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Wall Street: A Rush to Judgment, Again
Redeeming Hope by Rich Harwood. Wall Street - A Rush to Judgement I can't help but think that the financial fiasco we now face has similar markings to the War in Iraq. This is not something I say lightly, but is something that needs to be said. For why is it that on the most vital issues of the day we so quickly rush to judgment, while trivial matters receive endless attention? When it comes to Wall Street, let's not make the same mistakes we made in Iraq.
Last night I finished Bob Woodard's latest book, "The War Within." It's a good read, even though key parts of it seem overwritten, especially where Woodward switches from reporting to outright editorializing. But the facts speak for themselves: time and again the president and this administration put their heads in the sand and refused to acknowledge and adapt to on-the-ground realities. What's more, they failed repeatedly to square up with the American people.
Just as troubling were Bush's military-advisors who seemed AWOL, while Democrats on Capitol Hill were nowhere to be found. Both groups appeared timid, afraid to risk their political capital or, more likely, their political position. Recall the lead-up to the war in Iraq, where most everyone was cowed into falling into line, fearful of assaults on their patriotism, worried that they would seem less than manly if they asked for evidence of danger.
Will this same dynamic takeover in the current financial crisis? While it's clear that some form of action is required to stabilize our nation's financial situation, I'm not an economist so I cannot adequately "blog" on various technical solutions. But I do know that when a herd mentality takes over in public life, it is not a good sign. Nor is it promising when people are told not to raise tough questions because "We need to get the job done." And I don't take comfort when all of a sudden a few people huddle together with the President and declare a solution.
By all means, leadership is required now. 535 members of Congress should not get the opportunity to place their personal imprint on this legislation. But rushing to judgment on a $700 billion remedy; bypassing any kind of real oversight into the future; allowing Wall Street executives to run off with millions in golden parachutes while hard-hit Americans must forfeit their homes -- well, are these the values we want in place? Before we act is the right time to reveal, debate, and choose the values we want to guide our choices.
There is always a delicate balancing act between moving ahead quickly and making room for genuine debate. But this is not a simple "either/or" choice, and we ought not to let it become one. In fact, real leadership is the ability to understand this tension and to move ahead deftly.
If Woodward's reporting is to be believed, at critical moments in the Iraq War, the president failed to seek out the advice of his military leaders, only to be counseled by those individuals who already supported his views; meanwhile, those left outside his inner circle did not adequately raise their voices and push a different point of view. There was a rush to judgment, and a failure to engage.
Now, we face a domestic crisis, which could spill over into a major global crisis, and similar questions haunt us. Will we rush judgment, again? And will there be a failure to engage? My hope is that this time our response will be different.
If we expect our elected officials to put their political capital and positions on the line are we willing to stand next to them and stand by them? Learn more about what it takes to support a new breed of leaders in Rich's latest essay: Make Hope Real.
Download your free copy today.
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Re: Wall Street: A Rush to Judgment, Again / Solution?Oct 1, 2008 | John MilliganSolution?
Think about this: instead of feathering the coffers of failed banks and Wall Street companies to make credit available
The Administration pays each US citizen $1m. We could then all pay off our houses instead of carrying interest-bearing mortgage loans; same goes for cars; and so on.
The population would spend, invest, be philanthropic and in so doing, put the money back into circulation and this would benefit Main Street directly - through new jobs, new businesses, additional services and so on as well as make for a much happier and less stressful existence all round.
At 300 million population in the US this would cost the Administration $300 trillion – a savings of $400 trillion over the Paulson Bail-out Plan!
Better than trying to remedy a failed economic principle with 'socialized capitalism' - let democracy and capitalism work together!
Think about it … … !! -
Re: Wall Street: A Rush to Judgment, AgainSep 25, 2008 | Thomas A. CamioloHere we go agian. When was the last time anyone of us did due diligence and read the packet of information that came with our investments. Did anyone ever investigate their original investment or only rely on the advise of someone who only gets paid if we buy that instrument? Have we reviewed our current investments to see if there have been any changes in them? There is a lot to be said for throwing rocks when you live in a glass home. Resolve tomarrow to review anyone of your investments (including savings) call some to determine rights to convert, withdraw or cash out. Who insures or garentees the principle if at all. What percentage of your retirement is at risk (market or inflation)? Boy, did I ever just scare myself. I better go check my own piggy bank and see who has their fingers in it! -
Re: Wall Street: A Rush to Judgment, AgainSep 24, 2008 | Ruth SchimelAs the least worst form, capitalism works best for all when fear and greed are lower and risk and trust find choreography that connects.Unfortunately, our governmental processes, legislative and executive, are not geared for seeing and strengthening the big picture. Perhaps that's the tradeoff in democracy.
The question remains: How can we encourage holism and avoid control by people who consciously or unconsciously favor just themselves and their class? Who will administer the $700,000 billion? Probably many of the same people who contributed to the mess, while we citizens and our representatives stood by. And the upshot? Few resources to promote the public good, whatever the outcome of this election. -
Re: Wall Street: A Rush to Judgment, AgainSep 23, 2008 | John MilliganI agree this seems to be a rush to judgment again. I am no economist but there are still too many questions to be asked - and pragmatically considered and answered. If I remember, it was Karl Marx who wrote "Capitalism ultimately leads to Socialism" - so the introduction of our new economic model of 'Socialized Capitalism' would make him right on the mark! There have been plenty of warnings over the past years with little action. What about all the small businesses who have had to go it alone - and often go under let alone the struggling homeowner? If it is the solution, the Paulsen Plan needs prudent oversight and not just from the Executive Branch of our government. Once again we are moving too fast and with too much secrecy. Deja vu. -
Re: Wall Street: A Rush to Judgment, AgainSep 23, 2008 | Dr. Lee BellRich, this is not a rush to judgement like Iraq. It was a pre-planned course of action by the Bush ADDministration. The rebublican party says it is for less government, but if one looks closely the size of goverment has grown during rebulican governance.