What was probably the worst year of Tiger Woods‘ life still ended with a silver lining: he made more paper than all the cheating and gay golfers who DIDN’T get caught creepin’ last year!
According to Golf Digest, the sport’s second ranked player topped the list with $74.2 million. Most of them coming from endorsements and appearances with only $2.29 million generated from tournament purses.
Phil Mickelson comes in at second with $40.18 million, Arnold Palmer and Greg Norman is third and fourth with $36 million and $30 million, respectively. Jack Nicklaus rounds out the top five with $25.17 million.
After his $10 million bonus for his victory at the PGA Tour’s season-long FedEx Cup last September, Jim Furyk is at number 6 with $23.58 million. Rounding out the top ten are Ernie Els, Gary Player, Lee Westwood, and Padraig Harrington.
The overall earnings compiled by Golf Digest was based through interviews with agents, players, company executives doing endorsements as well as industry analysts as well as the official money list of the leading professional tours.
Tiger Woods’ current earnings was a far cry from the $121.9 million he earned last year. However, his failed marriage and the sex scandal he was involved in resulted to the decrease in his earnings. Tiger spent most of the year trying to work on his marriage and replacing his swing for the fourth time in his career.
The recent scandals in his life caused him his sponsorship deals with AT & T and Accenture, amounting to $35 million worth of annual revenue. After becoming a professional in 1996, Woods ended his PGA Tour season without any title and lost his number one ranking to Britain’s Lee Westwood on November 1.
In August 2010, Tiger Woods hooked up with Canadian swing coach Sean Foley after competing in the PGA Championship. Since then, his swing steadily improved and is still the biggest crowd drawer in the sports.
Tiger Woods is still earning $72 million worth of sponsorship deals with Nike, Electronic Arts, Tag Heuer, Upper Deck, and TLC Vision Centers. However, razor company Gillette recently revealed that they would no longer renew their sponsorship deal with him.
That man lost almost $40 million and STILL made $30 million more than the second highest earner?
Somewhere an attention whore-of-a-hoodrat-mother is enrolling her son in a golf program.
Source
Products of the past…doomed…
Chinese President Hu Jintao: the US dollar-based monetary system is a “product of the past.”
He is right about that. And last week two major US credit agencies – Moody’s and Standard and Poor’s – underlined the point. They said America’s triple A credit rating would be lost if the nation continues to borrow so much money.
Amen to that, brother…
But how can the US borrow less?
Ben Bernanke says the US economy will probably grow between 3% and 4% this year.
Pretty good, huh? We can stop worrying, huh?
Wait a minute. We don’t know if the US economy will grow this year…and neither does Ben Bernanke. But even if it were to grow at 3% to 4%…would that mean we were enjoying a genuine recovery? Could the US dollar-based monetary system hold up after all? Could it surprise the Chinese and be a product of the future as well as of the past?
Let’s see how the present economic model works. You spend $10 trillion on bailouts and stimulus. This puts the whole country on course for bankruptcy…where the Chinese are telling you that your money is history…and the rating agencies are threatening to take you down a notch or two. But for your trouble you get, say, 4% growth.
Hmmmm…4% growth is equal to about $560 billion more GDP. But don’t look too closely. Much of this extra GDP is debt-fueled government boondoggling which adds nothing real to the nation’s wealth.
But in order to keep this “growth” going, you have to continue to run deficits – of about a trillion dollars a year. Hold on…what kind of business is Ben Bernanke running?
It costs more in deficit spending than you get in positive GDP growth.
Well, maybe you lose money every year…but you can make it up in the long run!
Hold on… The deficits are expected to run 5% to 10% of GDP for years. Maybe forever. If the growth rate is only in the 3%-4% range, it will mean that debt always outgrows growth. In fact, that is exactly what almost every economist projects.
Then, what’s the point? Well, maybe deficits can be cut…and the growth rate will pick up? Hey, anything is possible. And since we’re starting out in 2011 with a positive attitude…we’re ready to believe anything.
And maybe that’s what gold speculators were thinking on Friday. They sold gold – taking the price down $26 an ounce. Gold rises as confidence in the financial system falls. If gold is falling, it must mean the confidence in the Bernanke, Geithner team is increasing.
Based on the evidence so far, we’d have to take the other side of that bet. If Bernanke & Co. have any idea what they are doing it is not apparent from the public record. Even now, in the 5th year of the Great Correction, they still seem unable to see what is going on.
Bernanke:
“We got in trouble in the first place by making too many bad loans, right. So you’ve got to make good loans. We’ve got to have credit worthy borrowers.”
It may be that, in private, Bernanke has a clearer view of things. But we cannot tap his phone or channel his dreams. All we have to go on is what he says…and does. So far, he has said or done nothing that gives us confidence in the man.
He’s right: we got into trouble by making too many bad loans. But why did “we” do that? Because the Fed lent money too cheaply! It encouraged speculation and risk taking – especially by the banks, who must have known that they would be bailed out if they got into trouble.
And how could the Fed remedy the situation? Easy. It could raise rates – just as Paul Volcker did. It could put the squeeze on speculators. It could raise reserve requirements. It could allow the banks to go bust…send them a message they wouldn’t forget.
But what has Bernanke done? Just the opposite. He has rewarded the reckless speculators by buying up their bad bets (adding $1.7 trillion in trashy mortgage backed securities to the Fed’s core holdings). He has cut rates even more…bringing the effective rate down to zero for privileged borrowers. And he has created the illusion of “recovery” – by goosing up prices of stocks and commodities.
Bad policies. Bad in the short run. Worse in the long run.
Bill Bonner
for The Daily Reckoning
The US Deficit Recovery Program and Other Fallacies originally appeared in the Daily Reckoning. The Daily Reckoning, offers a uniquely refreshing, perspective on the global economy, investing, gold, stocks and today's markets. Its been called "the most entertaining read of the day."
Source:http://removeripoffreports.net/
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