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There are very few people on this planet that can honestly say that they have not been affected in some way by the economic firestorm caused by underappreciating risk.Congress, along with the Securities and Exchange Commission during a period where the White House was comatose, opened up the flood gates for Wall Street's financial wizards to bet the world and lose!
Now a day does not pass without reports of more dire situations and potential bankruptcies, with billions of dollars in losses, and corporate shenanigans fostered by the likes of Citigroup, Inc. (NYSE: C), American International Group (NYSE: AIG), MBIA Inc (NYSE: MBI), Federal National Mortgage (NYSE: FNM) and many more institutions. The grand names that have disappeared in the last year include Bear Stearns, Merrill Lynch, Lehman Brothers, Wachovia, and Washington Mutual, to highlight just a few.
Unemployment has been rising nationally and benefits for many are running out. We have dedicated the largest portion of our national attention and taxpayer money to the banking system in an effort to prevent the total meltdown of our financial system as we know it.
My own financial statement is far less impressive this year than last, and "my pal Warren" (Warren Buffett) has witnessed his net worth diminished by tens of billions of dollars. However, like me I'm sure when asked how he's doing, he would tell you that he is not having a problem putting food on the table. I hope, like me, he is helping people that are having trouble providing food for their families.
There are those who have long ago fallen through the cracks of the financial system and are at least partially dependent on the good will of others. There are many ways to help, and supporting our nation's regional food banks is one way to do so. It would be wonderful if those banks were not needed, but alas, they are overwhelmed with increased demand.
In a conversation today with Michael Flood, CEO, of the Los Angeles Regional Food Bank I got some specifics as to the current level of demand. According to Mr. Flood, "The demand for food assistance has increased by 41% in the last year, due to the severe economic problems facing the nation. While the food banks volume has also increased by 33%, this increase falls short of the overall demand for food in the Los Angeles region. This gap is representative of the shortfall nation wide."
How you can help:
- Donate money to the food bank in your area
- Contribute food in sealed containers
- Consider how you can help by donating your time
- Support advocacy programs for people in need
Most people reading this would be capable of helping out. Given all the finger pointing that is going on in the press, and our comments section, in Washington and in Boardrooms across America, there are opportunities to help out instead of just complaining. You can contact the major regional food banks through their association Feeding America. If you can you should!
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Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of MBI and options in C.
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Reader Comments (Page 1 of 1)
3-20-2009 @ 7:11PM
william lindblad said...
Admirable.
You are correct in that these have been around for a long time and get little (if any) press. They help the really needy, but are also subject to the problems that created this economic mess and they too have their gluttons. Unfortunate as it is, there is always someone trying to take advantage!
Food is a good subject though and I pass this thought to anyone that reads the blogs. At present there is a massive wave surging though the seed and vegetable suppliers catalog and retail alike. Even the First lady is planting on the White House lawn. Shades of the Victory Garden. Take Note: The Tomato has been a staple of home canning. The varieties have undergone a major change in the last 10 years to produce a less acid tomato. These are unsafe to water bath and anyone who does so risks a bout with botulism. I would suggest that anyone with the idea of home preservation in mind to do some serious research into the process.
3-21-2009 @ 4:47PM
BrokenPony225 said...
Good advice on tomatoes. Be aware also that some seeds are in short supply or unavailable this year. Look to your states agriculture dept. and ask how to subscribe to the newsletter. You can find seeds and supplies in them. Be aware also that fertilizers cost jumped last year from $4 to $30 a bag. Mulch beds can produce good soil in as little as 8 days. Research it. Last bit of advice, consider 'heirloom seeds'. These are non hybrid seeds that you can harvest and use from year to year without ever buying seeds again.
3-23-2009 @ 3:51PM
Mademoiselle de Mysterie said...
MY RANT AND RAVE: The downturn in the economy can be viewed as something to get through or something to learn from. If the common man CHOOSES to view the downturn as a WAKE-UP CALL then, and only then will there be real change. I am not an advocate of a neo-French Revolution. Nor do I advocate a return to the "old- regime"
If we don't wake up soon the rich will continue to get richer (even if richer today still means less rich than last year) and the poor will still get poorer (even if it is time to re-evaluate what the term poor means; does it mean you can't afford cable or you can't afford a roof over your head?).
The rich must do their part which is to spread the blessings they were given (wealth is one part smarts and two parts "being in the right place at the right time" (read: luck) / a blessing from God). But the government should not force the rich to give away its money.
The poor must also do their part. Stop taking out credit to get big bling on your fingers and necks.
The difference between the wealthy and the rich? The wealthy know the value of the dollar (whatever the value is actually at) and the meaning of the word moderation, because they "worked" for their money. The rich grew up fed with a silverspoon or struck it. (No one ever says "he struck it wealthy" why? because wealth is amassed and riches are gotten.)
The wealthy need to wake up and the rich need to get slapped on the bottom (so to speak). the middle class needs to remember to appreciate the little things like the original "star wars poster" that you bought on ebay for 99 cents and stop crying that you can't afford a Warhol. Remember: nothing good comes free. (unless you steal it, in which case you have your priorities mixed up because the intrinsic value in buying something is that you earned the money to pay for it by working and being a good person... and if you can never afford a Warhol then at least you tried and you will have learned a lot from the process and hopefully you had kids on the way who learned your ethics and will take care of you when you are old)
[Monet is classic. But an original Monet wouldn't be worth anything if you could get it for free. (It is all about supply and demand-- look it up)]
OK I totally went off on a tangent. My point was: SUPPORT THE FOOD BANKS, BUT FIRST MAKE SURE YOU HAVE FOOD ON YOUR OWN TABLE. Find a balance in life.
"Just because you can't help everybody doesn't mean you shouldn't help somebody." (Remember: that somebody should be you, your spouse/ parent(s), and children! Next comes your neighbor. next comes your neighbor's neighbor and so on)
Live a little Give a little! Love a lot!
3-27-2009 @ 2:58AM
BIG RED said...
Plant some trees. As a kid I remember my grand mother having a pear tree, an apple tree, a cherry tree and a peach tree all growing in her little back yard. The trees had no care at all (organic I guess).
Something was always handy for a snack or desert with a meal. Also available was rubarb and asparagras(yuck), didn't plant it it grew wild by the alley having been planted years earlier. Cost was next to nothing. To the best of my knowledge she never planted a "garden" just the trees when she moved to town. I have often thought with the food issues in many areas (WHY doesn't the goverenment (Ag. department give away free trees (fruit type ) to any one who will plant them on the property?????