Galactic News    
Sep17

Written by:ladamkie
9/17/2009 

KAS and CJF Morgaine resume making risky trades on TSL Law Station again, as the economic meltdown still lingers on Prime Avenue.

 

A year ago, TSL Law Station had the worst economic meltdown since the Great Crash of the Sixth Dynasty. For a while, the entire galactic economy turned upside down.
 
During the crisis, at least three galactic investment companies imploded. Moguls from every major industry were coming to Planet Hope to ask for funds for their faltering companies. And from Prime Avenue coffee shops to political news shows, people were saying the same things. It was no wonder the economy sank to such lows with all the short-sided and selfish thinking going on. But working through these hard times, they believed Planet Hope would put new laws in place that would prevent such a catastrophe from happening again.
 
But that was last year.
 
Now, once again, Kroy citizens are becoming all-too-familiar with the old adage that “the rich get richer.”
 
Today it was announced that galactic banking institutions like KAS and CJF Morgaine started taking risks with their investments again. After begging for billions of krohls to save their companies, these investment houses are now trading in a wider – and somewhat riskier - range of financial products.  It seems the culprits of the crash are content to give a sigh of relief and return to high-risk schemes. After all, there have been no efforts made yet on the part of Planet Hope to introduce guidelines to TSL Law’s business practices. In fact, some financial experts worry that Planet Hope’s willingness to infuse cash into businesses that are ‘too large to fall’ might have set a dangerous precedent.
 
But, despite TSL Law’s small recovery of confidence, the problems of the financial meltdown still linger.
 
Unemployment in the galaxy reached dangerous levels last year, as companies tried to cut expenses wherever they could. Some workers who managed to escape outright downsizing had to go to part time. Others were asked to take unpaid time off, like furloughs or unpaid vacation time. And unlike the balance sheets of TSL Law, the economy hasn’t recovered yet. For those who are still lucky enough to be working, the annual family income is around 50,000 krohls. The last time it was that low in ‘modern krohls’ was ten years ago. 2.5 million people are listed by the galactic census as living in poverty. If that wasn’t bad enough, within that 2.5 million are 19 percent of the kids under 18 in the galaxy as a whole.
 
Officials and experts agree that real changes on TSL Law will only come with real change. Planet Hope’s new administration is working on a strict plan to create an agency that governs how financial products are marketed to consumers.  But, due to a lack of approved guidelines and open distaste for regulation on TSL Law, even these actions have only gone so far.

Tags:
   
  
 Search the News    
   
 Print   
 Select a News Outlet    
   
Syndicate   Print   
 THE AUSTERE PUBLISHER    

   
 Print   
 Adamkiewicz    

Ms. Adamkiewicz is a fearless writer who never met a genre, subject, or format she didn't like. She has written professionally - as an independent author, freelance writer, writing intern, or general business writer - for the past six years.

   
 Print   
 The Hope Boast    

   
 Print   
 Greta Van Substance    

Carolyn Troiano writes as Greta Van Substance. Carolyn is an internationally recognized poet and writer of fiery political essays for the Examiner

   
 Print   
 GNN GalacticNews    

   
 Print   
 Rob Siddal    
Rob Siddall writes for the GNN and is a writer living and working in New York City. He writes for a travel piece that takes life to the edge and dangles off.
   
 Print   
 New Martian Times    

   
 Print   
 Galactic Stars    

   
 Print   
Inspired by Nina