Ugliest Word Of 2008 – Financial Expert! Why?

I don’t know if you have something like this, but in Germany at the beginning of the year a jury announces the ugliest word of the year. It is pretty popular and many discussions are going on. Everybody where able to vote until January 9th. My personal ugliest word of 2008 is Financial Expert. In English it’s actually two words but in German it’s one word “Finanzexperte”. The official ugliest word of the year will be announced soon. But why did I choose “Financial Expert” as ugliest word of the year? Pretty easy to explain:

financial crisis Ugliest Word Of 2008   Financial Expert! Why?

I cannot stand this word anymore, in every talk show, news or wherever they talking about the financial crisis, they invited some “Financial Experts”. Those kind of people who are to blame for the current situation. Of course, those “Financial Experts” know all better, it wouldn’t had happen if they were in the top management position. What a joke, they probably would have done the same mistake. They think they eat the knowledge every morning for breakfast.

I could throw up when those smarty pants get announce in a show, where they talking about the crisis: “We have invited the Financial Expert Mardy McFly and Joe Dokes to our show, glad to have you here…blablabla!”

Guys, you aren’t a Financial Expert, Analyst, Financial Advisor. You are just a Salesman, who tries to get money from old or clueless people. Money which they saved for years. And if their money is gone, not your problem, it wasn’t yours, right?

How can they call themselves expert when not even the pros of the pro, the creme de la creme didn’t even know what they doing. They are only risk takers, some more and others much more with greed.

Unfortunately most of those Financial Experts are still in their positions, while hard worker got kicked out of their job because of others fault. How fair is that?

I could rant about it the whole day, but would it help, not really. The little man on the street just have to swallow the bitter pill, accept it and move on. :(

Here is a great video, that goes to all those Financial Experts who lost millions and billions of other peoples saving.

What’s your ugliest word of the year? Or what do you think about Financial Experts, let me know and leave a comment.

A last question to all Financial Experts: Bread can mold, what can you do?

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  1. avatar #1 - Vince Says:

    Agreed. Seems like most economists and market analysts are just guessing. They predict $200/bbl oil, a few months later, it has collapsed down to $40. One day, this stock is hot, the next day a different stock. The talking heads are a whole industry by themselves. Often they don’t even agree with each other!

    Actually, I think there is enough blame to go around for the financial crisis/recession. In no particular order:
    -Financial institutions, for pushing the limits too far, both in lending to “subprime” borrowers who wouldn’t otherwise qualify for loans, and in leveraging their capital to the hilt.
    -Governments, for neglecting sufficient oversight of financial institutions in regards to capitalization requirements and mortgage lending criteria. Now, governments and central bankers are scrambling to bail them out, sometimes unsuccessfully
    -Consumers (yes!), for recklessly borrowing and spending beyond what they can really afford. If the only way they can afford a house is with low interest rates, mortgage amortization periods of 40 years, and tiny downpayments, then they should not be buying a house.

    All this adds up to unsustainable expansion, and the inevitable crash that follows. An economic house of cards. Now, because of the bailout packages and various monetary stimulus measures, those who managed their affairs responsibly end up bailing out those who didn’t, through tax money, or drastically different interest or exchange rates. I wish governments wouldn’t intervene every time an industry messes up (especially the N.A. automakers). Often, the effort is futile and it’s just throwing good money after bad. The only justification I can see for bailouts is to protect the hard-earned pensions of the average retiree, not to prevent job losses, or sustain unviable businesses. Otherwise, they should just focus on regulations.

    Ironically, it was a politician, not an economist or banker, who actually said the most sensible thing I’ve heard lately: “…throwing too much money into reviving global economic growth would make the recovery unsustainable…this crisis did not come about because we issued too little money but because we created economic growth with too much money, and it was not sustainable growth.” Who was this voice of reason? It was Germany’s Bundeskanzlerin Angela Merkel
    . The G20 would do well to heed her warning.

  2. avatar #2 - Alex Says:

    Hey Vince, thanks for this loong comment. I think the G20 will end up with nothing, how can they figure within 1 and half day how to direct the future of the economy. It’s just wasting a bunch of money in London. They have to get together at least a week, not arriving there with a final plan and trying to convince other countries to confirm the plan. They rather should create a plan all together, build by every nation.

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