Notes from underground

يارب يسوع المسيح ابن اللّه الحيّ إرحمني أنا الخاطئ

Archive for the tag “depression”

Slumdogs Unite! – populist rage

I haven’t seen the film Slumdog millionaire, but Mardon Seevey gives a good hint about why it won so many Oscars.

Op-Ed Columnist – Slumdogs Unite! – NYTimes.com:

The tsunami of populist rage coursing through America is bigger than Daschle’s overdue tax bill, bigger than John Thain’s trash can, bigger than any bailed-out C.E.O.’s bonus. It’s even bigger than the Obama phenomenon itself. It could maim the president’s best-laid plans and what remains of our economy if he doesn’t get in front of the mounting public anger.

I don’t know who Daschle and Thain are, but it is not hard to imagine the kind of people they are, and to think of South African equivalents. Frank Rich goes on to say:

The public’s revulsion isn’t mindless class hatred. As Obama said on Wednesday of his fellow citizens: “We don’t disparage wealth. We don’t begrudge anybody for achieving success.” But we do know that the system has been fixed for too long. The gaping income inequality of the past decade — the top 1 percent of America’s earners received more than 20 percent of the total national income — has not been seen since the run-up to the Great Depression.

This is why “Slumdog Millionaire,” which pits a hard-working young man in Mumbai against a corrupt nexus of money and privilege, has become America’s movie of the year. As Robert Reich, the former Clinton labor secretary, wrote after Daschle’s fall, Americans “resent people who appear to be living high off a system dominated by insiders with the right connections.”

Middle-class Indians are up in arms about the film, because they say it misrepresents their country, but perhaps its popularity doesn’t depend so much on how it represents India as how it represents life in general.

How the recession will affect the motor industry

How the recession will affect the motor industry.

First the oil price soared to over $US 130 a barrel. Then people stopped buying big cars. Then they stopped buying smaller cars. Then the motor manufacturers started laying off workers and getting bail outs. Then the steel industry began feeling the pinch. Hope the oil speculators are happy.

How will it affect Jeremy Clarkson?

Photobucket

Hat-tip to Posh Totty — and there’s more where that came from.

Spend! Save! Don’t spend! Don’t save!

As the economic recession gets closer to a full-blown depression, the conflicting messages from economic fundis and would be fundis become more and more confusing, leading to reports like this: Spend less this Christmas, says the Church of England, as retailers head for bankruptcy :: Damian Thompson:

Every year the Church of England tries to underline ‘the real meaning of Christmas’ with a publicity campaign and every year it makes a hash of it. Indeed the sound of a Christian PR stunt backfiring has become a much-loved feature of the festive season. This year s headline the Bishop of Reading the Rt Rev Stephen Cottrell calls on the public to spend less in the shops just as the recession is biting and shopkeepers are searching anxiously for customers. Nice one bish.

Hat-tip to A conservative blog for peace.
And then there’s this.
TitusOneNine – Joe Nocera–The Worst Is Yet To Come: An Anonymous Banker Weighs In On The Credit Card Debacle:

Over my career, I have seen thousands of consumers that have credit card lines in excess of their annual salaries. Some are sinking under their burden. Some have been fiscally responsible and have minimal amounts outstanding. My 21-year-old daughter, who’s in college, gets pre-approved offers all the time. She has no ability to repay debt, yet the offers flow in just the same. We all know how these lines are accumulated. The banks, in their infinite stupidity, keep upping credit lines because the customer pays the minimum payments on time. My daughter’s credit line started at $1,000 and has been increased over the last two years to $4,400. She has no increased earnings to support this. But the banks do it without asking. And without being asked. The banks reel in the consumer, charge interest rates higher than those charged by the mob, increase lines without the consumer asking and without their consent, and lure them into overextending. And we can count on the banks to act surprised when they aren’t paid back. Shame on them.

You swipes your credit card and you takes your pick.

Post Navigation