CloseOct 1, 2010 2:18:23 PM
RT Moderator - 997.1 Carrera S GT Silver/Cocoa, -20mm/LSD, PSE, short shifter, SportDesign rims, Zuffenhausen collection
Oct 1, 2010 3:34:05 PM
I hope nobody hates me for this but I find it a little bit weird.
While state funds saved many many banks and financial institutions out there with billions tax money, some of those who have been saved seem to think that they can get back to their normal pre-crisis lives. It seems that many of them didn't learn a thing from this crisis...oh well...maybe one thing: the state is dumb enough to help out if something goes wrong.
Don't get me wrong: I love money and I want everybody to be rich and lead a good life. The problem is: if I do something wrong in my business, I'm bankrupt, everything is gone, nobody saves me. Why save people who were throwing with millions around them before the crisis ?
Of course there were some banks and financial institutions which needed to be saved for various reasons, it was in the public interest to do so. I'm still surprised however to see that most of the decision making people are still working in their old (or new old) jobs.
Look at the public opinion right now in many countries: I think those with the job descriptions "bank manager" or "investment banker" are the most hated people in the world right now. Even more than Al Qaeda. 
As to the world "getting better": I have fears that we are going to slip back to another crisis. China, Europe (Spain, Portugal, Italy and even France come to my mind) and even the Middle East (Dubai just recovered but it isn't over yet) could be the next "hot spots" for trouble. I'm also not too sure about the US economy which I expected to recover much faster than it it. It is like a vicious circle: companies aren't hiring and consumers aren't buying.
Btw: I didn't lose anything during the crisis and even gained substantially shortly after it. Which brings me back to one thought: was there really a crisis ?! 
Dangerous situation right now, with all that money floating around.
--
RC (Germany) - Rennteam Editor Porsche 997 Turbo, BMW X5 M, BMW M3 Cab DKG, Mini Cooper S JCW
reginos:
Who said men (and women) are created equal and life is fair and just ?
This isn't about fairness or being equal anymore.
This is about decency...which some people in the world of big capital seem to have lost.
RC (Germany) - Rennteam Editor Porsche 997 Turbo, BMW X5 M, BMW M3 Cab DKG, Mini Cooper S JCW
It's the culture of the "snatch" that has been promoted through the financial services sector and the neo-liberal economic policies since the 80s
In the past people to become rich they had to work or make something better than others. Since the yuppies and the golden boys fortunes have been created by "papers"changing hands.
But that's how things have been for many years now and how they still are. You want to start revolution?
"Form follows function"
reginos:
But that's how things have been for many years now and how they still are. You want to start revolution?
Not quite, I'd say. I have nothing against earning money, not even this way.
Let me give you an example: a customer of mine is an investment banker. Last year, he was sure he is going to loose his job and actually loose everything. He told me that he messed up, like some of his colleagues too and now they face the consequences. His wife already returned an expensive watch she just got. He was almost crying, he was sure he is "done". A couple of weeks ago, he came to me, buying some stuff for a longer trip. He told me that he is going on a 6 week trip to South America together with his wife. When I asked him how he can afford taking a 6 week vacation, he told me that his bank just gave him a 5 (!) million EUR bonus and he took another four weeks of vacation without payment to spend more time with his wife. His bank was one of those which almost went bankrupt during the crisis and even now, they aren't really "healthy", the gain in 2009 was something around 130 million EUR, not really great for such a big bank.
Don't get me wrong: I hope he has a nice time and I hope he enjoys the money. I'm just very p.ss.d at the government that they used tax payer money to rescue people who actually messed up badly.
RC (Germany) - Rennteam Editor Porsche 997 Turbo, BMW X5 M, BMW M3 Cab DKG, Mini Cooper S JCW
This is exactly the "snatch" philosophy. "Let's grab whatever is there to take and f**ck all the rest".
OTOH governments who have aided such firms should attach stringent conditions and follow-up procedures. But who said governments or a number of their officials are not on the take too?
"Form follows function"
reginos:
This is exactly the "snatch" philosophy. "Let's grab whatever is there to take and f**ck all the rest".
OTOH governments who have aided such firms should attach stringent conditions and follow-up procedures. But who said governments or a number of their officials are not on the take too?
Sad but true. 
I still believe in a might power somewhere...in the end, everybody gets what he/she deserves (believe it or not but looking behind over the past 35 years or so, it is actually true 
).
RC (Germany) - Rennteam Editor Porsche 997 Turbo, BMW X5 M, BMW M3 Cab DKG, Mini Cooper S JCW
RC, I'm with you. Humans do not learn, or change, if they can gat by with an easy and short sited solution that fills up their pockets. Unless they are ' forced' to change, the financial professions will continue in the same way.
I am surprised, and sad , to see that no one had realy the guts to impose new rules and clean up the way the financial market is working.
Over here, some banks hired ( and specially a bank that was saved by tax money ), right in the middle of the crises, when they had huge problems, top traders at incredible salaries that they put on vacation for many month ( I know one guy was hired and had immediately a 8 month vacation !!!!!!!!!!!!!!! ) just so they could have them ready for when the time was right to start again 
when talking to them about this, the answer was always : if we do not get the best guys ( that means paying them millions ) they will go and work for someone else. 
It's the story of the snake biting his own tail..... and that means we will have to hit the wall another time, humans do not lear , nor change, if the consequences are not more painfull then the change.
This is all very sad . It is too immoral to have some of these guys not to have to face any consequences for the mess they do.
As you said, people with their own business have to pay for their mistakes, no bail out for us !!
--
997.2 C2S, PDK, -20mm
I'd take this Bloomberg news with a grain of salt.
Interpreting selling out of a limited edition of 5 Veyron at the end of production or the limited production of Maserati as a sign of economy improving sounds like a long stretch to me.
The sales of new Bentley has not proven itself in the market while Porsche capitalizing on what they can is a different story. BMW X3 cannot hardly be considered a luxury car.
I'm not too concerned about Europe or Dubai as much as I'm with China. I think the concern for double-dip as a consequence of the single-digit growth of China next year still exists and the slow US growth as a result of China's slow-down in acquisition of US Treasury strip is evident.
Makes me wonder if the writer(s?) was paid-off by certain interest-group or had any idea about how the automobile marketing works when he wrote this article.
Oct 2, 2010 10:46:14 PM
RC, im 100% with you. The government took our (tax) money to bail people out that perhaps really pushed their investment portfolios too far and stretched too thin. I really dislike the fact that we still see some company's around that should have not been here anymore due to their reckless policies for years.
You're right it's beyond just fairness, it's downright to common decency. Another aspect that really bothers me about this whole crisis is that due to the government involvement bailing people out, they have artificially altered the markets themselves, which will again cause turbulence in the near future. Letting the markets take course, forcing bankruptcies is a natural process, it serves to keep markets competitive and ensures the survival of the fittest (ie. least greedy in this recent crisis)
There was a youtube clip on how banks were actually able to make money off each bad mortgage that defaulted in the crisis through a series of schemes and of course with government bailsouts, which were based on very inaccurate market loan values. It created a loophole that resulted in a $100,000 on each defaulted mortgage in the USA. That is makes me angry on so many levels.
indeed shifting is ancient technology - so is a fuel burning engine.. I happen to like both :)
About Rennteam | Help | Terms of use | Privacy Policy | Support | Contact | Imprint | Archive
Powered by
Community
and
