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trust

Over the weekend the US Federal Government agreed to rescue struggling Citigroup Inc, which will absorb potentially hundreds of billions of dollars in losses and injecting fresh capital into the troubled financial giant.

I ask myself, what it is that these financial companies doing wrong or did wrong in the past? But it just goes to show that no matter how big company get, it shouldn’t get bigheaded in its success and forget who butters its bread. But somewhere along the line, a lot of companies forgot the three basics of building a good business that will survive any financial crisis. These three basics are:looking at the future, earning customer trust, and being able to manage the business well.

I can’t stress enough about trust. I believe as long as a customer trusts a company products or services, (s)he is going to come back. But just as success, trust is easy to find – but maintaining that level of trust is the hard part.

The Governmental system in Dominica is a good example where people have trust in the abilities of those who were elected to govern. But it’s not only the governmental system many people have lost trust in, but they’ve lost trust in each other, and that kind of mind-set can bring crisis to any economy.

I’m curious to hear your thoughts on the present global financial crisis.

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1 Comment »

Comment by pete Subscribed to comments via email
2008-11-25 14:09:09

The rationale to explain the underpinnings about the crisis is about the understanding what is considered as success in America. For the most part “success” in the US is about how well you sell yourself or your product. It has also been epitomized by the irrational exuberance and outlook on life. Making things more than they are. Living up to the Joneses (beyond your means). So there became a false sense of security. And since everyone did it, more folks joined the bandwagon, even if it did not make sound business sense. After all, it resulted in big fat bonuses, the affordability of fancy homes, cars, you name it. The rest of the world had faith in what the crazy americans were doing, so they swallowed the bait too. You would think people learned from the bursting of the tech bubble and the accounting scandals many years ago when innocent people lost millions. What folks forget too is that the US remains the biggest debtor nation and this new crisis will only worsten the situation. Meanwhile the negative saving rate continues and despite millions who will lose their job when the dust settles, there will be many more who will continue to take on unnecessary debt, until something implodes again. For now, the rest of the world still has some faith in the yankee dollar. What will happen when that is no longer the case? The implications will be more severe than what is going on now…the lesson (whether for an individual or a nation) is to aim towards self sufficiency..or at the very least not having too many eggs in one basket. You can’t always trust your leader or the direction the masses are going. Some things may eventually be too good to be true.

 
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