It was clear 20 years ago that Eskom, SA Airways and Denel were unfixable
stating that FDR came to office in 1934 instead of 1933, but the narrative itself is correct. FDR’s example is pertinent to the crisis facing SA, including opposition within ANC ranks to President Cyril Ramaphosa’s efforts to remedy former president Jacob Zuma’s disastrous legacies.
Two thousand American banks collapsed during the final days of president Herbert Hoover’s inept administration. Unemployment was 25% and the economy had contracted from $100bn to $55bn. Revolution in Washington was feared when FDR was inaugurated in March 1933.every bank in the US for five days, which restored calm.
FDR reportedly told JPMorgan and his co-conspirators he would refrain from prosecuting them for treason if they dropped their opposition to the New Deal. Bankers then, as now, believed they were too big to fail, and too rich to jail. It was evident 20 years ago that Eskom, SA Airways and Denel are unfixable. Unlike FDR, Ramaphosa dithered during his first 100 days when SA expected decisive leadership. Two years later, he is fast losing the credibility he needs to sort out the mess he inherited.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: Ziegler SA goes after SA Express board members in their personal capacityThe global logistics company, which wants SA Express to be placed under business rescue — through a court order — because it is technically insolvent, added a new twist to its battle against the state-owned airline: Ziegler SA wants the airline’s 12-member board to pay legal fees out of their pockets for opposing its urgent application.
Read more »
Grammy Awards begin with love letter to late NBA star Kobe Bryant'And we're literally standing here heartbroken in the house that Kobe Bryant built.'
Read more »
LETTER: Bribery not motivated solely by greed and needIn a different ethical system, the motivation for bribery may not be as obvious as some think
Read more »
LETTER: State capture began with ouster of Thabo MbekiWhat happened after Jacob Zuma took power in 2009 was a carefully planned programme hatched at Polokwane
Read more »
LETTER: Throwing money at Eskom won’t bring lights back onOperational and management failings have caused the rolling blackouts
Read more »
LETTER: No egalitarian society under capitalismFree Market Foundation veers off track and promotes untruths about our economic system
Read more »