Robert Reich had a great guest commentary piece on Marketplace discussing the necessity of America to reward innovational entrepreneurs in new product and service development.
Most of the focus today is on making money from money: derivatives, private equity buyouts, leveraged equities, arbitrages, shorting, et al. ”It’s all about making money,“ I often hear from coworkers, colleagues and other peers. While the ”value values“ crowd is getting more attention, they are still a minority. The popular hedonistic [note LC] culture is fueled by sobriquets: Jay Z, Madonna, Survivor, CNN and others pump out the pap and the masses follow like lemmings; not questioning, not protesting, not listening to their hearts. Which brings me back to Reich’s piece.
The day before he broadcast the stock market tanked, explained away as a correction of the ”sub-prime mortgage“ cycle. [Funny how newscasters are always looking for explanations for changes in the market and are quick to point to single indicators or events. Fact is: they really don’t know]. Hedge funds and their managers have also been in the news, notably as exposéd in, Confessions of a Wall Street Shoeshine Boy. These are instruments of investment of which little phpaide.com is known or understood and which involve billions of dollars of investments. Few of the individual investors know how their money is being used and at times it so reminiscent of a Ponzi scheme that I am surprised the bums are not being arrested. These self-envisioned Masters of the Universe regrettably are above the law. They are providing the profits that are keeping the economy running. And the Fed is willing to bail them out when the money-lenders’ strategies go south.
As a society we maintain a manic compulsive fascination with luxury and a collective unwillingness to make the sacrifices necessary for global sustainability and peace. This is not the fault of religious extremists. It is ours alone and we
have the power but not the will to change.