How beer works.
Nothing to say, but WTF....
In an attempt to explain what happened to cause the current financial crisis in language we can all understand, I happened upon this gem..
Linda is the proprietor of a bar in Cork. In order to increase sales, she decides to allow her loyal customers - most of whom are unemployed alcoholics - to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).
Word gets around and as a result increasing numbers of customers flood into Linda's bar. Taking advantage of her customers' freedom from immediate payment constraints, Linda increases her prices for wine and beer, the most-consumed beverages. Her sales volume increases massively.
A young and dynamic customer service consultant at the local bank recognizes these customer debts as valuable future assets and increases Linda's borrowing limit. He sees no reason for undue concern since he has the debts of the alcoholics as collateral.
At the bank's corporate headquarters, expert bankers transform these customer assets into DRINKBONDS, ALKBONDS and PUKEBONDS. These securities are then traded on markets worldwide.
No one really understands what these abbreviations mean and how the securities are guaranteed. Nevertheless, as their prices continuously climb, the securities become top-selling items.
One day, although the prices are still climbing, a risk manager of the bank decides that the time has come to demand payment of the debts incurred by the drinkers at Linda's bar (he was, of course, subsequently fired due to his negativity).
However , the drinkers cannot pay their debts. Linda cannot fulfil her loan obligations and claims bankruptcy.
DRINKBOND and ALKBOND drop in price by 95 %.
PUKEBOND performs better, stabilizing in price after dropping by 80 %.
The suppliers of Linda's bar, having granted her generous payment due dates and having invested in the securities are faced with a new situation.
Her wine supplier claims bankruptcy, her beer supplier is taken over by a competitor.
The bank is saved by the Government following dramatic round-the-clock consultations by leaders from the governing political parties (and vested interests).
The funds required for this purpose are obtained by a tax levied on the non-drinkers.
Finally an explanation I understand...
What’s wrong with this picture?
Nothing more to say than... what an idiot
this is pretty funny when you think about it.....
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This is a true story, proving how fascinating the mind of a six year old is. They think so logically.
A teacher was reading the story of the Three Little Pigs to her class. She came to the part of the story where first pig was trying to gather the building materials for his home. She read. 'And so the pig went up to the man with the wheelbarrow full of straw and said: 'Pardon me sir, but may I have some of that straw to build my house?'
The teacher paused then asked the class: 'And what do you think the man said?'
One little boy raised his hand and said very matter-of-factly ...'I think the man would have said - 'Well, I'll be f**ked!! A talking pig!'
The teacher had to leave the room
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