Monday, March 09, 2009
the absurd notion that somehow we can fix everything...
is it only me, or does anybody else find it disturbing that the economic reality we are facing today has been met (bush: the economy is strong...), or presently: 'we can rebuild, and america will once again lead the world..' is fundamentally flawed?
why do we collectively think that we (western ideology) can make everything better?
while we have been happily sailing towards the cliff edge, nobody cared, and yet as soon as the house of cards starts crumbling around us, we expect miracles (and immediate ones, at that).
greed, credit, and leverage, and a policy of deregulation created the problem, and it's not going to be fixed until we address the root cause - however unpalatable the consequences may seem, both for 'main street', which is media-financial speak for you and me, and the the investors of this world and those that work in the industry.
so here's my take:we're all in a big ditch. and we are just going to 'be' in this ditch until someone gets us out. but i can't tell you exactly when the tow truck will arrive...
...nor how deep the ditch actually is.
as for the so-called 'best & brightest' on wall st. they ALL got it wrong.
perhaps it's time to revisit whether the profit motive of the individual actually benefits the long term of the whole.
and by that, i mean the poorest of the world as well as the richest.
and there is an awful lot of the very poor that didn't benefit from all the past's wealth creation in the industrialised nations of this planet ...
or to put it another way:
why does the business cycle exist?