He says he's not trying to destroy your faith in a free market economy. He's not trying to bash the Bailouts. And, though his mother no longer talks to him about economics, Uhmman says some of his best friends are in the financial sector.
Uhmman, a former AIG executive and a professor of economics at the University of Lower Mainland, is a financial sleuth whose investigations make some people very angry.
In Uhmman's latest book 'It's Only Money', he points out that much of the economic failures of the past months are fictional delusions. Everything is just fine, and any issues are small ones which will soon be resolved. Massive borrowing is good for everyone, and trade deficits will take care of themselves. Taking a leaf out of the current administration, he points to the H1N1 virus and says we have more important issues to focus on than the economy.
Uhmman's book has been compared to Holocaust denial by may economists. Many unemployed workers and people who have lost their homes would disagree with Uhmman's remarks. "It is easy for him to talk, I bet he did not give back his bonus check!" said one disgruntled postal worker, who was polishing their AK-47 before starting their shift. In the US, the postal service is considering cutting back from 6 days a week to 5 days a week delivery service.
Uhmman goes on to deny that there were any wrong doings on Wall Street, and points to the White House and the Treasury for stirring up trouble. "We were fine until they started crying Wolf!" he wrote in his book. He went on to explain how all the stuff about sub-prime mortgages was just hype to get people worried. "When you are scared and worried, you are easy to control." he explained.
Some of his backstabbing former colleagues came forth to criticize his book, saying they did not know where he came up with his ideas. "If you believe his book, you will believe in the Tooth Fairy!" they said. Unfortunately they were missing and unavailable for comment when we tried to reach them for more conclusive evidence.
Uhmman points out that there was no Bailout; it was made up by the government to get the people to believe that the (fictional) problem was now taken care of. It was no more taken care of than the (fictional) weapons of mass destruction supposedly in Iraq. Like St George slaying the dragon, our government has dealt with the economy with a magic sword called Bailout. We can now all go back to our happy lives and more on.