Thursday, February 5, 2009

Ready for Change?

A post by John Mashaka

ARE WE READY TO COPE WITH THE IMPENDING AND INEVITABLE ECONOMIC CHANGE?

It is no longer a question of when, but question of how deep the current global economic meltdown will entrench itself. The meltdown is rooting itself deeper on the global economies, and the impact is unequivocally spreading amongst the economically elite, while hitting harder amongst the economically disadvantaged.

Not an American or the Western mantra anymore, it is global. Central Banks across all continents have pumped enormous amounts of money to stimulate their economies in vain; there is a slow growth across the board, and there is little a common man can do to avert or reverse the trend, except being able to adjust to this inevitable and unwanted change. Economic CHANGE, that is.

Multinationals are laying-off massively, across all sectors. Announcement of retrenchments have become a routine, as companies are no longer able to maintain expensive payrolls, which have in turn affected consumer spending (consumption) and battered economies around the globe. Basically, people are holding tight their savings to counter any eventualities, if at all they have anything to hold on to

Healthcare sector which is normally resilient to most recessions has finally been infected by this economic virus. Merck, a global pharmaceuticals giant for example, is laying-off 15% of her workforce in order to adapt to the economic CHANGE -consumer reduction of non- essential spending must bear the blame- and this could just be the beginning of a long trend in the sector, caused by the shaken labor market which is tightening even more

Around the month of October, 2008 a client and a friend, who ran a two generation family business he inherited 25 years ago from his father, had to shut the company doors, and letting go of his 56 loyal employees. 35million dollars, of the company that was invested through a hedge fund firm melted away.

The man could not live to reconcile with a reality of orchestrating the demise of once, a healthy and prosperous company. He shouldered the responsibilities and regarded himself as a traitor to his predecessors who handed him a growing company, and to his children who were the future heirs to the multimillion dollar company. He decided to take his own life this past weekend, becoming one of the casualties of the current economic crisis

Recently, a Tanzanian living in West Virginia, wrote me a very convincing letter, in which he claimed to have known me and my family back in Tanzania, and was requesting a small help of $300 he needed –his two month portion- to pitch into the monthly pool of $750 shared amongst five roommates. I made an effort and visited him; and his story could not be more painful.

His family in Tanzania including his mother who is ailing from diabetes, kissed goodbye the monthly allowance of $500 he has been sending for the past 4 years, 3 months ago. The Youngman is now worried not only for his mother who may die at any time, but also for his own future.

With his four other roommates hailing from West African nation of Gambia, they are bonded and supporting each other under the umbrella of African brotherhood, in the middle of racially sensitive town of Kay moor. These five African immigrants share something in common; they are all jobless, and none has a prospect of securing a job any time soon, despite the fact that, they are able, and ready to do any kind of work.

They were laid-off 5 months ago, from a coal plant where they met and worked. They have now depleted their savings, and neither one is in position to send money back to Tanzania or Gambia. All they are doing at this point is finding how to survive, and adapting to the new CHANGE of economic hardship.

Similar stories are everywhere. In Mumbai India, once lucrative American service centers that employed hundreds of thousands are closing. In New-York, and elsewhere within the US, joblessness, and homelessness among undocumented immigrants and Americans is Intimidating; some of the once highly paid professionals in different sectors are also in the jobless pack. In Japan, the so called economic elites are struggling to pay their bills, in South Africa, the poor are sinking deeper into economic quandary, even in Dar es Salaam, I believe millions are experiencing the pain, and things are not getting any better.

There is no need to panic; things are going to turn around in not too distant future, but in the meantime, we need to make adjustments necessary to cope with this inevitable and unprecedented economic CHANGE. Tanzanians in Diaspora remits millions of dollars a year back home to support their families, and at this time when some of their Western employers are worried about themselves too, cloud of uncertainty hangs over their employment future. As such, need to prepare psychologically for the inevitable is a matter of urgency.

Negative effects of either reduction or a complete halt to the remittance, may have some undesirable consequences to the people of Tanzania and the economy as a whole. In reality, I tend to see a dwindling and perhaps economic hardship of different proportion both to our fellow citizens abroad and those at home. Lifestyles across all social divides are going to be affected, because we all depend on each other for one reason or another.

