It's been difficult times and how badly it is hurting the population isn't really felt so far. People are still thronging the streets at least to walk and walk if they aren't shop and shop for the Christmas season. Interestingly a senior union official said the real impact would be felt in the first and second quarter of next year when retrenchments can be expected from many more businesses. One news grabbing headline was about a major corporation whose employees were taking pay cuts in order to stave off any retrenchment among the staff. Ironically the chief executive took home more than $6 million in salary and bonuses. The corporation was quick to emphasize that the bulk of his income came from bonuses. With that kind of pay packet what would a 50% cut be to him? Yes, he would take notice of the cut but he could still afford a good turkey and chestnuts to roast on the fireplace during Christmas. True enough the news only marginally fan the stocks by rising a notch or two before it ended on the bourse in the negative. I hope this is a sign of investors and the man-in-the-street being more discerning and not be taken in by statistics and percentages, so that their vision would not be blurred by the wool.
One commentator has rightly pointed out that at a time of recession it is when people should take stock and look at how they can spring back when the economy turns upwards. Instead of just nursing wounds and complaining, we should be scrutinizing the horizon and see if there is a glimmer of light somewhere out there!
No comments:
Post a Comment