Financial crisis and common sense

25 09 2008

An interesting article on the financial crisis from the perspective of small businesses. The small businesses have to make things work, meet their payroll, pay their taxes, pay their loans; why shouldn’t the greedy mega-corps have to do the same thing?

Back when South American countries were defaulting on their loans to Wall Street, the US Government and/or the IMF one wit made the comment that if you are going to default, default massively as it will be forgiven while the small loan will be foreclosed upon.

Part of the answer, of course, is that the little guy’s default impacts only himself and a few others where the massive default impacts large markets, the region, the country, the world.

I wonder whether anyone will spend any time in jail to rethink their greed?

Or whether any politicians who voted for the proposal to allow these financial vehicles to operate without proper oversight and controls will loose their positions for violating the public trust?

And the middle class gets squished yet again.

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