I'm sure this period in history will be analysed, disected, reassembled, disected, and re-analysed for centuries to come. Sadly, it comes down to greed, as well as a lack of honor, integrity, morals, ethics, and scrupples ... and poor prior planning ......
Seven BILLION people on this planet ... and none of the other govt's did any better, prior to, or during, the global meltdown for their citizens. It is possible the actions taken by the USA will see the USA out of this Recession at the forefront of the pack ... but it's a global economy now, so the other countries, that have done little to nothing, hoping to "ride the coattails" of the countries that did take action ... will be a drag on the global economy for a decade, or more to come.
The worst part is, the past and current, exportation of jobs, and TECHNOLOGY, from the USA to other countries ... the USA needed to create jobs here ... instead ... the gov't is saving the financial system while people are losing their jobs, and their homes ... and can't pay their bills. To me, creating and saving jobs, was the best path to a recovery AND SELF SUFFICIENCY. Seems that employed people will, and would, be able to feed their families, pay their bills ... and constructively contribute to society ... rather than be a drag on it ... thru no fault of their own.
Other countries have an unfair advantage over USA employers ... Our gov't has engineered a slew of taxes that other countries don't have ... China, has NO retirement system. No Social Security, No FUTA ... hence overseas companies can earn more per dollar ... than manufacturing the same product here. The USA needs to look at all the taxes, determine what percentage of producing any item(s) those taxes impact USA workers vs foreign workers, and either negotiate with other countries to start their OWN programs and taxes, OR institute a FAIR competition tax on imports until other countries do so ...
As to Dubai: the biggest exposure appears to be the EU ... somewhere between $80 - 85 billion, of which Dubai is asking for a delay on about 30 billion .... NOT a write off ... a delay! Hummmmm, given the SIZE of the daily markets, though it's NOT a small amount , it IS a manageable amount. that's certainly, "do-able"!
Keeping your focus on what's "manageable", is going to help your investing when the "big boys" reach the same conclusion.
Sorryl, I'll get off my "soap box" now, thanks for the response .. . and for listening to my " 2c" .. [more]
When it comes to gold I really only have two things to say:
(1) Barrick Gold (ABX)
(2) Kinross Gold (KGC)
Why? ... glad you asked!
Gold, Silver, and Copper ... as in Cerro Casale, Chile WOW!!!!
Kinross acquired its 49% interest in the Cerro Casale gold-copper deposit in northern Chile on February 28, 2007, through its acquisition of Bema Gold. Barrick Gold held the remaining 51% interest. As a result of a new shareholders agreement entered into with Barrick and an associated reorganization of the corporate ownership in September 2009, each of Kinross and Barrick now have a 50% interest.
Discovered in 1996, Cerro Casale is located 145 kilometres southeast of Copiapó, and is directly south of Kinross' Maricunga mine.
The Cerro Casale deposit is a large gold and copper orebody with reserves (100%) of approximately 21 million ounces of gold and 5 billion pounds of copper. It is reputedly one of the largest undeveloped gold/copper deposits in the world.
21 mil oz x $1192 = $25,032,000,000 ($25 Billion) in the ground ... WOW !!!! [more]
I would avoid AT&T due to the health care debate and issues specific to AT&T and other companies as well. . Specifically, AT&T was using MetLife to delay, and deny employees healthcare needs based on RISK assessments that the employee's "life style" and/or actions , whether knowingly, or unknowingly, were a contributing factor to "COSTS". AT&T also uses AON Human Capital Services and if you go to the AON website ( http://www.aon.com/human-capital-consulting/health-benefits/health-benefits.jsp ) ... you can find AON openly brags about these RISK analyses ... that could be used by employers to terminate unsuspecting, hard working employees: Per AON: "The rise in employee healthcare costs is primarily due to preventable lifestyle choices by employees themselves. Aon’s Health Care Benefits Management practice offers solutions to drive changes in their behavior, so employees assume more responsibility for their own health." Nationwide, the employees have NO CLUE that the medical benefits they've been working for can and will disappear when they NEED it the most .... OUCH! It's right there in plain sight ... and has the potential to be hugely detrimental to any stock dragged into the spotlight. ... I suggest ... we DEMAND that ANY employer that hires RISK management, like MetLife, or AON, also negotiates for that company to use it's data to suggest a course of treatment BENEFICIAL to the employee ... NOT just the employer. [more]