'A-Rod had it all wrong. Highstakes gambling is in the stock market.'
I read this on a friends' facebook page before the market opened Monday, and chuckled. That was before the market took a nose dive, and then it wasn't funny at all.
Millions of faces around the world looking on, as the earths' most stable economy (so we're told) crumbled. Their president telling them there is nothing to fear, quoting investors saying regardless of what some people say, they're still a AAA-rated country.
No, you're not. And investors proved it.
President Barack Obama told the world investors still believe America is worthy of investment. In response, the market shrunk below 11,000 points for the first time in 9 months. The S&P Index lost 6% on the one day.
You know who else lost 6% in one day? Stock markets in Greece. Yes, THAT Greece, the one that is taking bailouts from the international community in order to avoid defaulting on their loans.
Obama blamed partisan politics, saying the downgrade in credit rating only happened because the good folks in Washington took their sweet time.
Truth is, people in Washington HAD to take their sweet time. So do folks in Canada, Australia, Greece, England and around the globe.
In 2008, we came as close to a market crash as i've ever seen. Now, in 2011, some investors say we may be on the brink of another. It's time to rethink how business is done globally. This antiquated version of business hasn't changed significantly since people were trying to keep up with the Dow's and the Joneses.
How to fix it? I have no idea. But there are those out there with smarter business minds than mine, that do.
It's time the 'great' powers of this world paid attention to them. Before they can no longer be considered to be 'great' or 'powers.'
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