• These internal dialogue are like scribblin' away and are only meant for myself, hence at times not edited and not comprehensible at all even to me. If you are curious you are welcome to roam with me freely and to comment on anything as you like.

Thursday, September 18, 2008

"my 2 cents worth"

UK Prime Minister Brown said the world had to "clean up the financial system, and he slammed "irresponsible" behaviour in the financial sector

US President Bush also put the blame in the financial sector.

But the fact is that anyone who have had dealing with the financial sector know for many years that greed is the dominating factor in all the dealing and wheeling behind the machine. Would you sleep beside a mad dog and expect it not to bite you one of this night?

The regulator agents of the financial sector were turning a blind eye and that is the main problem. I remember a few months before the US housing & mortgage market turn sour, a fellow blogger predicted the melt down and if I remember correctly his post has a title something like "get off the bus" meaning to advise people to get off the financial market because the crash would be bad. He was right and he was advising us in a tone of urgency. Now how could no one in our government and financial regulator not see it coming., when both our blogger and Warren Buffett did.

Few years back I remember President Bush once announced that since his presidency, there are more family owning their own home. Given us an indication that the policy of this government has a hand in facilitating the financial and the housing market then. He took credit for it at that time when the housing market has not turn south.

The problem will only be fixed when the world government take resposibility in the failure of their own doing or lack of surpervision of their finance. Instead, their solution now is to find scapegoat and print more money to combat the problem.

How much more new money are coming off from the printing press? Well, what do I care, my 2 cents is worth nothing already anyway.
** the blogger who correctly predicted the crash I think is "sean" or "paddy" but his blog is no longer accessable. He is probably blogging under another name. Wish him peace & happiness.