Wednesday, December 28, 2005

Booming economy

These are real people.. not dolphines at Sea World jumping in hoops to grab a fish in an aquarium. These people, in Saudi Arabia, are not protesting for a mulla held at the airport... and they are certainly not celebrating the countdown to the new year.

Beleive it or not... the man on top of the van is throwing out application forms so they can subscribe to a new Initial Public Offering.. to own shares in a company going public. Can you fucking beleive this? These are the sophisticated investors... these are the entrepreneurs that, with their organization, operational abilities, and risk appitite in venturing, will lead us to a prosperous tomorrow!

Now we know oil is selling in the east and in the west like hot cakes... but why are we doing exactly? Are we spreading the wealth from the top of a van like a UN relief mission in Somalia? First come, first chairman on the board? Do these people know the ABC's about proxies, commercial laws, capital financing, or even signing contracts?

Everyone is upset about what happened to the people that subscribed to the NASS shares that were underwritten last month, and once they were listed, they fell in value... basically throwing money in the toilet... you know what I think? Serves them right! If you are so fucking dumb that you can't tell a company that piles dirt and mixes cement was over-valued.. Dana gas had a par value of 100 fils.. which underwritter in their right mind valued a couple of shovels for over 600 fils? And the bigger question is.. how dumb could you be to actually become greed blinded and buy it?!

Its the basic law of evolution.. survival of the fittest... if you're too dumb to hold on to your savings.. the fast talker with the shady lawyer gets to walk away with them.

Now the burning question is why do we have half of the people under age 24 out in the streets boiling with rage because they can't find a job.. where others are cutting each others' throats trying to get "a piece of the pie", and become Wall Street bandits and day traders.. just an hour away from here? Oil prices are going up.. and the smoke in the Awali sky tells me we're in the oil business.. so why are many of us out of jobs? Is it because we're handing out IPO shares to idiots from the top of a van?


Anonymous Anonymous said...

please rewrite this mixture of ideas,you seem to be confused.

2:06 AM  
Blogger Abu Sinan said...

I remember sometime back people were killed in Saudi fighting for free money at the opening of an IKEA there. Hundreds of people fighting and stampeding over a few dozen certificates. Incredible.

4:13 PM  
Anonymous Anonymous said...

Their stupidity is the cost of going from savagery to surrealism without touching civilisation.

Some good comments on your site, albeit extremely cynical - but who am I to preach?!

6:54 PM  
Blogger The Joker said...

Anon 1, maybe the ideas were intertwined, but basically what I tried to say is we have petro-dollars coming in, so we give this wealth to crazy people breaking into banks, and because these people do not deserve this wealth, they piss it all away, and the unemployed stay unemployed. I hope that was not confusing.

Abu Sinan I dont remember it.. but judging from this picture I have to beleive it.

Anon 2, its not their stupidity. You can't blame someone for being stupid.. you blame the person that decided to give them what they dont deserve.

I admit I'm a cynic.. I think people should be less ideal and more cynical these days

2:24 PM  
Anonymous Anonymous said...

hi, when you say we who are you? when you say these people do not desirve this money, who does? and who decides whom? people high there would like such gives them the justification to go on grabbing what such scum do not deserve.

3:21 AM  
Blogger The Joker said...

When I say we, I mean all of us with a stake in this matter.

Who deserves the money is a very good question. If you read my earlier posts, I always went on and on about better educational facilities first and foremost.. thats where I think the money should be spent. Second, that money should be spent on establishing semi finished goods manufacturing facilities... and as many bahrainis should be trained to fill these jobs as possible.

As for the justification for people up there.. we should not give them the opportunity to do it. The first step is to stop throwing equity subscriptions from the top of a van to the crowds and actually petition where we want the money be spent.

1:47 PM  
Anonymous Anonymous said...

i thought you were commenting on what in saudi arabia not what should be done in bahrain, and please don't forget your earlier posts...bye

1:46 AM  
Blogger The Joker said...

Should be done in saudi arabia AND bahrain.. don't forget the crazy IPOs went on here also so the idea still stands. Second, most of the captial coming here is from saudi. Third, the unemployment rates a couple of years ago were soaring in saudi too.. I didnt see any figures that show where its at now, but for an oil rich country it was bizzare.. messing around with the money takes you right back where you were. And finally,my earlier posts don't really contradict what I say today. I always talked about more money on education and manufactoring.

5:23 AM  

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