Usually in the mornings when I wake up, I listen to CNBC or another financial TV channel as while getting ready for the day. Every day for the past several days, a CEO of a major financial company has resigned. Its true that these resignations or replacements are generally due to pressure from Wall street for poor performance of the stock.
Historically however, the CEOs jump ship when they know shit will be hitting the fan. They get their compensation packages cashed and go on long vacation until they can ride the “good times” wave as head of another company and take credit for events that don’t have anything to do with them per se.
And for those of us living in the U.S. the combination of the supply of the brown stuff, its proximity to the fan and the size and speed of the fan is baaaad news this time. Why you ask?
A lot of people in the know say that the sub prime mortgage crisis is at least twice as big as the S&L crisis of the 1980s. The figure of $600B is said to be LESS than half of the actual number. Combine this with the U.S. budget deficit resulting from the Iraq war, unrest in Pakistan and Turkey and the impending attack on Iran, need I say more?
Besides gasoline topping $4 a gallon first quarter of next year, home loan interest rates at 7%, over 1,500 residential forclosures a day, unemployment inching up about a %, we will be facing “Iranians go home” slogans and bumper stickers resembling the time when the hostages were taken in Iran.
To tell you the truth, I am neither ready for $4 a gallon gas nor attitude from bunch of koon nashosteh Americans in pickup trucks. How about you?