Thursday, October 9, 2008

An Analysis of the Banking Fallout - Article Review

Yesterday Glenn Beck shared a letter he wrote to his sister about how we as a nation came to be in the situation we're in financially. I think he states a lot of it far better than I could hope to, and I appreciate that he did not point the finger at one party, but he did name names when particular individuals had acted or made statements clearly showing they played a role.

In simple terms, though, what he said was greed drove it all. I think he has hit the nail on the head. Politicians greedy for power, bankers greedy for profits, individuals greedy to have things NOW instead of waiting for when the time was appropriate, builders greedy to put up more and more homes while credit terms were so loose... greed greed greed.

It really is sad that such a base, animalistic drive got us here. Regulations were ignored, overlooked, or sequestered. Risk was ignored because it was all being passed on to someone else who didn't care about it. Everything spun out of control.

Fortunately, the economy is still functioning. Rampant inflation (caused at least in part by these slackening credit terms) has not managed to destroy it yet. People are still employed at high percentages, and they go to work and do their job, then come home and purchase goods and services from other people. We have not reached a total fallout, nor will we it would appear thus far. So hope remains. Today may seem dark, but tomorrow - or several hundred tomorrows from now - we can still hope for a brighter day. And maybe, just maybe, that day will bring with it the wisdom learned in the midst of these trials.

-- Robert


Natasha said...

Wasn't it a fantastic letter? Couldn't agree with it more. People on Mike's blog (see my blogroll-- you'd like his blog, I think) were saying "Glenn Beck for President!"

When the housing prices went up so much I just felt ill. It all seemed evil to me. Orchestrated somehow for greed.

Robert said...

Definitely a great letter. It did/does seem crazy that housing prices just kept going up.