The Portal to Boomeranger World

Crocs Shoes on Last Legs?

They roared along with the economy, mocked by the fashion world but selling 100 million pairs in seven years.

Crocs shoes were everywhere!

Crocs shoes company is in financial trouble.  This reminds me of lottery winners who end up in bankruptcy.  What happened?? This company was doing great!

Crocs History

In 2002, three longtime friends from Boulder, Colo., got hold of technology and developed a shoe made out of lightweight, antimicrobial foam. Originally a water-sports shoe, the shoes quickly developed a following among landlubbers as well. Gardeners touted their stability, runners enjoyed their light feel, and heck they were so cute!

Over-Expansion causes Problems

Chief executive John Duerden: "the industry was taken by surprise by the severity of the (economic sic.) downturn. It affected us more than most because the brand had been gearing up for a continuation of the extraordinary growth in the prior years."

I sure hope they can recover.

What are your Crocs memories?

Book Review: "Busted: Life Inside the Great Mortgage Meltdown"

by Nancy Mehegan

"Busted:  Life Inside the Great Mortgage Meltdown"  by Edmund L. Andrews

A NY Times Economics Reporter Goes Bust

This interesting book gives the personal story of the "mortgage meltdown" of an economics reporter for the NY Times, Edmund Andrews.  Yes, an economics reporter!  It outlines how he bought a mortgage, and slowly began to sink in the mortgage quagmire, 4 months in arrears.

In his role as a NY Times reporter, Andrews actually spoke directly to well known figures.  He spoke to Alan Greenspan about the mortgage crisis and interjected his personal financial troubles and fear of foreclosure.  Andrews relates the conversation:

"First, Greenspan "looked appalled.  Then he looked perplexed. And for the first time that I could remember, his patient and gravelly voice turned curt and commanding. 'Why did you do it?' he asked, interrupting me in midsentence. I felt like a teenager who had just told his father he had crashed the family car."

Greenspan on regulation:  "best regulation was enlightened self-interest"

HUH???? 

What was so "enlightened" about the banks and mortgage lenders?

Andrews' financial troubles began in 2004 when, in the middle of divorcing his first wife, he and his future second  wife bought a house.

His home was $460,000.  Monthly alimony payments of $4,000, they had $50,000 credit card debt, an annual salary of $130,000.

No Loan Officer asked for Proof of Income

When he met with loan officers they did not require salary pay stubs or his federal tax return, a "Don't Ask, Don't Tell" policy prevailed. Wha??  It really is ridiculous, if you think about it. 

How did it all happen?

1)  Andrews thought "he could beat the odds"

2)  A lax banking system irresponsibly provided a mortgage

3)  A regulatory system was dysfunctional

In the mortgage meltdown, some people thrived and others suffered.

"Busted" is a great inside view with the insights of an expert in economics.  Unusual look at the mortage crisis!

American Workplace: Departing Employees are Not so Nice!

by Nancy Mehegan

A disturbing trend is emerging in America's workplace. Employees who quit aren’t giving the customary two weeks’ notice, and some are even breaking noncompete agreements they signed.

Some Employees feel No Obligation to be Nice

Many feel the employer has violated the psychological contract with employees, and they don’t feel they owe them anything.”

When I was laid off from AT&T soon after September 11, I was determined to carry myself with dignity and not be disgruntled or bitter.  I was offended when I realized a staff member had the assignment of "minding me" during my last day.   I guess now it is a "dog eat dog" environment. 

Should departing employees be "nice"? 

artwork:  Duanne Hoffman

Read original article at MSNBC:  Take This Job & Shove It!