I am therefore, counseling my people to adjust to the impending economic CHANGE by re-aligning their spending habits. Unnecessary spending must be avoided. Extreme extravagancy and flashy lifestyles must be controlled or put be put on hold for the time being. Nonetheless, we must not stop from going about our daily business while holding tight whatever little we may have. This should be the time for our national motto of brotherhood to shine by holding each other wherever we are, especially the economically vulnerable.

Although the current hardships bear hallmarks of a 1930 great depression, it will be farfetched to describe the current economic debacle as a depression, because there are some elements missing to call it a full blown depression. However, should the matter continue in the same pace, we will soon enter into a depression, whose effects will be tragic and devastating.

The 1930’s, great depression shook both rich and poor, it wiped savings, trimmed earning power of millions, and shut down well established businesses. Government agencies across the world suffered acute revenue shortages. The depression brought about horror and hopelessness amongst millions of pensioners in different nations, while thousands committed suicide because they could not bear the brunt, and never prepared themselves psychologically to deal with the harsh economic CHANGE.

Naturally, change is received with mixed feelings; in normal circumstances, some will resist it, while some will embrace it, depending on whose interest is at stake. But in extreme “situations” such as now, everybody willingly or unwillingly, MUST accept it. No one can resist it.

While I remain optimistic on the economic recovery, I am at the same time, cautioning those who believe that Tanzania is immune to these challenges to think twice; it is a matter of time before every single person directly or indirectly, feels the pain of the economic dilemma we are in. We must also be mindful of the fact that, whatever affects one directly, for some reasons, affects all of us indirectly, especially economically.

Even though I categorically acknowledge, and respect the existence of legitimate, ideological and philosophical differences, I am rather, urging prudence and rational reasoning from all us while debating this issue based on its substance and national importance, as opposed to personal differences that may exist.

Are we ready to face the coming economic CHANGE, and how?

Mungu Ibariki Tanzania

By John Mashaka

22 comments:

Inno said...

What change? The ups and downs of economics are part of life. Nations live through through the business cycles all the time. You're not going to raise our adrenaline high in this house because such topics have become a monotone. Sorry man.

Frankly, I'm ready for a new post.

Inno

misokasick said...

Inno,
You are my friend, but in reality this is a shock wave for the US. For me and you it’s easy to say this is part of life. Many American families of my generation are suffering a lot. Bear in mind US is a nation of excessiveness, so for people to suddenly downsize, has really taken a toll on people. I guess it’s also a learning lesson for our countries, since we buy too many western ideas, such as credit cards and many other economic policies. Inno, you cannot refute the fact that so many of our friends are illegal immigrants and how this will impact their livelihoods. Right now many Americans are taking all the dirty jobs that were previous done by the illegal immigrants just to make ends meet. In a way, I still cannot understand why the banks continued lending to people beyond their means. Fortunately, Visa announced yesterday that they have made profit this month, and people are paying their debts. So that’s a good sign. So maybe this is an opportunity for our leaders to stop and think about the future of our nations and where we are heading.
Ciao
PS: Do you still use the company email?

Inno said...

Misokasick,

Reputation ya African diaspora in the U.S. kuitwa "wabeba box" imetokana na immigrants wengi wakiwemo Waafrica kuja Marekani na kuishia kufanya "dirty jobs" kama unavyosema.

I suppose one of the lessons that can be derived from the ongoing global financial crisis for the African diaspora in the U.S (and the rest of the West) is to try not to come to the U.S. and settle for "dirty jobs" in the first place. We can and should aim higher than that. Our time in the West is well spent if we invest it in education. And our African economic and social status background thankfully don't matter once we're in the U.S. Education opportunities are plenty and possible in the West even for sons/daughters of African peasants such as myself.

Kuongea lugha ya mtelezo "American accent" Bongo siku hizi siyo cause ya attention from prospective employers kama ilivyoaminiwa kuwa zamani. Bongo employers (private or public) nowdays are substance oriented and thus don't give a damn about who speaks lugha ya mtelezo and who doesn't. I mean, why should they? So things are tough even for our brothers and sisters who resort to returning back to our homelands as an escape for failing to make ends meet in the U.S. Returning home with a degree or higher could at least give prospective local employers a reason to take a look at one's cv and perhaps become an opener for a first interview of that person.

