Apparently, there's no way to go but ... down!

(a collage of a few of the recent financial healines.)

The markets tanked again today. Globally. AIG is said poised to report a $60 BILLION dollar loss. So... well I don't really know what to say? Oil, in the $30's per barrel, gold; down a tad. Financials... don't even ask.

I never blogged about this back when it happened but I will now. On September 30th, 2008, I was invited to participate in a conference call with AIG executives including, Rob Schimek, John Doyle, Kristian P. Moor, Mark Willis and John Q. Doyle from the USA. I don't know how many others were on the call with me, but I do know I was the only Canadian. (I was also the only one not from a bank, huge company or Insurance brokerage.) It was very interesting, it was like being a part of history and I left that call feeling positive about AIG. I'm sure that call is on-line somewhere if you take the time to look. I'm not terribly worried about the insurance side of AIG though they could get pulled down with the financial side. Their assets though, are protected and it is very unusual for an Insurance Company to go bankrupt.

AIG aside though, what this entire melt down is doing to people's life savings, their pensions and their hopes and dreams is criminal. The problem... it was actually our own greed that brought us here.

When I see the commercials that "financial firms" are running now, the ones about..."hey we have a new product that guarantees your initial investment, come talk to us," I want to reach through the tv screen and choke them! Funny how they've changed their whole propaganda now isn't it?

Tentacles, trillions & talking heads

I hate to admit this... I'm choking on the words... My fingers are cramping typing this... I agree with George W. There, I've said and I'm still breathing. As I said 9 long days ago; the financial world, our day to day living, Wall St. and one of, if not the, biggest companies in the world ... will never be the same. At least, I hope never be the same.

Whoever wrote the speech for Georgie, done himself proud. Whoever did his makeup, Michie would like to point out, less blush next time ok?

I still, however, disagree with the falsely low interest rates, keeping the easy level of available credit... available and protecting $25,000.00 a year earning, $300,000.00 home owning folks! Seriously, what were you thinking? I suppose having $2,000,000.00 a year earning folks telling you you could have it might be some kind of excuse but you must have one or two brain cells! You still owe me, and everyone like me, who actually live within their means an apology. We will be paying this off for you, for a long, long time. And I, for one am pissed!

Recycled thirty pounds of cat! A quick re-cap of my life for the past week.

Zapato, the thirty pounder, likes to sleep in the recycling box. The paper box, NOT the glass/metal/plastic box. He arranged himself in this position and Mich, of course, snapped a few pics.

Michelle is on strike. Well her Profs are, so no Uni for the past 7 days! Another $2500.00, (one semester,) well spent. (Glad we go that new lap top with the self peeling banana cursor...) She is on the side of the staff and every morning we raise our arms, fists clenched, in greeting to each other and exclaim, "power to the people." She, however, is not a very good proletariat! She has much to learn and I am patiently teaching her. She's a tad pampered to be a true proletariat, so I guess she's proletariat light! She's been working ahead on school stuff, painting the new stairs and doing the dishes! Yes, the Mich... completing domestic chores. Perhaps it is $2500.00 well spent after all?

I've been sorting out insurance woes... I shan't go on about AIG and the Wall Street, self inflicted melt down. Though, if asked, I would expound upon falsely low interest rates, the feeling of "entitlement" over home ownership, mortgages that should never have been issued and perhaps working toward and earning what you have instead of having it handed to you when in reality you can't afford it! But as I said, I shan't rant. OH and those of you who treated me like Chicken Little exclaiming "the sky is falling," bright and early 8 days ago... HA... told you so!

It's going up to 27 degrees (Celsius, 81 degrees for you alternate scale users,) here tomorrow and I'll likely fire up the ac. It's September, get over it and drop into the high teens already! I'm looking forward to the colder weather and love that it's darker sooner and lighter later. I can put my pj's on at 5pm and not be ashamed! Also, firework shows start earlier and are cleaned up and over with sooner! Unlike July where you can't fire until 10pm and aren't out of there until after midnight. It's a win/win for me.

Heroes premiered last night! T'was awesome though I could have lived without watching Syler stick his fingers in Claire's brain! I'm liking the new show Fringe too. House rules! Nothing beats House and if Wilson doesn't come back I will start writing the network.

Ok, for the legions that have been whinging about no new posts, is this enough? Fine, by legions I mean 3 people but percentage of readers wise, 3's a lot. I only have 11,317 visitors to date so 3's a lot. And hey, the 3 are spread all over the country. (Well if you can spread 3 people over a country this size?)

Power to the people!

Time to break open the piggy bank! AIG fall sale!

All the best dressed investors are wearing green this season! Unfortunately, the current clientele and stock holders are screwed, however, those looking for a new look are likely to find one amongst the offerings about to hit the runway! Dang, wish I had an extra few billion! Think about it, $85 billion at 11.4%... one day's interest would make me happy!

$85,000,000,000.00 AIG

I've never typed a number that big. $85 billion, that's the bailout amount the US Feds are rumoured to be giving American International Group. AIG will have to turn over 80% of it's assets. Management will be gone, replaced by new overseers.

I understand the need for this, but cannot help but shake my head. I realized that the entire world financial situation would change over night, should they fail. I understand that the insurance market is not remotely big enough to absorb their books of business. I understand it would be an insurer's market, cherry picking the cream of the crop, charging whatever they wanted. I understand the potential domino effect. I understand that the tangled web of what is owed to whom, who actually owns what and who's going to pay for it all would take years to sort out. I understand all this and hope that this serves as a lesson and these tentacles that spread out, overlap and interweave are cut clean and not allowed to grow back!

*I am no financial expert by any means, this is all just my opinion. I am absolutely fascinated by this entire train wreck and just can't stop watching... and shaking my head while having a slightly sick feeling!*

Party like it's 1929!

The bear has gone bull hunting and appears to be winning! I read a comment this morning, I wish I could remember where, it was a reader's comment on one of the news stories and I'd love to give proper credit for it but cannot find it again! "The US economy is fueled by $25,000.00 a year earning WalMart shoppers driving gas guzzling SUV's, who've been told that they qualify to purchase $300,000.00 houses." I think that about sums it up!