Barbzzz

Lets stick to the core issue undermining Social Security, that being AGE. In 1938, the debut of the program, the average person only lived to the age of 62. Part of the thinking in the program's development was that most people would never see a nickle of it. On average beneficiaries were dead 3 years before they were eligible to collect. Here we have the underpinnings of a sound program. Low and behold beneficiaries start living longer. At present, the average beneficiary will live to the ripe old age of about 82 (this figure could have been updated to an even higher number). Working Americans are financing the retirement of the average Social Security beneficiary for about 15 years! Despite the meaningless increases currently legislated in the official retirement age, we still have an insurmountable period to finance! Until the "age issue" is addressed, there is NO saving Social Security. Any talk to the contrary is pure poppycock.

Labels: pending disaster, retirement, retirement age, Social Security

We're mad as **** and shouldn't have to take this anymore! The US Treasury has done a great disservice to the people of this country. Not $1 of taxpayer money ought to be provided Citigroup until Messrs. Rubin, Prince, Bushnell, Mahera, and Barker, among the most notorious, have forfeited the fortunes they were paid by Citigroup. Taking business risks isn't necessarily a bad strategy. The BAD enters the picture when none of the revenues made during this stretch are reserved for potential, and likely, losses at the end of the investment cycle. Now that we know what was at the end of this particular investment cycle, the extent of their crime is exposed. Enriching those named above at the expense of Citgroup's very existence is criminal. We as a society throw shoplifters in jail for theft of only $300, however, the US Treasury allows the above name individuals walk as very wealthy individuals after having ransacked Citigroup, and now the US taxpayer.

Labels: Charles O. Prince III, Citicorp, Corporate Bailouts, Robert Rubin, US Treasury

Congress will shortly be asked to appropriate funds for a library for George W. Bush. Lets think about this for a moment...these are very austere times precipitated by George W. Bush himself or his administration over the course of 8 years. Spending tens of millions of dollars that we can ill afford on this project is utterly unconscionable, in my opinion, merely adding insult to injury. I would strongly suggest that Congress should alternatively consider adding a wing to the Herbert Hoover Library in West Branch, IA, calling it appropriately enough George W. Bush Wing. It is most appropriate these two would be united under a common roof, as their legacies so closely parallel one another. Both accomplished little to nothing substantive during their tenure and left office leaving the country in an economic mess.

Labels: George W. Bush, Herbert Hoover, Presidential Libraries

Peter's at the doorstep of many of America's largest corporations. Peter you ask, Peter Principle. Citicorp, General Motors, Ford, Fannie Mae, Freddie Mac are among a very long list of companies reeling in losses. What do these companies all have in common? Size, size and more size, a direct result of the blinded pursuit of economies of scale without regard to their ability to effectively manage that scale of operation. Like "one hit wonders" in the music industry, these CEO's have armed themselves with a single trick in their repertoire; that being to scale down their workforce. Plan B, panhandle Congress claiming they are "too big to let fail" and will cause irreparable harm to the economy. This is a self-serving argument benefiting the criminal, incompetent, or at least misguided actions of these CEO's.

Why do Boards of Directors buy into their CEO's wishes to simply get larger for larger sake? The argument often made to explain their compliant behavior is the "incestuous makeup" of corporate boards in America. A relatively small band of "directors" gypsy around from company to company. I'll give you a seat on my board if you seat me on your board. is the mindset of this bunch. Is it any wonder the same mistakes are echoed throughout corporate America time and again?

Labels: CEO's, Citicorp, Corporate Bailouts, Economies of scale, Fannie Mae, Ford, Freddie Mac, General Motors, Trouble in corporate America