Tuesday, October 14, 2008
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Observing Intently

I have been following this global financial crisis intently for about three weeks now, ever since the trouble with Lehman Brothers and AIG. Specifically I was following the developments regarding AIG, primarily because I have a cousin there.

Since then, I am glued to CNN, BBC and Bloomberg to watch the developments.

I was glad when AIG was granted a loan by the US Government. But when I heard how they spent some of proceeds, I thought, "Let them drown!"

As I have previously said, I'm really having trouble reconciling the use of public money to bail out a few people for their overwhelming greed. In the old days, these greedy people have been stoned to death. But now, they still get away with their golden parachutes. That's like rewarding people for their incompetence and the damage they have done to the rest of the world.

These people should not be left off the hook this easily. They should rot in jail, at the very least. But even if they don't get to see the insides of a filthy jail cell, I take comfort in the fact they are not taking their wealth where they are ultimately going.

I also believe in earning something for doing or producing something. Quid pro quo. Hence, I believe in the stock of those that follow this principle, hence the manufacturing and service industry only. I may never buy stock of banks and financial institutions.

I don't believe in how the world financial markets were run. They were making money out of nothing. And now, they should reap the whirlwind from all the shenanigans that have sowed on the world.

The world governments must even demand personal guarantees from these responsible financial "geniuses." Hey, every bit counts.

Just my two cents on the matter. That's the only contribution I can give.

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