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About 'accounts and finance jobs'|British PR Agency Account Handlers and Finance Manager Jobs in Nairobi Kenya







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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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