Monday, September 29, 2008

Greed is good, not great

Just embrace it people! Interesting Editorial on the current sitch:
The Soviet Union deployed the entire power of the state to stamp out greed — and ensured that the state was the greediest actor of all. Even religion’s not insubstantial powers of persuasion (think Hell) and coercion (think Inquisition) have proved insufficient to blot out this insidious sin.
While I don't completely agree with his underlying logic, I like this commentator's punchline:
When the banker who loses his or her bank also loses his or her shirt, greed will be tempered.
The current crisis will humble Wall Street and provide a market correction that seems long overdue.

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