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Module5
5.1Acultureofdebt(page47)
EconomistPerhapsthegreatestlegacyoftheFederalReserveChairmanAlanGreenspanisthewayhetransformedpeople’sattitudetocreditanddebt.DuringhistermofofficenotonlythenationaldebtofAmerica,butalsopersonaldebt,increasedsubstantially.
SincetheGreatDepressionofthe1930s,peopleinAmericahavebeennaturallyreluctanttoborrowmoney.Butforthisgeneration,intheUSandincreasinglyglobally,debthasbecomerespectable.Fromanearlyage,youngpeopletakeoutloanstopaytheirwaythroughcollegeandborrowingagainstequityinrealestateisnowatrecordlevels.Re-mortgagingyourhomewasunheardofgenerationsago:asecondmortgagewasanindicationofahouseholdintrouble.Buttodayitisroutine.
Allthisispossiblebecausecreditiseasyandinterestratesarelow.Banksareencouragedtolend,andoftendosoirresponsibly.Insomestateit’spossibletogeta100%mortgage–inotherwordswithnodown-payment-equivalenttofourtimesacouple’scombinedannualsalary.Themarketisconstantlycomingupwithnewfinancialproductsandnewwaysofextendingcredittoordinarypeople.GeneralMotors,whoseautomotivebusinessindecline,nowsellshomeequityloansthroughasubsidiary:it’stheonlypartofthecompanythathasbeenconsistentlyprofitableinrecentyears.
Thereasonforthisboominmoneylendingisclear-tofundconsumerspending.Aslongaspeoplearespending,economicgrowthcontinues.Inothermoreconservativeborrowingcultures,likeGermany,economicgrowthhasslowedbecauseintimesofuncertaintypeopletendtosavetheirmoney,ratherthanborrowingandspendingtomakethemselvesfeelbetter.
Sodoestheaccumulatingdebtmatter?Somesaythataslongasassetvaluesrisefasterthandebt,there’snoproblem.In2005Americansweretwelvetrilliondollarsindebt,buttheirpersonalassetsstoodat64trilliondollars.Othersarguethatwearesittingonatime-bomb.
Assetvalueswillnotcontinuetoriseindefinitelyandwhentheycrash,millionsofpeoplewillbeplungedintonegativeequity.Liabilitiesremainthesamebutassetscangoupanddowninvalue.Thiswasthecasewithstockmarketvalues,whichsawsharpfallsaround2000.Crisiswasavertedonlybecauseinvestorsmovetheirmoneyintorealestate.
FormillionsofAmericansthisonlyconfirmedthecultureAlanGreenspanhadbeenpromoting-debtisgood.Andifheturnsouttobewrong-well,weallhadfuninthemeantime.
5.2Discussingcosts(page52)
CA=CostaccountantGM=Generalmanager
CALook,we’vegottodosomething.Doingnothingisnotanoption.Ourmarginswilljustgetsqueezedmoreandmore.
GMOK.Whatdoyousuggest?
CApersonally,I’drecommendcuttingthewagebill-eitherbylayingsomepeopleofforbyfreezingsalaries.
GMNeitherofwhicharegoingtobeverypopularoptions.
CANo,butthealternativesareprobablyworse:reducingmaterialcostswilldefinitelyhaveanimpactonproductqualityandcuttingbackonadvertisingexpenditureisonlyashort-termsolution-itwillhurtinthelongrun.
GMNo,Iseethat.Whataboutadministrativecostsorotheroverheads?Insteadofcuttingstaff,wecouldtryanddosomethingaboutgettingourenergybillsdownforexample.
CAI’vealreadydoneasmuchasIcaninthoseareas.Ihavethoughtaboutthisalotandforme,theonlyrealsolutionistotacklelabourcosts.Itmaybepainful,buttheadvantageofitwouldbethat,oncedone,wecouldgetbacktoconcentratingonselling.
GMOK,Ihearwhatyou’resaying,butIthinkitmightcreatemoreproblemsthanyouthink.I’mgoingtogoawayandthinkaboutit…seeifthereisanacceptablewayofdoingit.
so.Customersreallyloveit:thefeedbackwe’vehadhasbeenexcellent.
BarbaraThat’sgreat.
PaulItisgood.Ihavetosay,I’mnotsosurprised-it’sanexcellentproduct,veryhighqualityandthepricereflectsthatofcourse.Whichbringsmeontomynextpoint.NowI’mnotaskingforbettercommission-weareOKonthat–butwhatwouldreallyhelpismoreseasonaldiscountingfromyourend.WhatImeanisreductionsthatwecouldpassstraightontoourcustomers.Generally,werunsalesinJanuary,springandlatesummerandatthemomentParagon’sproductsaretheonlyonesthatdon’tfeature.Isupposeyoucouldsaythatgivesthemacertainexclusivityintheeyesofthecustomer,butatthesametime…
BarbaraIcanseethelogicofwhatyou’resaying,andI’venodoubtitwouldhelpsales,butwhatyoumustunderstandisthatit’sverydifficultforustohaveapolicywithyouthat’sdifferentfromallourcustomers.Letmethink…whatIcouldsuggestisthatwetryandfeedyoumorediscountedstockwhenwearecomingtotheendofaparticularproductline.Icanspeaktothebossaboutthat.
PaulWell,couldyoualsomentiontohimtheprincipleofseasonaldiscount,becauseIthinkitwouldgenerateevenmoreinterestintheproducts.
BarbaraAllright,Iwill…butI’mnottoooptimistic.Arethereanyotherpoints?
PaulYes,thereisoneotherproblem,whichisthatwhenweplaceanorder,it’squiteoftenthecasethatyoudon’thaveexactlywhatwewantinstockandyouofferusasubstituteinstead.Letmegiveyouanexample:wewantengineerwoodflooringinanaturaloakandyouonlyhaveitinastainedoak.Onthewholewetrytobeflexible,butit’ssomethingwhichseemstobehappeningmoreandmore-andthatworriesme.
BarbaraIdon’tunderstand,Pual,andIapologise.It’ssomethingwhichwearetryingtosolve.Butit’snotreallyaproblemofourownmaking.It’saresultofshortageinrawmaterialanddelaysfurtherupthesupplychain.Wedotrytocarryreservestocksofalltypesofwood,butasyouknowit’sasensitiveproducttotransportandstoreandweoftenhavetorelyonwhat’savailablefromoursuppliersatagiventime.That’sjustthenatureoftheproduct.
PaulYes,Iappreciateallthat,butexplainingittoourcustomersisanotherthing.Oftenthey’rejustnotpreparedtowaitandiftheycan’tgetwhattheywantexactlywhentheywantit,they’llgoelsewhere.Intheend,that’snogoodforeitherofus.Areyousayingthatthesituationisunlikelytoimprovebecauseifyouare…
6.2Telephoneexpressions(page62)
Example
AHello,isJohnthere?
BSure,I’lljustgethimforyou.
AThanksalot.
1ACanIspeaktoYanLin,please?
BI’msorry,thelineisengaged.Wouldyouliketohold?
ANo,that’sOK.I’llcallbacklater.
2AI’mafraidMr.Chiuisoutoftheofficetoday.
BOK.Canyoutakeamessage?
AOfcourse.I’lljustgetapenandpaper.
3
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