petdave -> RE: The Greatest American failing (3/24/2008 8:31:33 PM)
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quote:
ORIGINAL: Politesub53 Surely big money affects us all, worldwide. Sub-prime being a fine example. The Banks lend to everyone. Someone buys a house and pays a construction guy to refurbish it. The money markets crash, in this case due to poor lending practices, and everyone suffers. The house owner, the construction worker, the wholesalers the construction worker dealt with. Its just one big catastrophe passed down the line, all begun by poor regulations. Big business was lending money without worrying about safeguards, as they couldnt forsee a crash. The people in charge saw the crash coming. You'd have to be an idiot not to. Would you loan your own money to someone with a documented history of not repaying their debts? Of course not. Now, loaning somebody else's money to a deadbeat in order to boost the numbers for a few quarters, run the company stock up, and cash out with a big bonus before the bill comes due? That's a whoooooole 'nother story. What's caused the current mess is a lack of personal responsibility- allowing unscrupulous people to hide behind corporate entities, their lawyers, and legislation that frees them of the consequences of their actions. Sentence some of these corporate raiders to hard labor, digging ditches for $0.35/hour until they've repaid what they've stolen, and the game will change. Until then, it belongs to whoever has the highest cleverness:integrity ratio.
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