Friday, March 5, 2010
Smart People Should Be Able To Find A Better Way of Doing Business
I read Financial Reform Endgame by Paul Krugman the other day. The article appears in the NYT on March 1, 2010. I agree with his comments, and I would like to add my own opinions on this subject.
The men that lead the largest corporations on Wall Street, the bankers, need to realize before it is too late that change and reform are needed. Why should they come to this realization? My answer is simple: before civil behavior breaks down and violence takes over, it is on their heads that the future of Wall Street rests. Politicians will not do what is right without a clear signal from Wall Street's leaders. They need to speak up for what is right, not just for their own self interest, but for the good of the country as well.
The fraud and shell games have to stop, because if they don't, I think violence may raise its ugly head. The leaders of the Banking community can not live on the 30TH floor forever. They have to at some point come down and realize what life is like on the street level. Reform and regulation are necessary, and in the long run will be cheaper for the country. These financial panics and bailouts are not free. They put our economy under unnecessary pressures. Smart people should be able to find a better way of doing business.