tag:blogger.com,1999:blog-3117597273371517732.post5610274046334526576..comments2016-01-21T08:08:18.620-08:00Comments on Melvin H. Shapiro: Peter's Principle at WorkUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3117597273371517732.post-50994905385774180302009-08-20T08:31:39.225-07:002009-08-20T08:31:39.225-07:00"In a Hierarchy Every Employee Tends to Rise ..."In a Hierarchy Every Employee Tends to Rise to His Level of Incompetence." It was formulated by Dr. Laurence J. Peter in the book The Peter Principle)."<br /><br />Right on. Look back at the campaign and what was Obama's biggest problem? No experience. Still holds true and we're witnessing it. Then look at his right-hand man Emanuel. The furiggin guy has a degree in BALLET DANCING!!! What the hell!!!<br /><br />"This morning I sold every stock market position I own. My anger with AARP, who does not represent the very people that are their customers, Seniors, reached a boiling point last week when I realized that they too have been co-opted by POTUS. I canceled my Supplemental Coverage with them and placed it with another agent, one not so cozy with POTUS (and saved a whopping $20 a month!)"<br /><br />Good move on selling the stock IMO. September-October is terrifying enough for equity markets. I think this coming Sept-Oct will be earth-rattling. With all of the crappy outlooks and bogus temporary green-shoots (now dead shoots), that I'm seeing, I'm betting on a huge correction sooner than later. The 4 big points that will make this happen are: 1. rising unemployment. There's no such thing as jobless recovery. 2. Lack of consumer spending, lack of consumer confidence and destruction of consumer wealth ($5 trillion is the last estimate). Again, based on our 75% consumer-based economy, things will get worse before they get better. 3. More declines in the housing market including lower prices, increased foreclosures and tougher loan requirements (except for FHA/GinnieMae which is about to explode and add to the toxic assets pool). 4. The collapse of the commercial real estate market, which is collapsing as I type. And a 5th would be some reasonable earnings reports here and there, but all of these are a result of cost-cutting. There is no improvement in the TOP line (Revenues)of the earnings statements. I could go on.<br /> <br />RE: the AARP? I'm hearing they're losing 10k members a week! Let's face it, they're a bunch of liberals that are now in the business of selling insurance. And they're playing a balancing act, or trying to, to placate members while trying to maintain they're liberal agenda. I'd never join them.<br /><br />"In Ayn Rand's Atlas Shrugged, the protagonist, John Galt, led a group of "rebels" to overthrow the government via a brain and will strike. A strike of the captains of industry, the movers and shakers. Without those special few that really make it all happen, the government will always fail. Those captains are at this moment being either fired, ignored or co-opted. Populism at work... they are an easy target, like the Jews of Germany were, as are the oldsters, the Seniors in the USA, are (or were thought to be!)."<br /><br />Not sure about the above, but the fools in DC need to remember one thing: The founders wore nylon stockings and wigs, but it was the farmers that got ticked off and made it happen.<br /><br />"That strike can bring down this government! The federal government, without income taxes generated by real purchases and real profits from solid goods to fuel federal coffers, can print money for only so long. Manufacturing has all but vanished.... we can only rub one-another's backs for so long..... someone has to "add value" to the mix. We can't all live off the heat of the "rubbing." We can't all be the prostitute, someone has to bring real money, earned by real work, for real durable goods, to the party."<br /><br />The party's over. The entire economy for the last say 8-10 years was based on bogus wealth in the form of bogus equity in American homes. As we now know, it was all hype. Everyone was in the ether refinancing and flipping. Now the consumer is way over-leveraged, bankrupt, unemployed, cautious, distrustful, not spending, hording, saving, and some are even dead. It ain't gonna happen without the American consumer. And btw, since we're China's biggest market, they're screwed without us.<br /> <br />FrankAnonymousnoreply@blogger.com