Posted by jingoisticbuthornydesperado on February 17, 2009
“Banks are to be blame for financial crisis, predominantly British and American banks.” This statement above is a bit of a populist ‘blame-everyone-but-me” approach.
No doubt banks are partially responsible due to the some dodgy deals such as Credit Default Swap (CDS) pioneered by JP Morgan in the mid 1990s and predatory sub-prime mortgage lending. British and American consumers are at fault as well.
On average, each British spend (spent?) 175% while an American spend (spent?) 150% of the salary they earned. They live on credit (AKA debt). A consumer’s debt is a bank’s profit and since an average trans-Atlantic Anglo-American consumer/customer is heavily on debt, no wonder liquidity runs dry and hence the credit crunch.
No government dares to ask their electorate to change into a more ‘miserly’ lifestyle and responsibly shoulder part of the blame. The governments gladly/grudgingly exaggerated the victimhood mentality of their citizens to pin the blame entirely on financial institutions. They should be thought about personal responsibility.
WONG SAI WAN, MALAYSIA’S ALAN GREENSPAN?
Wong Sai Wan is an idiotic layman from The Star who does not deserve to be journalist or editor. He claims that by talking about how bad Malaysia’s economy is, we actually help to aggravate the dire economic situation.
Firstly, our economic growth was never about self-fuelled domestic demand, it has always been export driven. Malaysians shutting up is not going to influenced Americans (our largest buyer) to suddenly go on a spending splurge again.
Secondly, he mentioned that a drop in oil price does not affect employment in oil industry, only gain less revenue but does not affect economy. This is again, rubbish. The drop in oil price has prevented further investment in future oil prospects like the more capital intensive extraction of tar-sand in Canada, oil exploration or alternative energy which in turn reduces employment in these areas.
With less profit, oil-rich governments also have less tax revenues to go on a fiscal stimulus to jumpstart domestic-based growth.
Thirdly, jobless Malaysians do not receive social benefits unlike the Western counterparts. Malaysians only have themselves to fall back on hence they NEED to save especially in times of uncertainty.
PETRONAS, CORRUPTED OR MISUNDERSTOOD?
According to TCE, June issue, 2008 published by the Institute of Chemical Engineers (ICHEME), the anti-corruption group Transparency International reported that most oil and gas companies lack transparency in financial reporting. Surprise, surprise, Petronas is in it too!
1) At the top, receiving praise for systematically disclosing payments: BG Group, BHP Billiton, Petro-China, Shell.
2) In the middle: BP, Chevron, Conoco-Phillips, Total.
3) Worst performers for financial transparency: ExxonMobil, Lukoil and PETRONAS.
So if some silly Neanderthals start barking out remarks like PETRONAS is great and it has done its fair share of ethical and respectable financial reporting, it is all BULL SHIT.
One of the things I find annoying when working in projects is the lack of responsibility to the organisation, doing EXACTLY as was told, with no incentive to learn what-so-ever or questioning whether the way in which the project is being put together is feasible or functional.
To deny of responsibility if something goes wrong with the excuse of knowingly self-induced IGNORANCE is to my feeling, a tad irresponsible. If the organisation is efficient and/or successful, it benefits the individual. Without a successful organisation there will be no successful individual.