Some point of views.

Today I read an article from New York Time, November 9, 2009. The author is Allan Sloan, a professional economy critic. He believes that the government uses trillions of dollars to help the giant financial institutions bail out is wrong. He doesn't agree with many economists said the Great Recession has ended. He lists that unemployment is marching toward 10% and the house foreclosures are still rising. He is very angry that the salary of the employee is 150,000; but the bonus is 250,000. People who work at Wall Street they send their children to $40,000-a-year private schools, and they live in Manhattan. According to the Time’s poll, 63% of the respondents feel the Wall Street executives’ pay is completely out of line. He also mentions that 60 trillion of government money flowing into GM and Chrysler. He said the money didn’t use to help the retiree’s pension. He called the CEOs pigs.

I think the author is extremely angry, he stand by the side of Main Street, I feel the American’s economy is becoming worse and worse. Almost every international student can’t find job now. Because so many old employees were laid off. Some of my friends had no jobs and they had to go back to China.

I have a friend her husband owned 3 buildings at Bacon Hill, her family rent the 3 buildings to the tenants, and they charge the renting fees. Because the bad economy, there are less and less tenants rent their studios. This year they don’t have enough money pay for the mortgages. They sell 2 buildings in order to pay back the money to the bank. 3 years ago the building they owned each one worth 4 million dollars. This year each of the building just sold at 2,900,000. They lost 1 million.

As an international student, I can truly feel the bad recession, I agree with the author the economy is still bad. I had a job at Dunking Donuts, the tips the customers gave us is less and less. 3 0r 4 years ago, the co-worker told me he can get 5-6 dollars one hour. Now I can only get 1 dollar one hour, sometimes 50 cents one hour. I think people have no money, so they don’t give tips. I think it’s like a big circle, customers have no money. All the employees earn less money, so they don’t buy extra stuff, just the basic needs. The result is everyone has less money. It’s the bad circulation.

Actually I don’t know how to fix the bad economy, it’s too complicated for me to find a way to solve the giant problem. I just use my eyes to watch, to observe, and to think. I know that the year salary of Blankfein who is the CEO of Goldman Sachs is 1,000 times of the average worker. That’s the system. I have no comments about it because I don’t want to judge the system good or not.

I like to keep observing and thinking.