrywide's bad loans. During her tenure at FNMA, Gorelick earned a total of 26 million dollars, not including an $800,000 bonus she received in 1998 when Fanny Mae was bogged down in a $10 billion dollar accounting scandal. On the Fanny Mae home page, you can read that "...since 1968, Fannie Mae has helped more than 55 million families achieve the American Dream of homeownership." But someone forgot to tell us that the American Dream of home ownership included an eventual government takeover and bailout necessitated by a culture of political cronyism and greed. Whatever few examples may serve to make the point, the overall picture is bleak. What's most frightening, perhaps, is the job loss. The latest figures show national unemployment rising to 7.2 percent, the highest level in sixteen years. Worse, the economy lost 2.6 million jobs in 2008, with 75% of them in the fourth quarter. While Obama has tried to assemble a stellar economic team, no great amount of financial genius is required to understand that the government's big play is to infuse the economy with dollars, signaling a return to the Keynesian economics of the 60s and 70s. Moreover, it hasn't helped Obama's credibility that Timothy Geithner, Obama's choice for Treasury Secretary, announced that he accidentally failed to pay about $34,000 in taxes from 2001 to 2004. Confidence in public officials was a key theme of president-elect Obama during the campaign. Government financial officials from Hank Paulsen to Larry Summers have sounded an urgent call. It's an emergency, they say, needed to prevent a collapse of the entire financial system. The money must be available immediately to keep the pump primed. Hello! Didn't that just happen? When the Bush administration decided to pump $350 billion of a $700 bn plan into the banking system, it may have helped the bank balance sheets but the cost of a 30 year mortgage hit a high of 6.5 percent in October. No bargain for the people fronting the money. Nor does it help a frozen housing market where inventory has piled up at the same speed as foreclosures. According to Time/CNN, an additional five to six million homes may be subject to foreclosure in the next few years. A few days ago, a consensus was reached between the Bush and Obama administrations to access an additional $350 billion, the second tranche or slice of the original taxpayer ripoff pie. The first tranche was passed in a panic, a panic that many on both sides of the Congressional aisles now regret. Questions are being asked: Where did the money go? Why are banks not lending? Why is the housing crisis continuing to get worse? What if pumping taxpayer money into the economy doesn't work? It is very likely that the end result of two trillion in bailout expenditures is merely a bigger mortgage on future generation debt. The rise in baby boomer retirements just now beginning, increases in Medicare and Medicaid costs, and expenditures on a vast range of other social programs already accounts for a large part of the deficit. There's no doubt about who's going to pay for it and there's a good likelihood that they will be paying for it with cheap dollars printed by faux economic "experts" who have no more idea about what they're doing than the common householder trying to balance a home budget. |
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