Trouble is the global financial system allows mobs of crooks to operate unregulated and unchecked. Once again the taxpayer is bailing out the corporate sector. Enron was another group that manipulated the market by dubious means all under the watch of Conservative Governments.

It is very much a case of privatising profits and socialising losses. That is the irony. But what to do - many ordinary citizens will be affected.

In general we don't blink an eye to corporate welfare (dressed up as incentives, bail outs or compensation when government policy interferes with profit).

But a few disabled pensioners, carers and aged pensioners asking for more money is seen as a burden on the budget.

*Enron was another group that manipulated the market by dubious means all under the watch of Conservative Governments.*

Err hang on Pelican, that is American Govts. I gather that it was
in fact the NSW Labor Govt who ok'ed their Shires lending money
to Lehmans, via CDOs etc. Now they have around 600million at stake.

Why is it that a simple farmer such as myself, who knows just some
basic common sense about financial markets and has various investments,
has so far been able to avoid any major losses by any
of these cowboys, be it in Australia or overseas, yet all these
paper shufflers in offices lose hundreds of millions on behalf of
ordinary folk?

Clearly we have some very incompetent people working in Govt.

The writing about the Wall St cowboys, has been on the wall for
a long time now. If people don't take notice, they should be sacked
from their jobs, for alot of them clearly don't know what they are
doing.

Yabby Globalisation is driving wages lower in developed countries.This has enabled more wealth from the masses to go to the financial markets amd gamboled by an elite.Living standards have fallen here a lot in comparison to the 1980's.We have a much Greater GDP per head yet ordinary people have a lower living standard.

Since the US tax payer is going to bail out these thieves,what should happen is that a special long term tax should be put on all US financial institutions that needed saving,until it is repaid to the tax payer.The CEO's reponsible should be charged and gaoled.

*Living standards have fallen here a lot in comparison to the 1980's*

Arjay, 25 years ago, Hawkey was PM, Australia had just won the America's Cup. THE CD was yet to be invented, a fax machine,
if invented, would have cost you about 20'000$ or so. To pay
for a phone call to Europe, you just about had to mortgage the
house. Who was better off 25 years ago? The median wage does not
reflect your memory.

*The CEO's reponsible should be charged and gaoled.*

Yup, on that we agree.

Yabby bring into the mix the cost of food ,housing ,fuel,GST and other Govt taxes and charges as a proportion of wages.People are far worse off.

Arjay, that might be the case in your patch of Sydney, but that is
certainly not the case, Australia wide.

We humans tend to have faulty memories. If you look at the stats and
the big picture, what you see is Australians now have houses nearly
twice the size that they were, 30 years or so ago. Remember the
3 by 1 fibro? Today even the unemployed have air conditioning,
something that was a luxury 25 years ago. Most cars today are
air conditioned. People have mobile phones, internet, computers,
plasma screens and a host of other "luxuries" which they take as
standard.

Today roughly half the population own shares directly. Many people
own second homes. Through their super funds, Australian workers
today virtually own most leading ASX companies. Fact is Australians
are richer then ever before.

Basic food, if you shop around, is still extremely cheap and takes
up a lower % of the budget then 30 years ago. But there are more
luxury foods around then 30 years ago, I grant you, for those who
want to buy them.

Things might be tough in some parts of Sydney, but in WA
I see youngsters in jobs, being paid amounts that were just not around, 20-30 years ago.