September 19 at 8:21 am
- Link
Interesting. I have two things to say to this: 1) A lot will change even without government regulation. This mess will (likely/hopefully) change American's appetite for reckless spending for some time (not forever). 2) I think we should be talking much more about a collapse in the moral fabric of Americans as the reason behind this mess than lack of government oversight. If you borrow money more money than you think you can repay just because your neighbor did it and your banker says it's ok, then you have a problem. If you don't think you understand the consequences, then you probably shouldn't be doing it (whether it's buying a house or investing in stock, etc.). Same this goes with the CEOs on Wall St. What happened to caution, prudence, healthy scepticism? What happened to going against the flock? These are simple human qualities that would have kept us out of this mess at so many levels (oh and that goes for the Bush administration too) - Jesper Joergensen