Thursday, October 13, 2011

I don't blame the banks

No, really I don't.
Neither Wall Street. Its not that they've done nothing wrong, its just that we would have done the same in a similar situation. Consider it for a moment. What is the goal of the free market? Profit. What is the motto of the Invisible hand? That the market will regulate itself. But combine it with point 1 and you see that the market will regulate itself to provide maximum profit FOR ITSELF. What happened is painfully simple. Given free reign in return of the vague promise that they won't do what they did...well, results are in. All of those financial institutions tried to grab as much as they want, and truth is, they ARE too big to fail - the global economy depends on it, we can't halt it or everything will go to hell. Lovely isn't it?

So yeah don't cry when your credit card goes out. Just look at the name of it- Credit - card. That means you/me/someone/ will have to pay for all of this. Eventually. Its what's happening now pay day on a world scale. Occupy Wall Street is both right and wrong. They are right that something has to be done, but they are protesting at the wrong place. You can't blame money makers for making money(by taking it from yourself included) you need to blame the one who allowed them to do so with impunity.

2 comments:

Mr.D on October 13, 2011 at 10:23 AM said...

I agree about taking personal responsibility, however I don't agree that wall street is blameless on how they hurt the US economy as well as the fact that they get away with massive amounts of illegal conduct. There's two different situations going on here.

geld-grube on October 17, 2011 at 1:03 AM said...

Nice article, can just agree with most things :)

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