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POPSA "forward" worth forwarding I found this forward in my email inbox today... I looked it up on Snopes.com (which I do to anything that sounds remotely political...) It said it was CORRECTLY ATTRIBUTED... So I thought I'd pass it around in case others haven't come across it yet. Origins: The above-quoted editorial, offering a scathing condemnation of the Bush administration and condemning a lack of strong leadership in the U.S. government, hit our inbox mid-April 2007, attributed to 82-year-old businessman Lee Iacocca (best known for his tenure in the automotive business as the head of Ford and then Chrysler). The attribution was correct, and the timing was no coincidence, as the text was an excerpt from the opening of Iacocca's just-released book, Where Have All the Leaders Gone?, written with Catherine Whitney and published by Scribner. http://www.snopes.com/politics/soapbox/iacocca.asp
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POPSInnocent Govt Bailing out Evil Industry=NOT ! Congress passed the Sarbanes-Oxley Act in 2002, placing some very stringent, inappropriate, and inflexible reporting rules on financial institutions. Under this law, financial assets must be valued at fair market value--- even if they are not for sale! The Working Capital Model eliminates this problem entirely, but it is difficult to apply when the individual securities are not identifiable. More than 95% of Americans are making their mortgage payments right on schedule, yet there is no market for the financial products that contain these mortgages. Consequently, balance sheets reflect trillions of dollars less than the maturity value of the securities held by the financial institutions.
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POPSWhere Have All the Leaders Gone?...Lee Iacocca rant/book
Fighting words from Lee Iacocca in this rant bemoaning the state of the US government and outlining the qualities needed by a true leader. He bluntly examines how the current administration stacks up in terms of leadership and implores us to use his leadership test to screen presidential candidates and choose wisely. Here's a bit more: "My friends tell me to calm down. They say, "Lee, you're eighty-two years old. Leave the rage to the young people." I'd love to—as soon as I can pry them away from their iPods for five seconds and get them to pay attention. I'm going to speak up because it's my patriotic duty. I think people will listen to me. They say I have a reputation as a straight shooter. So I'll tell you how I see it, and it's not pretty, but at least it's real. I'm hoping to strike a nerve in those young folks who say they don't vote because they don't trust politicians to represent their interests. Hey, America, wake up. These guys work for us." Words of wisdom
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