I have learned a new skill these days. Its called "how-to-be-optimistic-even-in-this-recession". Economists have urged the public to not use the "R-word", but i am going to defy them. (Brave me). People have gone through some tough times this recession; my heart goes out to them. But I have learned to look at a silver lining in this dark cloud
How so? Mainly though Wall Street, banks and CEO's. They keep my optimistic spirit high. Huh what? How?
"Earlier this week, The Financial Times reported Bank of America (BofA) needed to raise about $10 billion as a result of the stress tests. The FT's report was "completely inaccurate," a bank spokesman told Reuters."
This got my spirits high. Wow good news: The bank does not need $10 billion.They are self sufficient.The good days are back.....but wait..."The FT dramatically underestimated BofA's capital needs, which are closer to $34 billion. " (34B more... you gotta be kidding me)
...Don’t be disheartened yet. There is good news in the bad news.
You think this is a case of underestimation. BofA thinks otherwise. They think its over-estimation. CEO Ken Lewis thinks this is "good news because $33.9 billion is less than the $45 billion on TARP funds the government has pledged to the bank. "I knew optimism would work. This is fantastic.
Let me decode the above for you
BofA: We have great news. We dont need $10B
Tax payer: yeahhhh
BofA: We dont need 10B. We now need $34B
Tax payer: You sneaky $%#%^^#
BofA: Look Mr. Tax payer, its good coz 34 B less than the $45B you (TARP funds) promised to owe me. (So now we'll have 11 B surplus. TOGA parties!).
I am not trying to batter the banks or the system, there are enough analysts doing it. (For the record i hate the TARP and the bail out, but that’s me). I am just trying to laugh at the so called "good news". BofA you are a big bank. You serve clients in over 150 countries. My desi hommies have multiple accounts. But if you continue this way there will be more sites like http://www.bankofamericasucks.com/.
It’s been a rough year for all of us. But it almost seems that grammar adjectives I learned in high school, good-better-best has changed to totally sucks-bad-good. I think we are looking for "better". Oh but the Wall Street "better" is different that we all think. I mean look at the news I was watching on TV
Citigroup Inc. reported its smallest loss since 2007. The bank on Friday posted a first-quarter loss to common shareholders of $966 million after massive loan losses and dividends. The results were better than expected.
Once again a perfect example of looking at the positive in the dark hour. Now do you agree? Don’t look at the $966 mil loss or thousands of employees laid off....look at the better than expected.
I had an old email with good/bad news jokes which i found in my inbox. I think they perfectly which fit the situation. But then what do i know........
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Wife: I have some good news and some bad news.
Husband: What's the good news?
Wife: The good news is I found a picture that's worth $500,000.
Husband: Wow! That's wonderful! What's the bad news?
Wife: The bad news is that the picture is of you and your secretary!
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Lawyer: I have some good news and some bad news.
Client: Well, give me the bad news first.
Lawyer: The bad news is that the DNA tests showed that it was your blood they found all over the crime scene
Client: Oh no! I'm ruined! What's the good news?
Lawyer: The good news is your cholesterol is down to 130!
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Wife: I have bad news. I lost my wallet
Husband: Really. I have good news
Wife: What
Husband: My Credit card won’t be maxed out.
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