Since 2008 my reading time got swamped with terms that became popular faster than my flipping the pages of newspapers and news magazines: financial meltdown, bailout, recession, inflation, contraction, bearish opposite the bullish stock markets, collapse... it is quite a long list.. As I have painstakingly researched economic/financial jargons in order to understand what animal I was filling up my mind with, I found out that the best way for us non-economists and non-financial buffs to really know what is going on in the world is simplify, disect or trace why and what is happening, and absorb the basics. Just KISS it (kiss it simple, stupid!). Don't get distracted by players who made their lives turn around particularly the billionaires who lost and became millionaires instead ( as if life is terrible, huh?). To the billionaire club members, you may not believe this, but most of my countrymen earn wages to the tune of $9 daily. Yet, you can see the smile in their faces, jovial, and willingly dance ati-atihan steps to the sound of gongs and drums celebrating the feast of the popular Sto. Nino - an event you can count by the hundreds of times celebrated throughout the Philippines only in January. Filipinos are deeply religious and God-fearing, earning a meager $9 a day is a blessing. Our resilience manifests during backbreaking moments such as losing a job, accepting lower wage, missing school because of the so-called financial turmoil. In the midst of adversities, we can survive. At the occurrence of calamities, we are at our best with our bayanihan spirit displayed to the fore.
What am I driving at? The "haves" countries are finally experiencing it. Losing a hefty $11.9Trillion in the US stock markets and other financial endeavors in one year have made the lives both of the billionaires and the ordinary people in the US miserable in their respective circumstances. A lot of elements are factored in, in the collapse and bankruptcy of major industries and businesses one wonders why it had to happen with such a steep fall. If we assay into the events that led to the fall, we find these simple elements converging to make it happen: greed, lack of political will to implement regulations of financial institutions, penchant for mystery in "mining the gold" with such characters as the Mad man who is Off to take away your money big, the wanton availment of housing loans by borrowers who do not have the capacity to pay, the excessiveness of man who has become material overtime rather than becoming a prudent spender thus we will soon have another trance of financial woe - the credit card crunch.
Do we all get it, now? more of my thoughts on my next blog. it's 1:49 AM Philippine time.
What am I driving at? The "haves" countries are finally experiencing it. Losing a hefty $11.9Trillion in the US stock markets and other financial endeavors in one year have made the lives both of the billionaires and the ordinary people in the US miserable in their respective circumstances. A lot of elements are factored in, in the collapse and bankruptcy of major industries and businesses one wonders why it had to happen with such a steep fall. If we assay into the events that led to the fall, we find these simple elements converging to make it happen: greed, lack of political will to implement regulations of financial institutions, penchant for mystery in "mining the gold" with such characters as the Mad man who is Off to take away your money big, the wanton availment of housing loans by borrowers who do not have the capacity to pay, the excessiveness of man who has become material overtime rather than becoming a prudent spender thus we will soon have another trance of financial woe - the credit card crunch.
Do we all get it, now? more of my thoughts on my next blog. it's 1:49 AM Philippine time.
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