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In Conversation with Chicken Little - Crisis on Wall Street
Oct. 3, 2008N. Lukanovich
Colliding with Chicken Little while she crossed the road, I seized the opportunity for an interview. I was tempted to ask the obvious (why do chickens?) but she was clearly distressed so I asked her to dinner instead. She shrugged her shoulders and said: "Why not?" We were standing in front of Kentucky Fried; the Colonel loomed overhead like a demon in the evening sky.
"I know a good vegetarian restaurant."
"I'm feeling like smoked meat." Taken aback, I hailed a cab and steered us in the direction of Reubens. She appeared ever so slightly windblown, her feathers frayed and askew.
"I'm exhausted; I had a terrible flight from D.C."
"I didn't realize that chickens…"
"Don't be stupid, I flew United," her gloom rivaled that of the grim reaper, "they'll probably go under within the year, or month, along with dozens of others."
"I've been wondering how you feel about all the Chicken Little references in the press lately…"
"It's outrageously insulting. For one thing, this time I was right wasn't I?" Her head bobbed violently, "I was particularly upset with the headline 'The Day Chicken Little Croaked'. That was simply over the top." Her voice crackled with dismay and I murmured in sympathy. We arrived at Reubens, and once ensconced in a warm booth I began to grill her on her stay in Washington.
"I told everyone the sky would fall, well over a year ago, but no one listened. Some of them even laughed." A tear threatened to roll down her beak. She pecked at her food. "It was impossible to get a meeting with the King."
"The King?"
"You know, Bush, Paulson, take your pick". She sighed impatiently. "So I connected with Henny Penny and Goosey Loosey, and we headed to Wall Street. We got in touch with Cocky Lockey while he was still working at Lehman Brothers. But no one would listen to us there, either, they giggled at Merrill Lynch and chuckled at Bear Stearns. And once Foxy Woxy got wind we were in town...." Chicken Little looked bleak.
"I hear he's a bad dude."
"Well, the sky's fallen on Foxy so that's the end of him." She lowered her voice and leaned forward, glancing from side to side without moving her head, "But there are more Foxy Woxys where he came from, and there's not a lick of shame on Wall Street."
"When did you first know the sky was falling?"
"An acorn the size of house fell on my head."
"Ouch!"
"You said it sister." She scratched at her rye bread. "You know what they say, what goes up must come down."
"Ms. Little, can you explain in lay terms exactly what happened to the market?"
"It's like this. A bunch of financial giants adopted a devil may care attitude, threw caution to the wind and invested money they borrowed instead of money they had, bought and sold securities they created that no one understood, and when the housing market crashed, the investment banks found themselves in debt to the tune of billions. These institutions should have been regulated years ago. Now the average Joe will have to pay, and as far as law makers who are saying that they don't want to fund a 'no banker left behind program', that's just too bad, because the bankers have us by the balls. An economic crisis triggered by Wall Street is not the same as one generated by struggles on Main Street. The Great Depression wouldn't have been so bad if the feds hadn't tightened their belts instead of giving more credit."
"What about the future?"
"Regulate, regulate, regulate. It's not just about America; for all their navel gazing, this kind of debacle on Wall Street impacts the world economy, markets around the globe."
"Like here in Canada."
"That's right. What's really sickening, is that the CEO's that were at the helm of this maelstrom may actually get richer, buying stocks when they're down. That's what the wealthy do when the markets are volatile, like Warren Buffet putting 5 billion into Goldman Sachs. If you've got any cash to spare, I'd recommend buying into the market now."
"I don't even know what extra cash looks like," I'm briefly dejected, missing my big chance to get rich.
"On the upside, the tolerance for corporate greed will take a hit, and that could halt the trend of giving corporations more rights than individuals." She narrowed her beady eyes, "I'm talking about accountability."
"So now that you've left the high rollers and squabbling politicians, what are your plans?"
"I need a vacation. I'm booked at a 6 star resort in the Cayman Islands called the Golden Handshake."
"For real?"
"You think a chick like me can afford six stars?" She clucked and collected her things, "catch you in the mango season".
I called out my thanks as she strutted out the door, leaving behind a trail of feathery indignation.
