Archive for the ‘Business & Economy’ Category
What the Richest Men in the World Don’t Know…
I found this link via Twitter when one of my friends sent it out–and it is a must-read for everyone:
What the Richest Men in the World Don't Know
By Barbara Goldsmith
The best way to learn financial ethics is to study the lives of the nine wealthiest financiers of 1923. A quarter century later, they were all either dead, broke, or in prison…
The orchestra continued to play as the Titanic sank…
From today's Wall Street Journal…
Consider Fed Chairman Ben Bernanke, who used a London speech on
Tuesday to pat the Fed on the back as the Horatio at the Bridge of this
panic. This would have been appropriate for a Princeton seminar a
couple of years from now. Amid the current uncertainty, however, he
succeeded mainly in suggesting that the financial system is in even
worse shape than we thought, the President-elect's "stimulus" isn't
sufficient, and thus more of Mr. Bernanke's policy magic will be needed
to save the day.
"With the worsening of the economy's growth
prospects, continued credit losses and asset markdowns may maintain for
a time the pressure on the capital and balance sheet capacities of
financial institutions," he declared. "Consequently, more capital
injections and guarantees may be necessary to ensure stability and the
normalization of credit markets." Message: There's more mayhem to come,
but don't worry, the Fed can keep printing money and buying private
assets. No wonder the world is scared half to death.
Corporations Have No Allegiance to Our Country.
And they are the ones lobbying to control our government. Remember that, people.
In 3M Co.'s quarterly update this month, Chairman and CEO George
Buckley talked about how the company had closed 16 plants over the last
year and a half, has been drawing down inventory and cutting capital
spending.
"Is this healthy?" he said on the call. "All of us
acknowledge we're collectively making the situation worse, but I think
the first responsibility we have as leaders of companies is to make
sure that we ensure the health and survival of our own companies first,
not necessarily other people's companies, or, for that matter, the
whole U.S. economy."
Associated Press Article here.