All in all, life ain't easy wherever the offsprings of Adam and Eve live in this universe.

Inno

salama said...

Inno,
(ready for new post? lol!, that's cold man, I envy your guts though)

And, I'm 110% on your side. Change? What change? I doubt if this question is applicable to us.
Us, as a nation to be exact.

We already had/have plenty of different plans(am not gonna go there) on how to improve our economy but, they've yet to be fully implemented.

I think we've been ready for the past...actually almost all of our lives. I don't think this global economy downturn happening now is new to us or has the tick.
I know it's tough for those who're used to a certain kind of a lifestyle and now, may be they have to start compromising.
When we talk about the enormous amount of regular (TZ)citizens, this economy downturn has a nugatory impact on them.

Also, I think we became immune to all this. while some people somewhere else are totally loosing it and can't take this, it's so sad to hear kind of measurements people are taking and how far they go to avoid all this. Thank God the counselling industry is booming, at least people are seeking some sort of help. But for some of us, proud to say we're strong enough.

With everything going on, and has been going on, we're still gregarious, full of life and resilience, and there's light at the end of the tunnel.

GAME THEORY said...

heres the great argument...

says law and supply siders, verses keynes and aggregate demand-siders

does production create demand for what is produced?

so the supply side economists have touted

they claim recessions dont occur because of lack of demand or workers being paid less and less...


says law claims that supply creates its own demand

supply siders insist that the creation of more money (debt) almost always results in inflation, not an increase in aggregate demand!!!

keynes "called out" says , claiming that prices can only drop so far (remember farmers plowing under their crops in the 30s)

and thus a mega drop in aggregate demand causes a recession

and only the gov can step in (or j p morgan a la 1907! hahaha)

thats where we are now

history will record that whats going down now is nothing less than the ultimate economics experiment!!!!!!

misokasick said...

Inno,
That was funny about the “Lugha ya mtelezo”, actually especially with an African-American accent. If I were an employer I would not even give you a chance for an interview. Nimecheka sana. The other day I was talking to my niece and she mentioned how it annoys her when people try to speak with an American accent. She emphasized it should come naturally.

Sorry status quo still matters in Tanzania and you are not measured by your abilities rather by your relation to kigogo. Very few vigogo’s kids are qualified in their positions. Just because they speak English then they qualify for a job. Even though, ukizaliwa kwenye prestiges family, you are more likely to receive a better education, which will result to a well paid job. Majority of people have to struggle to make it happen, that’s why when they do make it, they become so self centered, and then we end up na viongozi wababaishaji.

How I look at it:
1. Look at how remittances have dropped in developing countries.
2. “All in all, life ain't easy wherever the offsprings of Adam and Eve live in this universe”


The sons and daughters of peasants are more likely to accept the current crisis, but as I said, many Americans are used to a life style of excessiveness, so to suddenly have to adapt to a different life style is quite a change. There have been so many suicide cases, because people are not used to changes and were not prepared mentally. Many Americans have more than one credit card, now how are they going to pay for all of their debts,ndiyo maana unakuta mtu anachanganyikiwa. For us who were raised modestly, life goes on and we will weather this crisis. Kwa shemeji zangu na mawifi zangu, this is a major crisis. Imagine the wives in New York used to buying Gucci handbags for thousands, and now the husband cannot provide anymore, she will leave you’re a…. and fight another provider.
3. Encouraging people to resort to moving back to their home countries. Consider the economy of those countries. Where will you inject these people, while you are already dealing with a high unemployment rate? It will be another crisis at home, which might result into considerable crime rates. The country is not even able to inject to the economy the majority of students from our own university.
4. FDI will drop significantly; many countries would not be able to support their companies abroad. This translates to job cuts as well.


Ciao
Mis

Inno said...

Game Theory,

You're mixing up the Keynesian economics and Say's law in the way that creates confusion than clarity. I will try to re-phrase what you said in the way that I hope will make things clearer.

Say's law from the way I understand economics is derived from producer theory behavior. From the maginal cost function of producing an aditional unit, firms can derive the supply function to determine the number of units to produce given the quantity demanded in a given market. As far as I know, supply function equations are derived from this line of reasoning always including Say's law.

