Household HSBC Watch

HSBC is looking for profits in oil rich nations. Wealthy Arab nations did not fall for tainted mortgage paper, and are relatively unscathed as a result. Recent weakness in oil prices will not dent economic growth in the Gulf Arab states, experiencing both record expansion and inflation as the energy exporters reap windfall profits, economists say. The economies of Gulf states, and thus HSBC profits from the region, are booming with high oil prices. As a result HSBC is happy.

But what about tough economic times in the United States? What role did HSBC play in the downfall as one of the largest US subprime lenders? Who cares (sic), as long as they make money from rich nations and developing nations. Profits are used to offset huge losses in the United States. I mean, as Americans, shouldn’t we be pleased with a 15 percent drop in home prices, huge increases in gasoline, food, and home energy costs? Aren’t we thrilled with foreclosures in our neighborhood? Homes stripped of wiring and plumbing by scrap metal thieves? Why do you think home prices are going down in the first place?

Let reality set in for a moment. HSBC is invested in oil rich nations, Islamic Finance, and developing nations. The United States is exhausted. How do you think the entire world can forced to pump billions of dollars into those nations? Are exisitng conditions in the United States a result of bad economics, is it by desing, or just an accident? You decide, but time will tell the truth.