The problem isn't too much greed, but too much cowardly greed.

August 2, 2001 10:51 AM

The problem isn't too much greed, but too much cowardly greed. "Spineless lenders, weak-kneed investors and meddling regulators intent on reducing risk pose a greater threat to the global economy than the volatile financial markets... 'The critic's image of the global financial markets as a giant casino is wrong," [writes British financial writer Daniel Ben-Ami], 'On the contrary, the modern financial markets are more often characterized by a fear of risk-taking than a reckless disregard for danger.'"
posted by tranquileye (6 comments total)

After reading just a few paragraphs of the article, I am already sick of the casino metaphor.
posted by solistrato at 11:30 AM on August 2, 2001

I totally agree with Ben-Ami, here. While investing in the market may effect everybody, it's not for everybody, and trying to make it feel safe destroyes the natural flow necessary for it's proper functioning.
Risk and gain are inexorably linked. Trying to remove one nulifies the other.

Capitalism is an inherently risky system. The core of it has always been personal gain. It really has nothing to do with looking out for the needs or safety of others. That was communism.
posted by dong_resin at 11:44 AM on August 2, 2001

Capitalism is an inherently risky system. The core of it has always been personal gain. It really has nothing to do with looking out for the needs or safety of others. That was communism.

I thought that was altruism, actually.

Is looking out for the needs or safety of others at all important?
posted by tranquileye at 1:04 PM on August 2, 2001

Capitalism is an economic system supported and enforced by the state.

Altruism is a personal value system.

Communism could be construed, in part, to be state supported and enforced altruism. And we've repeatedly seen how well that works in actual practice.

Government has it's place, but it's really not all that good at enforcing value systems. Our priests, counselors, and parents should be teaching us our value systems, not the state.

Too often, liberals see an injustice or an inefficiency in the world and they to themselves, "This needs to change!". And they're very often right. What they often fail to consider, however, is whether or not the government really has a right to do the changing in the first place.
posted by gd779 at 1:49 PM on August 2, 2001

Actually, wouldn't pure capitalism and pure communism (once you got past the revolutionary stage) be eerily similar? Aren't we, after all, just shareholders in the corporation of the government, acting in purely self-interest?
posted by hincandenza at 2:04 PM on August 2, 2001

Enough commentary...Financials are doing great. Go long on HRB, NYCB, SAFC, SNBC. Maybe BKUNA.
posted by username at 6:53 AM on August 3, 2001