Keynesians say that external shocks could disrupt economices from the the supply and demand equilibriums and argue that sometimes it is necessary for governments to intervene to correct the disequilibriums because markets are not perfect. Unlike Keynesians, Say argued (economists who believe in classical economics continue to argue so) that supply creates its own demand and that laws of supply and demand tend to adjust market conditions back to equilibrium point without government interventions.

But all economists concur that a mega drop in aggregate demand will cause recession because firms will be forced to adjust their production functions to adapt to new conditions of market demands. So the point I'm trying to make here is that this is not economics in the experiment like you argue; rather, this is how the the laws of economics work!

Inno

salama said...

I think this is a time to be more creative and venture in areas we never tried before, which shows some green. As we're experiencing massive layoffs, financial instability and all those bills pilling up, I guess this is the best time to step out of our comfort zones areas and try something new and different.
I was reading a column the other day from a Tanzanian Newspaper about the new US administration. I was so saddened with how discouraged and pessimistic those academics(interviewed)were. I mean, I could feel their pain just by reading that article. They were so despairing that we(as a nation) are not going to get that much help from this admin. My sense was, they're expecting a little MORE EXTRA help now, than before. Why? you go figure.

My point is, when are we going to get up, dust off and start moving? instead of just waiting. I understand our position might even need someone to pull us up first. But then we need to move, do something. Dr. King said if you can't run walk, if you can't walk crawl, just keep moving, don't just sit there and wait. We have very brilliant people in our country who can come up with some great ideas. The most important thing is (seriously) to pray against corruption. If we show them that we're serious, they'll be willing to help indefinitely.

Another option for those who 'CAN', this is the best time to go back to school too, if you're no longer employed and you're having a hard time finding a job, use the opportunity and do something profitable. Turn those lemons into a sweet lemonade!

Miso.

It's so sad on those desperate housewives. I think most of them were not even working. Well, If the husband was bringing in couple of $ millions in a paychecks per yr and that's just a bonus, guess they didn't even need to work. All they knew was being driven in luxury autos, shop on faboulous and expensive clothes and go on lavish vacations either abroad or to one of their many houses in the 'Hamptons'

And now, the way people are loosing their jobs, divorce rates are over the roof. Among wall-streeters especially, to the point that divorce lawyers dare to turn clients away, as they have too many couples filling.
This fastidious wives, just because they can't afford that kind of lifestyle anymore, or 230th pair of shoes, they leave their husbands left and right.

But, you know what, I understand that times are tough right now. In case something bad happens to a couple, they need to stand together and face whatever the situation is. And if both have the knowledge and idea of what's going on, it's even easy to tackle some problems. Men, be men and we'll do our part too. Lakini hauna kazi kisha unakuja kunililia!!???
Oh! hell yea!, I'll leave your broke ass too.

GAME THEORY said...

Inno,

A huge portion of Obama's campaign war chest was financed by people on Wall Street.

Anybody who expects any kind of real "change" that challenges the vested interests of the Wall Street crowd, will be sorely disappointed...and we shouldnt forget that he was put in power because his background makes him qualified for one thing: to keep order among the masses as the financial system breaks down and a hundred million people are pushed below the poverty line.

I'm afrad he is about to find out the hard way that an economy built on fraud is not going to like or accept anything semi-honest.

oN a flipside ningependa kumfahamisha Bwana John Mashaka kuwa REAL ESTATE market in Dar is insane, apartments zinauzwa at $400,000 cash na watu wanalipa...i wonder when this DEPRESSION will hit us.

misokasick said...

Inno,
You have stated it very well, Keynes tried so hard to emphasize on depending much on the idea that supply creates demands. He even went to insist how spending equals income and saving equals investment.

What we have now is not a shortage of supply. Right now its not that the majority of people do not have the desire to shop, it is becuase they do not have the income to do so. What is needed now and what Obama is trying to do is take measures that stimulate demand, so that companies, retail stores could sell the stuff that their investments made.

Anonymous said...

"Fortunately, Visa announced yesterday that they have made profit this month, and people are paying their debts. So that’s a good sign."

misokasick,
Kumbuka Visa is a credit card transaction processiong company. They don't issue any credit cards.

