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This earmarked a small GZ trip for me and Uncle Dominic. I have never really been in GZ city before. It bewilders me that there are son many huge branded malls. Although there really isn’t much to write home about regarding GZ, the Shangrila Hotel there is indeed nice.
We took some nice pictures and above is one of them. I like the fact that I still looked young in the above picture, teehee…
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This is an event which took palce at the Four Seasons Hotel in HK. As it is a grand setting, all of the attending Kwan’s chapter were well dressed and as usual, well-behaved.
Maddy was very good that night and took lots of pictures with everyone. As Maddy is not with me all the time as a reason of weekend access arrangements, the fact that she could attend this occasion is a big thing for us. This is because Edwin is the grandosn of Uncle 4 (who is in fact the head of the Kwan’s family).
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http://www.beta.discoverhongkong.com/eng/things-to-do/images/outlying-islands.pdf
Anyways, we had a lot of fun! Maddy liked the whole event, including the bantering on the ferry, the snacks eating, the shoulder rides and the biking to Cheung Po Tsai Cave. It was the most amazing Cheung Chau visit that me and Maddy had ever have and we are thankful that Uncle Dominic brought us there.
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This is an ongoing crisis characterised by contracted liuidity in global credit markets and banking systems triggered by failure of mortgage companies, investment firms and government enterprises which had heavily invested in subprime mortgages. This crisis highlights the pervasive weakness in the global financial system and regulatory framework.
This crisis commenced with the bursting of the US housing bubble created by declining lending standards and increased loan incentives. The whole era in US at that stage was that borrowers were encouraged to take on huge difficult mortgages in the belief that they could re-finance easily. But, once interest rates begin to rise and housing prices began to drop in 2006-7, re-financing became real difficult. Thus, foreclosure of houses was triggered.
The commencement of this crisis led to huge liquidity concerns which then drove central banks around the world to take action to provide funds to bank members to encourage lending to worthy borrowers to restore faith and commercial markets. The US government also bailed out financial institutions.
This then led to the market intervention by the US Federal Reserve to cut interest rates and provide economic packagess passed by Congress. But, notwithstanding it all, the crisis escalated.
Risks of Default
Traditionally, banks lent money to homebuyers for their mortgage and retained the risk of default, called the credit risk. But, due to financial innovations, banks can now sell rights to mortgage payments and related credit risk to investors, through a process called securitization. The securities the investors purchase are called mortgage backed securities and collateralised debt obligations. This new “originate to distribute” banking model means credit risk has been distributed broadly to investors, with a series of consequential impacts. The major 4 risks involved are (i) credit risk, (ii) asset price risk; (iii) liquidity risk and (iv) counterparty risk.
Alan Greenspan stated that the securitization of home loans for people with poor cerdit – not loans themselves – was to blame for the current global credit crisis.
Under the CRA guidelines, a bank gets credit originating loans or buying on a whole loan basis, but not holding the loans. So, this gave the banks incentive to originate loans and securitize them, passing the risks onto others. SInce the banks no longer carried the loan risks, they ahd evrey incentive to lower their underwriting standards to icnrease loan volume. The mortgage securitization freed up cash for banks and thrifts, this allowed them to make even more loans. In 1997, Bear Sterns undled the first CRA loans into MBS.
High credit ratings encouraged flow of investors’ funds to finance furtehr housing boom. Critics claim that conflicts of interest were involved as rating agencies are paid by the firms that organize and sell debts to investors, such as i-banks.
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Started some coaching with the view to consolidate my relations with myself and with how I could coach Maddy better in future.
This brought me to read the book “How to Stubbornly Refuse to Make Yourself Miserable About Anything – Yes Anything – by Albert Ellis” http://albertellis.org/products.php?cat=24. In fact through the past counselling courses that I have done, REBT is in no event unfamiliar to me. Notwithstanding, brushing up on this in a big way now would out me in a better control over my emotions within my currently turmultuously life. Meanwhile, the theory serves as a very useful tool for me to coach Maddy.
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I got locked out of my bedroom last night at Maddy’s suggestion!
“Mummy, my plastic keys will open all doors” is truly convincing to me (who has been suffering huge lack of sleep, since I was going through “jet lag” with Maddy in surrogate). Looking back, it was a woefully inadequate answer to the “how did it happen” question!
Slept next to Maddy in her single bunk-bed, wherein she worke me up at 3am again (due to her jet-lag). Therefater, the 2 dogs woke up, then my maid and then the TV got back on to the Cartoon Network.
Ended up wearing the clothes that I gave to my helper 4 years ago to work, since my bedroom was locked. It is a one-piece black dress. It actually looked quite good and Ms. French (my colleague Frederiuqe) loved it. Perhaps, I should claim back its title!
Same resistance from Maddy outside the KIS this morning. Lucky I had strong arms. Lucky, the new KIS teacher for Maddy is a verteran and a nice veteran too. Ooooooooooooh, I need some spinach to replenish myself.
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The relationship between myself and the Tam’s Family hit a major road-block after the UK visit in the Summer of 2006. For those who know, the non-molestation order swiftly folllowed the “UK Hammer House of Horror Trip 2006″. Pages and pages of second-hand hearsay from my Ex and his family were based on fabrications and twisted facts, that they super-imposed on the Tam’s Family. Beleive me that the Tam’s were all over my Ex’ clan’s afidavits against me. In a nut shell, the Tam’s are supposed to find me an “inappropriate mom” to Maddy.
I have arranged for Ex’s dad (who reminded me of an “old fox”) to be Ming’s paid guardian in England. And the 2006 UK trip was very much like the official “launching” of that relationship. Sadly, that “I am the Guardian” card was played out extensively by my Ex’ clan. I never focused much, if ever, on strategy and politics. I, who have always lived a pampered life, and whose life was very mcuh guarded and protected by my dad, never realised that those close to you could hurt you so mach and in such a malicious way. But, anyways, we all live and learn.
Thereafter, the Tam’s Family was scared, for they were continuously demanded by my Ex and his dad to stand in court against me. We saw each others less for a few months, as a result. But, strangely and healthily, our relationship recovered itself and is enhanced in its depth. The last 2 years since the non-molestation order, was to me hell, and thankfully I have been allowed a small corner and a part of the dining table of the Tam’s family home. Sometimes, I even fell asleep in their living room’s sofa. Perhaps, that was kind of a safe “sanctuary” for me, when life was tough.
People say “time flies when one is having fun”. But, frankly, “time flies”. Ming will be in 1st year at the Redding University in a month and Andrew is already 8 and is in Primary 3. Andrew has ceased to play closely with Maddy for a long time. He now likes to play with older boys.
