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Sunday, December 28, 2008

Don’t Feel like Singing Christmas Carols




2008 has been a truly Crap year! Far too many people lost their money; their pensions; their jobs; their homes; their futures; their families; their hope; and their very lives. About the only encouraging thing that has happened in my view is that George W. Bush is getting ready to move from The White House, and America grew up to shed the old mandate that only a white male could lead as president.

Barak Obama is the president-elect. It could have been Hillary Clinton. If you’re a U.S. Democrat you will no doubt have hope that the incoming president will do a much better job than the outgoing one. But, he is but a person. He might make some mistakes that turn out to be costly, or he might prove to be the best thing since peanut butter and jam. We’ll just have to wait and see.

How could 2008 have gone so terribly wrong, and will it drag down 2009 as well? So far I am one of the lucky ones. I’m retired but not immune to economic troubles. I have a mortgage and a pension, and given that whole countries have been on the edge of bankruptcy, anything is possible.

This is the Christmas shopping season and we are seeing sales that would have followed Christmas day precede the event. I also have observed shoppers looking among the bargain discount stores for items and asking that they be gift-wrapped. Times are tough indeed. I was born during a time when consumers were subject to rationing and all manner of deprivation. For me, life from my earliest recollections has been one of rising expectations. Suddenly, I get to witness first-hand the effect of what happens when the sky falls.

There was the case in the United States of Enron, also known as the crooked E, and the effects from that upon shareholders and employees that were so diabolical as to defy description. The disgraced chairman did the only honourable thing and fell on his sword. That company’s experience was so horrible that we all walked around with our mouths wide open and bug-eyed. Before that there was the collapse of Baring Bros caused by the actions of one man, and more importantly the non-actions of a whole directorate. We thought that was awful. Then came the tightening of credit, followed by the credit squeeze, followed by the credit crunch and toxic assets. This time the entire world was caught up in the mess and it continues till today.

What the hell ca we expect from tomorrow? We watch a parade of companies and countries looking to be bailed out from the mess that highly paid and respected money managers have created. The former chairman of The Federal Reserve in the United States came forward to say it’s as though he knows nothing. Well, the fact is that nobody really knows anything. Management techniques that once worked have gone out the window. Worthless! It’s a new game now. We now know how the Communists must have felt upon realising that their experiment no longer works either

So, when my wife asked me to go carolling I declined. I am never in the mood to do that, but this year singing Christmas carols and wishing everyone to have a Merry Christmas seems so very hollow.

So, the best that I can do is to wish everyone good luck, and above all good health. The chips are falling where they may and life will produce some disappointments. Our challenge is to accept such disappointments with more grace.

Copyright © 2008 Eugene Carmichael .