Tuesday, November 25, 2008

The Economic Downturn - has it effected you

I have discovered Polls and am finding the results very interesting.
Please join my latest poll

Sunday, November 23, 2008

"What people should be doing is reacting to their own personal circumstances"

The Commonwealth Bank is now joining in the JimBob lets stop talking everything down campaign.

Hooray - now media stop putting taglines on the top that are perpetuating fear.

Markets stop perpetuating the fear in an oscillation game of Win,Profit Take,Fall,Rise etc.

Friday, November 21, 2008

US car makers told to submit new recovery plan

As has now been quite well reported the car makers of the USA did not impress and have to comeback a little better prepared than the last effort.

Clearly the big two GM and Ford are also very important to Australia and indeed our Government has put up a few bucks to help out. Must say I am not quite sure where Toyota sits in all this but again Australian Car Making is very much reliant on the Japanese Giant, and they have also shared in the generosity of the Australian taxpayer. In fact Toyota appear to be weathering the storm better than most.

I would however like to extend my sympathy, in some small part at least, and suggest to the Congress that when the car makers return to the table that perhaps the Unions better be sitting alongside with cap in hand as well. I fear there is not enough said about the role they have played in bringing the industry to its knees.

Hmmm, I wonder if the leader of the House will subscribe to my Blog.

The Adelaide Advertiser Published my reply


I am pleased the Advertiser published my follow up Letter to the Editor. I must say the article a couple of days ago on which they put the heading "Still Feeling Good" I did feel was placed a little cynically by the Editor.
It was ironic that the very night after it was published the Reserve Bank of Australia Governor saw fit to warn Australia to be wary of talking ourselves down.
So what to do now - well I would suggest that "The Advertiser" and all other News Corp and media commentators should now start digging a little deeper and genuinely understanding the vagaries of our current Financial Market dealers. I am convinced that far too many of them are too young and too inexperienced and simply are playing with a numbers game and ignoring true fundamentals of life experience.
You cannot simply turn up and pop on a visor and sleeve bands and play money market dealer, and yet this is a trend that is repeated over and over again about every 10 to 15 years. I fear our markets are treated a little too much like the Texas Hold 'em Poker game down at the local pub, I also fear that too many of the dealers are the young men and women I spied sitting at the tables the other night.
I was sent a summary of a book recently and unfortunaetly cannot find it just now but will re-edit this blog when I find it. Essentially the author admitted how as a young man he was sat down at desk with Computer terminal, a big pot of money and not much else and sent of to market. Worrying but true and not much different to some of the experiences I had as young banker. Although I must also say I had some of the most experienced men around sitting on my shoulder.
Market melt downs are so completely unnecessary but unfortunately greed and stupidity continue to get in the way.
The simple announcement of Timothy Geithner as the new Secretary of the US Treasury by President (elect) Obama saw a last minute surge in Wall Street just before the close. The fundamentals sure did not change but perhaps the fact Barack Obama is getting on with the job and showing some wise judgement in his Executive appointments is the catalyst Wall Street needs to get back to fair market value trading and stop being influenced by the Bear Market hedge dealers.
Let's get on with the job - the Listed Blue Chip shares today look even more blue than they did yesterday.

Wednesday, November 19, 2008

The Governor of the Reserve Bank of Australia agrees with JimBob

This article published by the ABC in Australia highlights a question that was asked of Glen Stevens The Governor of the Reserve Bank of Australia last evening regarding Australia's ability to handle the so called Global meltdown.

Glenn Stevens has pointed out that Australia has an economic strength and is well placed to weather the current Financial Storm. He went on to say, "Given that we have that scope and given the underlying strengths of the economy, about the biggest mistake we could make would be to talk ourselves into unnecessary economic weakness."

The comments about Housing are well founded but the overpricing is not Universal in this country and those areas where this is so are seeing the adjustment that is necessary. Equally the comments about the USA Housing Markets are equally not Universal but focused on about four states including, California,Florida,Michigan and Nevada. Our commentators need to be careful as all encompassing statements are indeed the fuel of fear.

I write today to again call on the Prime Minister, Treasurer and media to take heed and change the way we are reporting this situation. It is imperative and foolish if we continue to talk ourselves down.

One fears that our Prime Minister is finding this hard to do as he was handed a pretty sound ship by former Prime Minister John Howard.

Tuesday, November 18, 2008

Dear Mr Rudd - start talking Aussie up. We are not as bad as you want everyone to think.


Hey I Got published in "The Advertiser"

It is most concerning to me that while I am certain that the global situation will have an effect, I still believe that in Australia it is unnecessary for us to continue in this "Me Too" attitude. The majority of the product we export is essential to life in the form and food and other life essential commodities. The countries we export to are so large and continue to experience population growth greater than our entire population. China continues to have to rebuild after the earthquake and to continue to build to cater for its own population growth.

Sure the Automotive industry is a problem but more so at home in the US than Australia, and that is caused by poor management by both Unions and the Companies themselves.This building to production capability just to keep people in jobs rather than to conservative growth estimates is unbelievable. And in the US once a car dealer it is almost impossible to get sacked by a manufacturer - give me a break.