COMMENTS:
re: In Conversation with Chicken Little
I loved your interview with Chicken Little. She had such a clear grasp of what is going on in the world today. I would love to hear more of what Ms. Little has to say.
Bertha Birkenshop
Oct. 3, 8:42 am
"I know a good vegetarian restaurant."
"I'm feeling like smoked meat." Taken aback, I hailed a cab and steered us in the direction of Reubens. She appeared ever so slightly windblown, her feathers frayed and askew.
"I'm exhausted; I had a terrible flight from D.C."
"I didn't realize that chickens…"
"Don't be stupid, I flew United," her gloom rivaled that of the grim reaper, "they'll probably go under within the year, or month, along with dozens of others."
"I've been wondering how you feel about all the Chicken Little references in the press lately…"
"It's outrageously insulting. For one thing, this time I was right wasn't I?" Her head bobbed violently, "I was particularly upset with the headline 'The Day Chicken Little Croaked'. That was simply over the top." Her voice crackled with dismay and I murmured in sympathy. We arrived at Reubens, and once ensconced in a warm booth I began to grill her on her stay in Washington.
"I told everyone the sky would fall, well over a year ago, but no one listened. Some of them even laughed." A tear threatened to roll down her beak. She pecked at her food. "It was impossible to get a meeting with the King."
"The King?"
"You know, Bush, Paulson, take your pick". She sighed impatiently. "So I connected with Henny Penny and Goosey Loosey, and we headed to Wall Street. We got in touch with Cocky Lockey while he was still working at Lehman Brothers. But no one would listen to us there, either, they giggled at Merrill Lynch and chuckled at Bear Stearns. And once Foxy Woxy got wind we were in town...." Chicken Little looked bleak.
"I hear he's a bad dude."
"Well, the sky's fallen on Foxy so that's the end of him." She lowered her voice and leaned forward, glancing from side to side without moving her head, "But there are more Foxy Woxys where he came from, and there's not a lick of shame on Wall Street."
"When did you first know the sky was falling?"
"An acorn the size of house fell on my head."
"Ouch!"
"You said it sister." She scratched at her rye bread. "You know what they say, what goes up must come down."
"Ms. Little, can you explain in lay terms exactly what happened to the market?"
"It's like this. A bunch of financial giants adopted a devil may care attitude, threw caution to the wind and invested money they borrowed instead of money they had, bought and sold securities they created that no one understood, and when the housing market crashed, the investment banks found themselves in debt to the tune of billions. These institutions should have been regulated years ago. Now the average Joe will have to pay, and as far as law makers who are saying that they don't want to fund a 'no banker left behind program', that's just too bad, because the bankers have us by the balls. An economic crisis triggered by Wall Street is not the same as one generated by struggles on Main Street. The Great Depression wouldn't have been so bad if the feds hadn't tightened their belts instead of giving more credit."
"What about the future?"
"Regulate, regulate, regulate. It's not just about America; for all their navel gazing, this kind of debacle on Wall Street impacts the world economy, markets around the globe."
"Like here in Canada."
"That's right. What's really sickening, is that the CEO's that were at the helm of this maelstrom may actually get richer, buying stocks when they're down. That's what the wealthy do when the markets are volatile, like Warren Buffet putting 5 billion into Goldman Sachs. If you've got any cash to spare, I'd recommend buying into the market now."
"I don't even know what extra cash looks like," I'm briefly dejected, missing my big chance to get rich.
"On the upside, the tolerance for corporate greed will take a hit, and that could halt the trend of giving corporations more rights than individuals." She narrowed her beady eyes, "I'm talking about accountability."
"So now that you've left the high rollers and squabbling politicians, what are your plans?"
"I need a vacation. I'm booked at a 6 star resort in the Cayman Islands called the Golden Handshake."
"For real?"
"You think a chick like me can afford six stars?" She clucked and collected her things, "catch you in the mango season".
I called out my thanks as she strutted out the door, leaving behind a trail of feathery indignation.
COMMENTS:
re: In Conversation with Chicken Little
I loved your interview with Chicken Little. She had such a clear grasp of what is going on in the world today. I would love to hear more of what Ms. Little has to say.
Bertha Birkenshop
Oct. 3, 8:42 am