First Quarter earnings yao ime increased because watu wengi wanatumia plastic over cash and checks. Credit company like American Express 4QE wali report 79% decline ya income yao :)So we are not out of the woods yet!

My two cents.

Faraja

salama said...

GT,

I understand that, the economy built on the weak columns of honest is less likely to accept anything semi-honest.
The wall street is experiencing its good share of this economy roller-coaster. I don't think they're able to stand against any challenges. Imekuwa kama simba mwenye njaa, they're very close to start eating grass if they haven't started yet. Their day to day outcome has been a result of what's happening on main street. The wall street played a huge role in making the main street and it's crowd, unwitting victims of the current crisis due to its careless management and spoilt-brattish behavoir of its "trusted men"

It's true that, the Obama campaign was funded hugely by the fat cats but, this's the global crisis. It has resulted in a deep erosion of major super powers. The Financial system is effectively broken, major banks around the world are moving toward insolvency. Am not an economic savvy but I think that,as long as the financial sector remains moribund, consumers and companies will not have access to any economic activity to jump-start the recovery. It's been even suggested that, the federal government should intervene even MORE(in financial industry)now, what does MORE means? to the point of taking over gigantic percent of pretty much everything? Even if this has to do more with the money ind., I mean, doesn't it ring the bell that, there's really not much choices out there?

There's a couple of problems going side by side with all this and therefore makes it even harder to start the recovery program.

First, it's enormous expensive, and yet without a large scale action, the finacial system will keep breeding.
Second, lack of confidence. consumers pessimism is at record levels, the collapse of consumer spending which represent about (70%? of the economy, I guess, in US, according to the 'Economist')after being traumatized by plunging home values and stock prices. They're saving more. People are scared to even buy stocks or spend for that matter.

I think Prez. Obama's challenge is in twofold. one, how to restore the consumer's confidence. Remember 9/11, Bush told people to go out and shop. (I thought he was insane) now I get it.
Two, the reality itself. The economy is in a tank.

salama said...

GT,

One more thing.
He (Obama) was put in power because of his background...and his relationship with the masses...and this financial crisis?

I would agree that people voted for 'change'. But, the way you said it, it's like, they were soo desperate and didn't have any other choices. And that, it was the right time(financial crisis) and the right person(his message of hope and change)(Actually, there's a joke among comedians that, the white guy screwed up the country so bad to the point that people didn't have any choice except to vote for the black guy)

I also believe that, people were fed up with Mccain/Bush/Cheney's fear mongering messages about the safety and security of the country. It was just so ridiculous to talk about how they needed and were able to make the country safe while people were loosing their jobs, homes and life savings.
Their message was soo outdated. I wonder how Mccain's advisors let him go with that message. He even pointed out(in september) that, 'the fundumentals of the economy was strong'(!!), that's when it became aware that, the financial crisis was in total turmoil. The next thing you know he(mccain) suspended his campaign to deal with the economy which he already pointed out that, it was strong. (duh!)

I'm not sure what was his state of the mind. I can't even imagine how he would been handling all this.

Anonymous said...

People are really pushing for this Mashaka thing to be the missing link of progress. January, Shayo and Ridhwani are other names being mentioned, January, January, i think this union is going to be fantastic. Your match and equals. I think this is going to be an idea worth pursuing

Anyway, the fact of the matter is, people are hurting, globally. In Texas, today, more than 4 Tanznaia lost their jobs, and like he has said, we are going to be hit hard.

Our country depends on donor aid to fully finance the projects, when own states such as california thinking of chapter 11, how can aid flow to Tanzania?

Sad, hopefully Gos is going to save us, because there is nothing we can do, and the government is very mute..........

Good luck.

Ed said...

Guys, mimi nashindwa kidogo kuingia kwenye hizi argument sababu zinakosa data and zimejaa full of personal opinion which most of the time doesn't work when it come to economy.

I argue kwamba the meltdown of western economy has little or less influance to our economic growth. You can look at the fact from 1979 when usa hits high recession to 2001 when 9/11 caused a nightmare, and all the data doesn't support any correlation whats ever. However, from other side of the coin i do understand kwamba GDP ya Tanzania imebase kwa asilimia kubwa kwenye three factors GOLD (Madani), Utalii and Kilimo. During any economical meltdown consumer stapples will always benefit so kilimo won't be affected that much ( Economical data support that), Gold is the best hedging asset during slow economical. Utalii ndio utaathirika to some extent.