Some Rocket Scientist down at the ABS (Australian Bureau of Statistics for my international readers)announced that in September (September mind you), that retail sales had only grown by 0.1%. Hell ay, is that not what our erstwhile Governor of the Reserve Bank wanted to happen when he jacked the interest rates. Worked didn't it. Oh then we worked out "bugger" between fuel price (screwed over by greedy futures dealers - not OPEC, who caught on before anyone else) and higher interest rates we have gone too far - then exacerbated by greedy poorly regulated Bankers in the USA and Europe - we think we need to get wound up in a financial stuff up that has limited spin off in Australia.

Please Mr Rudd cut with the "hang dog" looks on TV - build the wharves to handle the multitude of ships sitting off our East Coast - fill 'em up with Coal and Wheat before my friends in Asia freeze in the dark in the cold Northern Winter wondering where their next loaf of bread is coming from. While you are at it a bit more steel for the building programs run out would not go amiss either.

Hey and get control of these Futures traders, betting on SPI (share price index) forces young dealers to forget fundamentals of trade and to start trying to pick the winner of next years Melbourne Cup. Hey 26 black down the casino is much faster way to burn real dollars.

Friday, November 14, 2008

Tagged

Well it has happened I have been tagged. My really good "friend" Kat has kindly dobbed me in.

My first task is to shout her blog and indeed her blog is always a great read. "As Kat Knits" so that is achieved.

I guess that is a good place to start as many of my timeline friends seem to be members of that powerful online group the "knitters" of USA. I have to say I really enjoy my Plurk Buddies As I complete this blog I also have to tag 6 more friends to their turn - that may prove difficult as lot of the blogs I read have already been tagged but we will have a little bit of an Aussie flavour.

So to those I tag understand the rules.
#1 Shout your taggers blog
#2 5 Interesting facts about yourself
#3 Tag six more blogs

Having achieved Task #1 the tough bit starts - five interesting facts about me. I actually find myself a bit of a boring workaholic but do love reading current affairs even if at times I get a bit frustrated with our politicians and others who will not accept that we all have a right to our opinion. Compromise is the hardest art of life.

1. Reading as much as I do, and researching the facts behind what I read, make me the repository for all kinds of trivia that mean absolutely nothing to most people. I do enjoy Trivia Nights, not as to whether I win or lose, but they send me scurrying to Google to find out more about the questions I could not answer, Also my work saw me needing to have a reasonable working knowledge across many different industries,as such feel like I sound like some kind of know it all at times. Must learn to shut up.

2. Was reading TopSurf blog and sport came up. Unlike Top Surf have to say I was/am a sporting klutz - my claim to fame was being the Stroke of a schoolboy lightweight four. At least sitting in a boat meant I would not trip over my own feet. Scary thing not sure what happened in the last 40 years from the mere 9 stone I weighed then to now is a bit scary. Any way I have lost a fair bit of the middle aged spread recently and working hard to lose more.

Funny thing went onto become a sport administrator and was President of our State Baseball league for a while having an affiliate relationship with the LA Dodger organisation.

3. Was once an "innocent" little choir boy and sang in the St Peter's Cathedral choir for many years. My last claim to fame in that era was singing as a Boy Soprano in "The Play of Daniel"in the Adelaide Festival of Arts. As a result of my youthful career in Music have very broad taste claim to enjoy music from Beethoven to Techno. Joined a band in the late sixties only because a bunch of mates wanted to play in competition - they did not have bass guitarist so went and learned bass. Did not win but got a bit of work for a year or so.

4. Have always been a sucker for a cause -love writing to politicians and trying to keep the bastards honest. Have been involved in fund raising and for many years managed the Cash Collection Centre for one of our Telethons. Still involved in many Causes and one of the Blogs I write is www.savethemurray.blogspot.com. I am a bit middle of the road and believe we should always try to be fair to both sides of an argument. Nothing will get me going more than intolerance of the right of each of us to have a point of view. There needs to be a greater desire to seek compromise of many different opinions.

I still remain involved through my letters and blogs as well as being a Director of our South Australian Multiple Sclerosis Society. Have retreated a little having been on the board of Multiple Sclerosis Australia as well.

5. Basically I just love my family, my friends and life and struggle with the apathy of the world. Maybe have tried to hard and not stopped to smell the roses along the way. Maybe at times a little too intense. As such have affected my own life badly in recent times both in health and life goals. The health issue has seen me lose some of what I love the most and some days get a bit melancholy on those mistakes. I am very fortunate to have so many great friends and look forward to hopefully meeting more of my online friends face to face over the next year. A big event coming my way soon when I become a Grandfather officially for the first time just after Christmas. Have been what a I call a surrogate Grandpa for quite a while to my God Daughters Children (very spoilt I am) but very exciting times ahead.

I relax today with my camera and share some of that from time to time.

