Sunday, September 21, 2008

Business as Usual = A Bad Business

The increasingly globalized world is always changing. We continuously need to adapt to survive.

Last week our US President suddenly became interventionist in business affairs, with friendly bail-out of major finance, banking and insurance businesses.

This is bad policy for many reasons. First, in most cases the same or wholly similar dipshits will continue to run those businesses. Careless & overpaid executives and regulators whose policies led to systemic problems haven't learned any lessons -- only that the taxpayer can bail them out. They should be forced personally to disgorge salaries, bonuses & profits.

Tycoon bailout without oversight is bad business, too similar to the mistake made by Pres. Ford in pardoning Richard Nixon, drawing a veil over Watergate. As a nation of laws, the full debacle should be presented in open court, with public evidence on record. Otherwise the same errors will reemerge again & again.

Bush & his cronies have fiddled the system from the top, and have driven our nation to near ruin (to justify bailout, they now admit financial ruin is near).

Irresponsible appointments have focused on ideologues, often with bankrupt options. 'Creative accounting' led to poor performance, perhaps inevitably.

Hurricane Katrina's infamous "Brownie" became Undersecretary in the Dept. of Homeland Security after presiding over the decline of the Intl. Arabian Horse Assn. Smashing!

Enron's Thomas E. White became Secretary of the Army (previous CEO of Enron Operations Corp. & Vice Chair of Enron Energy Services). White's responsibility for the Army didn't last two years, but he was in charge during 9/11 and the deadly anthrax attacks. (It's now believed the anthrax poisoner operated from within Fort Detrick, a US Army facility). Lovely...