However, we can take a different turn when it come to utalii. I get so disappointed kuona kwamba wazawa wanashindwa kwenda kutalii sababu ya gharama. I think it's a time to strip off the one fits all strategy and motivate our own people to discover Tanzania and her beauty. We can do it....

I heard about the argument ooohh we need to put money in the gold, but how many Tanzanian does have surplus?

For Tanzania ambao tunakaa nje, i guess majority tupo kwenye recession since we landed in these countries. So, up and down of economy won't hurt us much like those who works on million dollar jobs.

I am sorry to say this debate is irrelevant and there is no data to support the opinions.

RUSH

GAME THEORY said...

I am for Obala lakini watching him yesterday selling his stimulus plan to he doesn't know his history too well.

Notwithstanding reports that all economists are now Keynesians and that almost everyone of them support a big increase in the burden of government, personally i dont believe that more government spending is a way to improve U.S economic performance.

More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “lost decade” in the 1990s. As such, it is a triumph of hope overexperience to believe that more government spending will help the U.S. today.

To improve the economy, Obama's policymakers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth.

Possibly mnajiuliza what about JK? well very simple leo usiku nimecount meli 22 ziko nje zimeshindwa kutia nanga bandarini tangu November 2008 na kuna makontena ya X-MAS trees...kisa? well THA wanaogopa TICS,so there isnt much i can advice Muungwana
NB: SALAMA,
i am trying o picture you as our own version AMY HOLMES of the CNN

salama said...

GT,

Thank you soo much!, for the compliment. The day seemed to be a little slow for me but, YOU TOTALLY MADE MY DAY!, I'll be smiling the whole day, today.
I love Amy Holmes, she's a knockout,brilliant, and she's all beauty and all brains.Thank you!

Watching Prez Obama yesterday, selling his stimulas plan was like taking some notes from a fast paced lecturer. He is trying so hard and has a lot of resistance.
The US had the most advanced and sophisticated economy and capital market, and now the system is seen across the world as a sham. Something needs to be done soon!

I think speed is crucial. The Japanese Gov. was too slow to act, they waited too long before confronting their problems as a result it led to a long economic stagnation and their stimulus plan became less effective.

Prez.obama is playing a very thin line. Most economic analysts think that the money is not enough to jump-start the economy recovery. I think he just decided to throw a chip and whatever the outcome.
Some analysts suggests to inject more money in financial industry, cause, without a functioning financial system, even a massive stimulus plan will not restore the economy to a normal growth.
If you look at the plan, it's going to help a lot of blue collar workers which are hurt most with this recession. On which I think, it should be their target.

GAME THEORY said...

Salama,
So i take it you even look like AMY HOLMES? Damn! that i admire that sista's hustle,she is a team player... she just happens to be playing for the wrong team...lol

I am actively looking for her full body shot,just curious...

Annnnnnnnnnyway,there's going to be stimulus bill #2. You can bet on it.

There's also going to be Fed bailout #2.

I just hope there's no #3 or #4. Credibility (and ability) is diminishing with each attempt.

They should just get it over and take the medicine:

1. Nationalize the banks.

2. Outlaw new CDS; make a clearinghouse for existing, and force owners to register the CDS (and the margin requirement) or be annulled.

3. Accelerate bankruptcy SPEED. We cannot have courts linger on bankruptcy / foreclosure, banks linger on REOs, procedure and process slowing down the whole thing, which prevents bottom forming and growth. Speed up the process!

i wonder where JOHN MASHAKA is...

salama said...

GT,

Happy Valentine's day!

LOL!, I wished I looked like miss Holmes, and guess what? I saw her full body shot!, she's medium size, you know, the kind y'all brothers will admire. Actually, I do admire her too.
But, please don't get me wrong...
I'm very straight.

You know what? the banks have become like zombies. They function so little right now. They're totally zombie banks. Including all parts of their job discription, how many credit requests are they turning down in the middle of this crisis? I didn't get to hear the whole Geithener's plan but, he is been really blamed for his unsubstantiated, one sided plan. That, he's looking into saving particular banks.

