I see more ads for Ditech mortgages (from GMAC) and GMAC Bank than I see for GM cars. So GM is now earning more from the financial sector than from manufacturing?
We owe ever more to China and India, and the petro-dollars we send to the Gulf of Arabia are now being used by Gulf countries' sovereign wealth funds to shore up our banks!!
The Economist magazine, hardly a left-wing publication, stated "The financial-services industry's share of total American corporate profits rose from 10% in the early 1980's to 40% at its peak last year. By one calculation, profits in the past decade amounted to $1.2 trillion more than you would have expected." And this was from the Sept. 20, 2008 edition, before the meltdown Monday, Sept. 29!!!!
Tie these items together and it's easy to see why the US is well down the road to being a second class power. Financial engineering has replaced real engineering. Anybody else think this picture needs adjusting??
On a more hopeful note, Captain 'Roid has been following with interest the saga of the freighter that the Somalian pirates captured. Seems there's about $40 million worth of old Soviet tanks and artillery aboard. It was headed for Kenya. The Somalis want a $20 million ransom for it. Our captain would love a share of that money to help her parents retire, but the gleam really comes to her eye when she thinks about her and the rest of the Pirate Dogs sailing that ship up the Potomac, taking over Washington, and helping all of us........................
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