A minap elég jól olvasott volt a Mandy kocsmája c. bejegyzés a pénzügyi válság megmagyarázása közérthető módon. Na most megjött a bostoni...
A minap elég jól olvasott volt a Mandy kocsmája c. bejegyzés a pénzügyi válság megmagyarázása közérthető módon. Na most megjött a bostoni nagybácsitól az angolszász változat. Ha nem érted, magadra vess!
Heidi
is the proprietor of a bar in New York. In order to increase
sales, she decides to allow her loyal customers - most of whom are
unemployed alcoholics - to drink now but pay later. She keeps track of
the drinks consumed on a ledger (thereby granting the customers loans).
Word gets around about Heidi's drink now pay later marketing
strategy and as a result, increasing numbers of customers flood into
Heidi's bar and soon she has the largest sale volume for any bar in
Detroit . By providing her customers' freedom from immediate payment
demands, Heidi gets no resistance when she substantially increases her
prices for wine and beer, the most consumed beverages. Her sales volume
increases massively.
A
young and dynamic vice-president at the local bank recognizes
these customer debts as valuable future assets and increases Heidi's
borrowing limit. He sees no reason for undue concern since he has the
debts of the alcoholics as collateral. At the bank's corporate
headquarters, expert traders transform these customer loans into
DRINKBONDS, ALKIBONDS and PUKEBONDS. These securities are then traded
on security markets worldwide. Naive investors don't really understand
the securities being sold to them as AAA secured bonds are really the
debts of unemployed alcoholics. Nevertheless, their prices continuously
climb, and the securities become the top-selling items for some of the
nation's leading brokerage houses who collect enormous fees on their
sales, pay extravagant bonuses to their sales force, and who in turn
purchase exotic sports cars and multimillion dollar condominiums.
One
day, although the bond prices are still climbing, a risk manager at the
bank (subsequently fired due his negativity), decides that the time has
come to demand payment on the debts incurred by the drinkers at Heidi's
bar. Heidi demands payment from her alcoholic patrons, but being
unemployed they they cannot pay back their drinking debts.
Therefore, Heidi cannot fulfill her loan obligations and claims
bankruptcy. DRINKBOND and ALKIBOND drop in price by 90 %. PUKEBOND
performs better, stabilizing in price after dropping by 80 %. The
decreased bond asset value destroys the banks liquidity and prevents it
from issuing new loans..
1--The
suppliers of Heidi's bar, having granted her generous payment
extensions and having invested in the securities are faced with writing
off her debt and losing over 80% on her bonds.
2---Her
wine supplier claims bankruptcy, her beer supplier is taken over by a
competitor, who immediately closes the local plant and lays off 50
workers.
3---The
bank and brokerage houses are saved by the Government
following dramatic round-the-clock negotiations by leaders from both
political parties. In the process calling themselves "heroes and
saviors" of the system so no doom comes to you. And in the mix, giving
and paying themselves large multiple
million dollar " retention bonuses" so they do not leave. Even though some of the bankers and brokers have left the company already.
All
of this is legal and made possible of course with your tax dollars. And
there is no way to get the bonus money back. (its in their contracts)
4---The funds required for this bailout are obtained by a tax levied on employed middle-class non-drinkers.
The
Bottom Line---- Keep working harder,.... its a multiple trillion dollar
tab,.... you will have to personally keep paying for this....But the
bankers will get their bonuses....
.....Finally an explanation we can understand...
