Friends, imagine my feelings this morning when I saw that Wall Street had risen dramatically! I mean, you know how much I value Wall Street and everything it stands for.
It appears that the main reason for the up-tick (isn’t that an interesting word?) is that Wells Fargo, America’s forth largest bank, had posted an unexpected three billion, first-quarter profit, a fifty percent increase. Its shares rose dramatically.
Now, late last year Wells Fargo, pleading financial difficulty, got a 21 billion dollar bail out of American taxpayers’ money and what did it do? In December, it bought Wachovia of course! What else would a bank do with taxpayers’ money?
Well, in a happily-ever-after fairytale, Wells Fargo has turned around its fortunes and, by pruning a bit here and nudging a bit there, it posted a profit and is even going to pay a dividend. And this in spite of the fact that the new, stiff, financial regulation regime that is talked about incessantly by nations across the world, to my knowledge, is not in place.
Friends, what has happened here is clearly a miracle!
Look, call me foolish if you will but how did a bank that was on its knees bring about such an amazing turn-around? Surely it could’ve only happened with Divine Intervention! God must be a capitalist and has wrought a miracle for Wells Fargo. Which other banks, insurance companies and financial institutions will He help next?
It’s a shame that the banks are closed today (Good Friday) because I was going to withdraw my meagre funds and throw them into bank shares. If I can guess God’s next miracle, I’ll join the ranks of the ultra-rich and live in a harbour-side mansion and sip vintage wine and eat lots of caviar. Life is full of wonders! May Tuesday come quickly.
P.S. You know, I may be cynical, but I get the distinct feeling that these new, stiff regulations are never going to happen. I get the feeling that the Masters of the Universe, knowing that the minds of the masses only have a short attention span and do not understand the intricacies of economics and world finances, are going to allow the bail-outs to work and soon, with a bit of good news here and there which will be pushed by the media tycoons, the world will return to the old ways and the rip-roaring, boom and bust cycle of capitalism will return and the unscrupulous, ultra-wealthy upper classes will reign supreme again.
The more things change…
Happy Easter to all!
Last weekend we saw an interview by Bill Moyers Journal, where he interviewed an author by the name of Black who wrote a book: how to rob a bank etc, about the S & L debacles a few years back. Seems the same folks who were involved in that, are invested in this one too (banks). Kinda like the wolf, watching the hen house ; (
Ahhh yes, the more things change, the more they stay the same.
On another note, it appears Insurance companies are going to line up soon for bailout.
Oh my ; (
Cheers my friend!
Reply
Now if god would only bring a mircle or two to the homeless, the hungry and desperate people all over the world.
Strange that those that already have get more, or maybe not.
If god is a capitalist that is wht I am an atheist!
Reply
Coffee, the situation of the rich banks and insurance companies lining up for bail-outs when, if we borrow too much or make a poor investment decision we have to cop it on the chin is a massive irony! The rich are propping up their own corrupt system using our money!
Jeannie, the only god that exists in this world is the ‘god of greed’ and his disciples will take money from the poor and the gullible happily while they live like royalty!
Reply
A little fly in the ointment called climate change and it’s driving them mad I tell you mad. Two more years and let’s see if more many more start to hear the laughter of the God’s. Still time not much but still time.
Reply
Yes, it’s a big issue that is being swept aside by the financial crisis, Don. It’s like a drowning man clutching a bucket of gold coins that is pulling him down and down!
Reply