lunes, 16 de marzo de 2009
Fear Begets Fear
| White House economic adviser Lawrence Summers recently summed up our economic trouble this way: "Greed gives way to fear. And this fear begets fear. That is the paradox at the heart of the financial crisis." Daniel Gross sees the economy hunkering on a ledge, and he has one word of advice: "Jump!"
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Flying the "Hump" meant flying supplies in overloaded airplanes from Burma and India over the Himalayas in WWII to China. When the aircraft had struggled as high as they could, the Buddhists were glad to leap out to lighten the load....because as they said, "Fear is simply lack of faith".
ResponderEliminarThe fear in our economic system is also "lack of faith" , because the bad actions who have gamed the system have suffered no punishment...and even gotten unconscionable bonuses for their efforts. I have no faith in the system (and believe me, I was just holding on by my fingernails).
So what is the answer? Simple...we need far more frog marches on Wall Street. Heavy jail sentences, confiscatory actions, and public stockades and pillories. These, of course, are not nomal actions, but these are not normal times.
There won't be any confidence in the system until we do these things..
Thank you Lawrence Summers. Now we are all eagerly awaiting Yoda to chime in.
ResponderEliminargotta love pontification by one of those responsible for the gutting of the financial markets- legislating lack of regulation in the energy and financial markets by Summers and his colleagues led to the gross accounting distortions in both
ResponderEliminar