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You are here: Home » Quantum Magic & Love Quarks » Archive » 2008 » September » 19 » How and what just happened on Wall Street
 

How and what just happened on Wall Street

Great article at the NYTimes Freakonomics Blog

http://freakonomics.blogs.nytimes.com/2008/09/18/diamond-and-kashyap-on-the-recent-financial-upheavals/

My comment on the good points and information raised there:

Thanks to Ronnie Reagan for the good times, eh? The 'free-market' dogmatics seem to think that the Law of Gravity is also subject to their whims. But what goes up must come down.

The sad thing is that the same lessons are given decade after decade, even century after century, but the reality is that humans are not wise. Our perspective, neurologically, is barely 24 hours. The global economy is much too large to be entrusted to the selfish biological drives that covet McMansions and $10 million condos in Manhattan or Houston.

Unfortunately, American politics panders to the lowest common denominator, with the results of the last eight years a clear example.

Peter Fraterdeus blog: fraterdeus.com

Posted by peterf on 2008-09-19 12:18 PM
 

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