Coffee Spills

What I hear and see and think about at the coffee shops I patronize.
Brisk. Fresh. Well-balanced. Occasional nutty and bittersweet overtones.
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Thursday, April 02, 2009

Should she walk away?

Saw an old coffee buddy today. She'd moved out of town last year to take a vice president job in another state. She's back. Fired. But did really well on the severance package.* She found too many errors in their finances (she was hired for her business skills) and was apparently a threat to HR and CEO as well as CFO. Anyway, her condo is still for sale and she's thinking maybe foreclosure might be the way to go. She's done everything right all these years, but Obama's "deals" are only for those who didn't do the standard 20% down, the fixed rates, who didn't pay all their bills on time, or who supported the various bond issues. Also, she's going to be very careful about how much she earns in the future. "It won't pay to earn more than $100,000," she sighed. And maybe it will have to be less than that? She says she is horrified at how fast he's dumped us all into socialism. And this is what small business is saying, folks. This is the future of our country. Small business is what drives the economy--even Obama's teleprompter said that not long ago.

*Her compensation package is called a contract--and that's what Congress is in the process of dismantling, not just for AIG and auto makers, but for you too, especially those of us with pensions. Once we throw out valid contracts that specified AIG's pay scale, none of us are safe. I don't care if someone earns $20 million + stock + cavorting at Barney Frank's dinners. That's up to the board and shareholders to decide, not Congress. Then if Congress decides to loan that company money instead of letting them go bankrupt, it needs to honor prior agreements or get them rewritten legally, and not pass an after the fact law.

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