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Phil's Rambling Rants
February 26th, 2009
03:19 pm


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The financial mess

(9 comments | Leave a comment)

[User Picture]
Date:February 26th, 2009 11:54 pm (UTC)
Certainly we need to find ways to make pursuing short term profits and devil-take-the-hindmost less attractive. I agree that we need to restructure the system.

But I think it's still okay to call the slimy people who rose to the top the slime they are. "Don't blame me; I was just hurting people because the system made that the easiest way for me to profit" isn't cutting any ice with me, at least at the moment.
[User Picture]
Date:February 27th, 2009 01:24 am (UTC)
If we blame the slimy people who rose to the top, and we drop them in the ocean but don't change the system, a new crop of equally slimy people will rise to the top. There's a very large supply of slimy people compared to the number of top spots at big companies.

The system needs to change so that sliminess actually decreases shareholder value. When the time horizon for evaluating shareholder value is days, I don't see how to do that at all. If the time horizon were several years, I think it would happen automatically in spite of the efforts of the slimy.
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