Bermuda Fables

"I have come to the conclusion that politics are too serious a matter to be left to the politicians." – Charles De Gaulle

I think the appropriate term is “hell in a handbasket”… September 26, 2008

Filed under: Uncategorized — alsys @ 3:13 pm

Yeah, I’m a bit a pessimist at times. And right now is one of those times. Everyone in Bermuda has been watching the States this week for, more than likely, one of two reasons. One, because of the worst financial crisis i have ever seen (at least in my own lifetime) and two, because or more to the point, resulting from that, the spotlight that Obama has focused on our financial industry (unfairly I’d say but then I as a bermudian would!). The entire situation does not bode well for our island paradise. It was joked that the ad that Obama uses us in to poke at McCain actually has some lovely pics of Horseshoe Bay… some inadvertant advertizing of sorts. And the DNC’s tongue in cheek goodie bag of sunscreen, Bermuda rum cake and various other “appropriate” items given to the american journalists recently is one way of getting the Bermuda Tourism message across. Yeah… not really. The Democratic camp has decided to not only focus on Bermuda as “theives stealing from the hard-working americans with the help of McCain” – which is patently wrong and only highlights their misunderstanding of offshore jurisdiction policy – but to effectively “kick us while we are down”. This financial crisis is bad, real  bad, and it only seems to be getting worse by the day. Just today the news came out that WaMu, which was purported last week to be the next to fall, has indeed fallen and been fire-saled to JP Morgan. And by fire sale, I mean, WaMu’s 307 billion in assetts being sold for a mere 1.9 billion. there was talk of a bailout but this has been turned back by Congress so I’d expect the next couple of weeks to detail more and more large corporations falling. The problem we have is that  if America’s economy falls, so does any country’s with huge ties to it. Us, Germany and other European countries. This crisis is not over by any means and now that Bermuda has be shoved into the center of the presidential stage, it will probably be a much different landscape here when it is all said and done. No matter who wins.

 

Yep, pessimist. That’s me.

 

*If anyone is interested in finding out how much of what is said in these commercials and campaigns is actually factual, have a look at www.politifact.com . This website examines postiions of the four candidates and basically fact-checks them. Very interesting read.

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One Response to “I think the appropriate term is “hell in a handbasket”…”

  1. Mike Says:

    Alsys

    You write with such a youthful touch, I am surprised you can recall anything remotely approaching what we are facing!

    I don’t think you are a pessimist, perhaps more of a realist as it seems inevitable that we will be affected by all of this.

    It seems to me that Obama’s message is an easy one to swallow, particularly at a time when Americans must be feeling low and uncertain of the future. Job losses under George, a financial mess on his watch et al. I suspect I would warm to Obama’s message if it were me over there with increasing prices, house foreclosure rates that are frightening and so on.

    The circumstances facing the US people of late, make it ideal to go for the heart on such matters – and probably win the argument. Shouts of “it isn’t right” must be ringing around the nation as we speak.

    As I understand it, taxation in the US carries with it a more ‘serious’ feel (bad way to put it) than say in the UK. There is imho a spirit of ‘everyone must pay there dues’ and even a perception that some are not, must anger those who do and more so when one is struggling financially.

    At the end of the day of course, there are always two sides to a coin. The industry will I am sure be preparing itself to respond in the event that Obama wins and legislation is brought forward. That message must get across to the American people – before the election. Knowing very little about your industry, I have to assume that when someone says prices will rise, that they will. Given New Orleans, Galveston and all points north, that must be the last thing they welcome.

    Let’s hope that the American people get that message before November.

    Keep smiling.


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