May be nationalizing is the only choice. So that means nationalize all of them? cause, they can't do some and leave others. How are the ones left going to compete with the government? It's like a battle am telling you. Between the status quo and the future. The financial establishment and the public. To put banks alone in solvent can cost up to 3 trillion they say?(keep in mind that's $ with a 'T')!, that's quite a price tag!

Also, for the 'behaved Banks' may be they should re-structure and not re-capitalize to avoid any future problems.

Good news today, according to the wall street journal, the giant stimulus package restricts bonuses for top earners at firms receiving federal cash And including those that already received it. And they're furious!. Well, if they're furious, am flying and if they're unhappy, am happy.

GAME THEORY said...

Ohhhh salama! now you got me thinking...how about i play you Chet Baker's My Funny Valentine?Yeah i know Miles Davis version was crap....speaking AMY HOLMES...i got a feeling she is one of them sisters who got so much stuff, she can't hold it all down..damit shecking her page now..damn! she can have it anyday(i mean my paycheck) and i care less about the credit crunch...


Anyyyyyyyyyway,It obvious that all around the world, people are discovering that you can't have your cake and eat it too.

As soon as you start nibbling on your cake, it rapidly shrinks in size. So at best, you end up with a slice...couple of more developments...my cousin who had a pretty good paying job in Dubai has just been laid off and he plans to do a runner kama wanavyofanya wengine...you know leave your ride in parking lot at the DXB,especially those who are debt-ridden foreigners (who could in fact be imprisoned if they failed to pay their bills).

The only thing i loved about that place was getting myself around kule uswahilini Rashidiya na watching them women strolling in Mall of Emirates...

Gosh i hate mondays!





back to London where its more shittier than anywhere else au aingize timu Bongo where *** licking is the state of play if one needs a proper gig(thats my observation during my 3 months break hapa)

Magilu said...

Why is it men are more capable of destroying each other more than any other species? I mean look at all the things men do to satisfying whether it's greed, lust, or other desires. Imagine this economic storm, a lot has to do with debts. People going beyond their means while financial and government institution encourage them to do so. And being that the whole world is like one open market, when $$$ is tight here it tighten the whole market. So then it becomes the survival of the fittest. For those which had good economic structure and sound principles they'll rise to the occasion and prosper even at this times and the others who are not so... put them on the endagered species. For individuals, I do have sympathy but still what did you do with your opportunity to use your resource whether it's time or money. If you got satisfied with working in a nursing home and stop going to school... there's your opportunity cost. If you decided to buy a car on a loan because you didn't like you old rugged car....well wait for the bail out but that won't pay all the bills. People need to be good steward of what they have. They need to use wisdom instead of satisfying their own desire because for those who have known life there are many things in this world but ...only death is certain.
I guess for the motherland, this mean less relying on economic aid. I mean how long should a baby suckle from a mother's breast. If we're to become stronger, industrious and completely independent we need decision-makers who can look into the future and with wisdom prepare the next generation with goals set today. Education, infrastructure are just some of the few and even though they're being address they may not be adequately focused on.

Anonymous said...

hi january paste this one here. question is whats the moral of the story?

A son asks his father, "What can you tell me about politics? I have to learn about it for school tomorrow." The father thought some and said, "OK, son, the best way I can describe politics is to use an analogy. Let's say that I'm a capitalist because I'm the breadwinner. Your mother will be the government because she controls everything, our maid will be the working class because she works for us, you will be the people because you answer to us, and your baby brother will be the future. Does that help any?" The little boy said, "Well, Dad, I don't know, but I'll think about what you said."

Later that night, after everyone had gone to bed, the little boy was awaken by his baby brother's crying. Upon further investigation, he found a dirty diaper. So, he went down the hall to his parent's bedroom and found his father's side of the bed empty and his mother wouldn't wake up. Then he saw a light on in the guest room down the hall, and when he reached the door, he saw through the crack that his father was in bed with the maid. The son then turned and went back to bed.

The next morning, he said to his father at the breakfast table, "Dad, I think I understand politics much better now." "Excellent, my boy," he answered, "What have you learned?" The little boy thought for a minute and said, "I learned that capitalism is screwing the working class, government is sound asleep ignoring the people, and the future's full of SHIT."

this made my day!!!!!!
PK
nakuru