What we have is a Credibility Crisis!!!

The worldwide credit crisis is really a horrendous credibility crisis. No one trusts the government. No one trusts the financial institutions. And, hardly anyone trusts anyone else. All this adds up to a credicility crisis!

When our venerable institutions lose all credibility with virtually everyone you see the meltdown we are now experiencing. And, worst of all it seems we are now finding out that the deal that Secretary Paulson "sold" Washington on is nothing more than a federal giveaway to his rich buddies.

Can you believe the audacity it takes to ask for a handout of billions of dollars and then turn around and hold a ridiculously lavish party (see AIG and $463,000) while claiming that doom is upon us if we don't rescue them from their own greed? That take real gumption (or whatever word you like) where I come from!

Today I read that some of the banks that received funds from the bailout are now going ahead and distributing dividends!!! I was taught that dividends could only be distributed to shareholders from profits. How does a "loan" from the government count as profits???

We have truly fallen through the looking glass into Wonderland where very little is as it once was. In my universe high credibility wins. Perhaps the lack of real trustworthiness and greed leading to the destruction of credibility has put us where we are.

But, in the final analysis the organizations that work to restore their public credibility will win in the long run. The only problem is that it will take years after the current debacle.