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• W1517703957 abstract "Many have observed that present financial crisis is a classic example of greed run amok. Other call it a crisis more of memory than greed, citing S & L debacle as lesson we did not learn well enough during late eighties. Some blame rapacious lenders. Others point to voracious borrowers. Still others blame it on irresponsible leadership. Unquestionably, greed is a constant factor in human affairs, irrespective of what we have. We can only strike at very root of this problem by reassessing our values, rechecking our motivations, and adjusting our expectations. Capitalism is astounding belief that most wickedest of men will do most wickedest of things for good of everyone. -JM Keynes day is not far off when economic problem will take back seat where it belongs, and arena of heart and head will be occupied or reoccupied, by our real problems I problems of life and of human relations, of creation and behavior and religion. -JM Keynes Many have observed that present financial crisis is a classic example of greed run amok. Other call it a crisis more of memory than greed, citing S & L debacle as lesson we did not learn well enough during late eighties. Some blame rapacious lenders. Others point to voracious borrowers. Still others blame it on irresponsible leadership. The only real growth registered in current financial crisis has been the commissions, profits of banks and bonuses for managers, says Italian economist Ettore Gotti Tedeschi in a recent article in Vatican newspaper, L'Osservatore Romano. Unquestionably, greed is a constant factor in human affairs, irrespective of what we have, as illustrated in following folk tale: A story is told of a person who possessed like of an Aladdin's lamp. This granted every wish of it owner. After a while, owner got kind of bored with lamp. Someone told him that there is another person in town who has even better than this. This doubles wish of its owner. After searching for this luckier owner of lamp, man inquired if owner of doubling lamp will like to make an exchange. To surprise of first owner, owner of which promised wishes agreed for an exchange. Now, first owner hurried back to his home to test this new which purportedly was supposed to double wishes of its owner. He closed all doors and put on its pedestal, ready to make a wish. me a large, beautiful house, commanded owner. Why not two?, replied lamp. Then man said, Give me a sports car. The replied, Why not two? After a few more similar tries, owner discovered to his dismay that it is only a talking lamp, programmed to reply Why not two? to every request made. But it was too late. The owner of talking had already left town. So much for greed! According to recent reports, Federal Reserve made a bridge loan to A. I. G., largest insurance company in world that has assets of over $1 trillion and over 100,000 employees worldwide. And largest bankruptcy filing in U.S. history was made by Lehman Brothers. Lehman had over $600 billion in assets and 25,000 employees. (The largest previous filing was WorldCom, whose assets just prior to bankruptcy were just over $100 billion.) Robert Taylor, editor of Wealth Gazette, say calls 700 billion bailout package- to buy up rotten assets from cash-starved firms-to be greatest government intervention in financial markets since Great Depression of 1930s. In 1933, we were a country of haves and have-nots; today, we are largely a country of haves and have-mores. Taylor continues, America's basic economic problem is that rich are too rich and are thus prone to speculate and gamble with their money. The second biggest problem is that when rich get in trouble through greedy speculation, we have politicians who bail them out with our money. …" @default.
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• W1517703957 date "2008-10-01" @default.
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• W1517703957 title "Present Financial Crisis and Human Greed: Some Musings" @default.
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