I would personally like to thank the financial markets of the world. I think it is great when our banks and financiers make mistakes and then calculate their losses and jump up fees to cover these losses to consumers.
I do note today that the US Government has decided that it will not be an open cheque book to all of these doyens of society with their bailout package. Of course the finance markets were not impressed and sent the markets and US dollar down. Oh, it is not all gloom, the price of oil sky-rocketed.
I think it is fair that the executives of these companies should retain their multi million dollar salaries after the bailout, after all they are really important people and have become accustomed to a lifestyle that cannot be compromised.
I think Kevin Rudd should commission a detailed financial market report to come out sometime next year (or the year after) before making any decisions. Of course Malcolm Turnbull would welcome the timing of this report and should be given time to work our where to put all of his hard earned money. I think what’s required is a bi-partisan approach from both Kevin and Malcolm as they will certainly need to sort out their portfolios (and their wives portfolios).
The Banks should also be given a little time to get their media releases in order to make sure their message is one of compassion and candour. I mean they have to protect their shareholders as well. Don’t you just love competition!
As for all all my financial market media friends, I suggest you write some articles on how you all saw this coming and back date it about a year and pretend that we were all in with Warren Buffet in warning us about the impending collapse of the US financial markets and how you told us it would be so! (it’s easy to do with blogs, just click on right hand side menu and back date published date)
All of us that have friends in financial markets who we all look up to with their fancy degrees and intimate knowledge of the finance sector. Please let us all spend a moment to feel for them and let’s hope that the governments of the world can preserve their salaries and lifestyles so we can all get back to paying off our mortgages, filling our cars up with petrol and having those credit cards left over for paying the bills and schooling/feeding the kids.