Amazing how things work....
Just watched "Mary Poppins" - well, just the TV on in the background actually.. wasn't actually watching.... :)
BUT!
Read the lyrics to the next song very, very, very carefully... and keep an open mind while you look back on what happened in 2008:
Mr. Dawes Sr, Mr. Banks and Bankers:
If you invest your tuppence
Wisely in the bank
Safe and sound
Soon that tuppence,
Safely invested in the bank,
Will compound
And you'll achieve that sense of conquest
As your affluence expands
In the hands of the directors
Who invest as propriety demands
You see, Michael, you'll be part of
Railways through Africa
Dams across the Nile
Fleets of ocean greyhounds
Majestic, self-amortizing canals
Plantations of ripening tea
All from tuppence, prudently
Fruitfully, frugally invested
In the, to be specific,
In the Dawes, Tomes
Mousely, Grubbs
Fidelity Fiduciary Bank!
Now, Michael,
When you deposit tuppence in a bank account
Soon you'll see
That it blooms into credit of a generous amount
Semiannually
And you'll achieve that sense of stature
As your influence expands
To the high financial strata
That established credit now commands
You can purchase first and second trust deeds
Think of the foreclosures!
Bonds! Chattels! Dividends! Shares!
Bankruptcies! Debtor sales!
Opportunities!
All manner of private enterprise!
Shipyards! The mercantile!
Collieries! Tanneries!
Incorporations! Amalgamations! Banks!
You see, Michael
Tuppence, patiently, cautiously trustingly invested
In the, to be specific,
In the Dawes, Tomes
Mousely, Grubbs
Fidelity Fiduciary Bank!
After reading that, can you apportion that idealism to any major bank nowadays?
I think you can - if you are an intelligent person that is.
(Upset at that last sentence? - go educate yourself! - then come and leave a comment)
Can you believe those lyrics? They were written (or at least, the film was released) in 1964.
1964.
Now, while I don't apportion any blame to the lyricists or songwriters (the Sherman brothers), they seem to have been way ahead of their time in understanding the banking industry.
Lets forward to 2008:
So many banks went under:
Why? Perhaps it was exactly as the Sherman Brothers wrote about it Mary Poppins:
Lets review some lines from the lyrics:
"In the hands of the directors "
Well, sure - we know that they were the ones who held the fortunes of the bank - obviously, they are the ones to be held accountable. No?
"You see, Michael, you'll be part of
Railways through Africa
Dams across the Nile
Fleets of ocean greyhounds
Majestic, self-amortizing canals
Plantations of ripening tea"
Hmmm - odd investments to be sure.
So your money has gone toward investing in these so-called "hair-brained schemes" (well, hair-brained as far as you're concerned - even if you knew where your money was invested!) but according to the bank - "as safe as houses!" - and that has to be the most ridiculous statement ever.
Back on topic.
Lets take each of those investments at face value:
"Railways through Africa"
and lets see if we can make any money from that.
OK - according to Railways Africa, you might have made some money with that.... :)
What about:
"Dams across the Nile" ?
Ok, so perhaps the Aswan Dam was a good investment too (at the time)
Next! What about...
"Fleets of ocean greyhounds"
Can anyone say "Titanic" (even though it sank before the brothers Sherman wrote Mary Poppins...)
Next! (ok, ok)
"Majestic, self-amortizing canals"
Oh, ok - Suez Canal..... but! Read this:
| “ | "One thing is sure... our local merchant community doesn't pay practical attention at all to this grand work, and it is legitimate to doubt that the canal's receipts... could ever be sufficient to recover its maintenance fee. It will never become a large ships accessible way in any case." (reported by German historian Uwe A. Oster) | ” |
(Bold in the above is mine)
"There's your first clue, Sherlock!"
(The above line used without permission from the 1997 film "Titanic")
So lets go back a bit. All the investments that these big banks have made, on your behalf, (remembering that they are using your money) in the hope that they'll make more money (and pay you what they promised they'd pay you, in terms of interest payments) have essentially crashed and burned.
During this period however, they paid themselves huge bonuses on the expectation that their investments would pay off - remember the lyrics: "In the hands of the directors"
So.
Isn't it the responsibility of the directors of these banks to guarantee the investments of their customers?
Apparently not.
And now, taxpayers money is now used to bail-out these "directors".
Does this seem right to you?
Make a noise. Do it now. Right now.
After all, they are using your money!
And they're the ones who have made you lose money!
Are you angry yet?
