Janet CollinsIs Pessimism Now Trendy?
October 6th 2008 11:51
The headline news for the past few months has been anything but positive - lost homes, share prices plummeting and banks almost closing their doors. What a turnabout from twelve months ago when capitalism was rife and everyone skited about how much money they had made in shares.
Not now. We now hear all the sad stories about those who have done it so hard over this share market crash. One of these stories sticks out. In the Sun-Herald yesterday, a story about the selling off of Ferraris and boats came to mind. One investment banker had been dealt such a big blow that he was selling off three of these! Times are surely tough for the well-healed.
Even in the good times, why on earth would anyone need four cars, let alone four Ferraris? Maybe a different one to impress for each day I think. It does say something about the market economy in the false belief that money trickles down. How much of this sort of money trickles down to the worker or those who need it?
What we all can have in common though is the pessimism that comes out of a recession, or driving towards it. So much has to be given up. Losing a home or a job or anything we hold dear is far more serious.
But hey, to those who are well healed, selling off a few Ferraris is a very big deal. You have to feel sorry for them.
Not now. We now hear all the sad stories about those who have done it so hard over this share market crash. One of these stories sticks out. In the Sun-Herald yesterday, a story about the selling off of Ferraris and boats came to mind. One investment banker had been dealt such a big blow that he was selling off three of these! Times are surely tough for the well-healed.
Even in the good times, why on earth would anyone need four cars, let alone four Ferraris? Maybe a different one to impress for each day I think. It does say something about the market economy in the false belief that money trickles down. How much of this sort of money trickles down to the worker or those who need it?
What we all can have in common though is the pessimism that comes out of a recession, or driving towards it. So much has to be given up. Losing a home or a job or anything we hold dear is far more serious.
But hey, to those who are well healed, selling off a few Ferraris is a very big deal. You have to feel sorry for them.
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