Get your act together AMERICA!

Why is the world in such a terrible state financially?

US authorities announced the arrest Thursday of Bernard Madoff, 70, who allegedly confessed to employees that he had been running a so-called Ponzi scheme, or pyramid fraud, which had collapsed with losses exceeding 50 billion dollars.

There are too many Madoff´s on your continent. If convicted put him away for life.

1. First we had the subprime crisis with Americans purchasing homes that they could not afford to repay the mortgages.

2. We had the problems on Wall Street with executives being paid 500.000.000 whilst their business went to the wall which sent a financial crisis around the world just like a flu epidemic! English banks having to be nationalized or part nationalized as a result!

3. Now we have an American automobile crisis because the American public were not worried about gas guzzling auto´s and are only finally seeing sense when crude nearly hit $150 a barrel. Let us hope that even with crude falling below $50 they have finally seen sense and will give up buying gas guzzlers in favor of the European/Japanese vehicles. Of course part of the problem has been that the cost of fuel has always been about 50% of the price of the same product in Europe.

4. Can the new adminstration really sort the problems out or are we in for more problems in 2009?

I think that the World is tired of hearing your woes America! It really all goes back to good house keeping doesn´t it? Obviously what I have seen America is not capable of it I think