A few thoughts on the current economic crisis

[bitterwind]

For years, the free market has allowed a terrible bubble of bad behaviour. Essentially it was fraud on massive scale through willful blindness to the risks. Because people only looked at next year's profit, they ignored the risk of catastrophe, hiding the risks out of their own sight by digesting it through all sorts of funds and deravitives to

Comments

[whatawookie]

The only "problem" with the let it all fail mentality is that as always, the poor will pay disproportionately much, MUCH harder than the rich. I may be way off on the effects of "let it fail" but I'm under the impression that it means, in north america, the failure of companies leading to massive job losses, driving up of base prices and cost of living. It is the lower and lower middle classes who will be driven into abject poverty (for argument's sake, I'm going to define abject poverty here as unable to afford shelter, food and utilities at the same time).

How does that help, when the majority (by numbers) of the people who pay the most for the failure have contributed to it the least?

What innovation do you forsee will change this? I'm interested... skeptical, my risk-comfort zone is at this time SO not there, but I'm interested in what you are thinking.

[bitterwind]

Well a part of me feels that employees need to demand their employer act responsibly - their job being their share of the blame. But, if you helped people build a new generation of companies quickly, then there would also be massive job gains.

(I have, perhaps, become a little thick-skinned about the threat of losing my job)