Now the big task who to tag - well here goes:

1. Charlie says....
2. If I have Charlie have to have "Odi's Ramblings"
3. Then of course there is Ozegold
4. So if I have Alan have to have Don White
5. Then there is the MadGoatLady god love her
6. Last but not least there is SuperGran

So there you have it,that is JimBob51 who will have one litte plug for his current project fund raising for Men's Health Awareness through Movember call into my MoPage and feel free to donate it is for a good cause.My Registration Number is 1341061

Monday, November 10, 2008

The value of Hedge Funds in a Bear Market?

One has to question how much of the current stock exchange market is being brought on by Hedge Fund trading.

Hedge Funds have a field day in Bear Markets and thrive on the downward and uncertain trend.

If the hedge funds stopped breeding programmed selling on the downward slide surely the basic principles that fear are thriving on would disappear.

Dear President (elect) Obama - have you ever heard of the Financial Services Reform Act

It is really interesting that during the last part of the 20th Century the Howard Government decided to look at all Financial Services in this country and under the Stewardship of Liberal Hit Man Joe Hockey introduced the Financial Services Reform Act.

It was enacted in the early part of the 21st Century with much kicking and squealing from Financial Institutions. It was unforgiving in whom it embraced and provided Government Departments ASIC and APRA with some pretty far reaching powers to control and monitor the financial services industry in this country.

The rules were laid down and auditors dispersed to ensure that all financial institutions met the new rules. Well one has to believe that the lack of drama amongst our Banks etc could well be a result of our Managers having a clearly defined set of rules to meet. The converse of course is the American Banks who simply do not have the same disciplines to meet and it is therefore my offer to the new President have a little look at our our FSRA process it seems to have done Australia Proud.

Wednesday, November 5, 2008

The Conspiracy Theory

The guy on Sky Business this morning said because NYE fell by 5% last night - then Australia would fall by 3.5% to 4%.

Guess what within 30 minutes of opening the Aussie Stock Exchange fell by 4% - does this smell of dealers rigging the market or what?

You really have to wonder if the Big Fund Managers are merely playing with numbers and to hell with the Mums and Dads money they are playing with.

One of the biggest factors that set us up this year was the Oil Price. Because Oil is a safe commodity the Futures Dealers started playing with the contract price and simple setting up markets for their own benefit. They also set up their own “stooley” pigeon economists to try and tell us why this is so.

Because of the price surges and oil effects absolutely everything we do in life then The Federal Reserve Bankers want to tell me inflation is out of control and the market is overheated so let’s jack up interest. All by a price that was clearly fake but had such an effect on so many dimensions of our daily lives.

If it were not for OPEC coming out and telling us that they felt there was not a shortage in fact they were cutting production which they have now done twice did we see the Oil Price fall. Defies logic really.

But what if the dealers have said – oh hell we have been sprung playing with this safe commodity lets bail out. Oil has fallen and now we want to use this as demand having dropped. Are you getting the conspiracy picture here – oh no the world is coming to an end syndrome to reset the markets for the dealers to play again.

Clearly greater controls have to be placed on Rogue Traders manipulating markets and causing undue pain. I remember a trader back in the late ‘80’s – he was so cruel in his manipulation I understand Reuters would flash out a warning “He’s In” every time he logged on. I fear we are being controlled by out of control money men. Simple really isn’t it.

Sunday, November 2, 2008

Movember – Understanding Depression – Beyond Blue



Today is the First of Movember and I am supporting the cause this year with a meaning and purpose that you cannot possibly believe. And this photo was taken on Halloween.So I have started clean shaven.

To donate please visit www.movember.com.au. My account is 1341061 - so please help.

It is just over twelve months since I was diagnosed with Depression – that is absolutely unbelievable, me who always considered himself indestructible, in control of any situation. Suddenly an understanding of those times when I felt alone, distressed and acting like a totally out of control idiot started to become clear. The pain I have caused is at times unbearable.

The sadness of that is the only people who ever saw that were my family, the people I loved the most. They became the victims, the people who were hurt the most, the people I let down the most. The even sillier part of this the way I drove myself into that depressive state thinking that I was doing the right thing working for them. Never really stopping – never taking the time to rest and actually enjoy the life I thought I was working so hard to achieve.

I have tried hard to rationalise all of this but that no longer matters I am moving forward and dealing with my life – I can only try to make up to those people that I love and pray for their forgiveness.

The most amazing part of this trip over the last twelve months is watching people and their reactions to the the big “D” word and realise the world does not have any idea about depression. Whilst it does not only happen to men, the comprehension of men that it can happen to them and the way they set up their actions leads them down a path of personal health denial. If we are to change the paradigms that set up this self denial then we need to get out there and start talking about it. Oganisations like “beyond blue” are working hard at trying to bring awareness to Mens Health Issues particularly in the area of mental health.

I have been told depression is just an excuse, it is normal tough it out, it is just stress, it will pass. The fact is the people close to me equally do not know what it is about or how to handle it. Yes, it is my responsibility but the feeling of rejection also has not helped in any way at all. If anything it has just made the whole deeper and blacker. The need to educate the community on this issue is enormous.

I write this openly and honestly and hope the community will get behind Movember this year. the community and organisations like “Beyond Blue' need help to get their message and support into the community. C'mmon give us a hand and support me or your friends in raising money for this wonderful cause.