Work them till they drop and rob them blind... If there was ever a time for black people to support black businesses and to invest in our own future, that time is now. Remember not to long ago Economists regurgitate the phrase global recession? They told us that the USA, UK, USSR, China, Japan, and 19 other EU countries were mired in recession while indicating 27 other countries were at risk of falling into recession. In layman language we were told that the banking and investment industry had engaged in practices which resulted in a decline in national GDP and they calculated $105 trillion universal debt. Remember a US federal judge sentenced three British bankers to 37 months in prison each for their roles in the collapse of Enron in Feb. 22, 2008. Remember we were told Lehman Brothers had collapsed, shares in Citigroup, Goldman Sachs, Merrill Lynch and Morgan Stanley, 15 banks in the UK and 28 throughout the EU were in decline and about to collapse. I can recall at one point Morgan Stanley $10.7bn pay pot was greater than the entire stock market value of the business. So I ask the question - What is really going on with the financial world ? And then came the answer - Taxpayer Bailout. You and I would forfeit our future financial security. And almost at once it seem that all the captains of industry where lining up for the grabbing. They all got the money, and more. The printing press was working overtime. Governments around the world promised that relatively healthy banks would get the cash and would start lending again, thereby defrosting the credit markets. But the truth so far has been the money has been going to pay either bank dividends, old debts, or to shore up bottom lines — and, pay bonuses and take over smaller banks. Are the banks looking out for their shareholders, now that we the taxpayers are significant investors? What are we, the taxpayer, getting for our money? Oh, I know - Governments officials telling us that attaching strings to the funds would discourage healthy institutions from participating.
Posted on: Fri, 16 Jan 2015 20:50:54 +0000
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