I was reading an article on Investors Daily.
Citigroup's stock price is $1.50. Unbelievable.
If you told me a year ago that Citigroup and Bank of America's stocks will be close to nothing, I would probably say "and the moon is made of cheese". I mean these are the financial behemoths of the world. They're just too big to crumble. Truth be told, these companies are long deceased if not for the billions of dollars our government showered them.
But lambasting these companies is not what I'm writing this for, we have too many reporters doing that already. Like it's helping anybody--you should've reported this a long time ago! Where are the Carl Bernstein's and Bob Woodward's of today??
One of the saddest days in the history of mankind is when mainstream news started to follow the pattern of the tabloids. When watching E! news daily wasn't all that different from our typical 8:00 PM news program--pregnant with hype and sensationalism. Leave those things to the showbiz guy who has an irritating mustache.
Sorry, I got carried away.
I was watching a special report on the roots of this financial crisis. What struck me is that these people knew this was going to happen. Many said their gut said something like this "hey, this can't go on forever, what are you going to do about it?" Some had the good intention of putting a stop in giving these crazy loans, but they just could not.
They said they didn't have a choice. If they weren't lenient in lending money, five other companies will be. And the business will just swing to the competition--business kapoof.
I sometimes wonder... are their still brave souls out there who will stand up for something they believe in even if it means losing your job or your company? The banking industy's version of John Wayne without the horse.
"Where have all the cowboys gone?" Are the heart cries of damsels in distresses in main street.
This is not just a question for "those" people. This is a question I have to face for myself.
At the end of the special report by msnbc, Alan Greenspan uttered perhaps the most terrifyingly truthful statement of this whole crisis "you know Jim, the sad truth is, years from now, you're going to have this same exact interview."
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I totally agree! You cannot get real News anymore but just junk news sprinkled with flavorings of your chessy flash media gragphics! Sorry-I got carried away too!
In regards to the economy situation. History is just again repeating itself. Richard Duncan who wrote the "Dollar Crisis" is a prophet compare to these guys who are in charge of our country's finances.
Great Post.
Rick,
We both got carried away! hehe..but it's really frustrating sometimes.
I've heard great things about that author.
Thanks