25
Mar
09

What is it Money or Power

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icon_digg24 Do you find yourself asking this question: How is it that so many ostensibly smart people in the financial world made such terrible choices for so long?

I find myself supporting of our President’s administration when it comes to our country’s economy; however, we must find the answer to this question “Is it “Money or Power”, which drives our banking industry, stock exchanges and multinational businesses, before an absolute cure can be prescribed to the nation’s economic burdens.

I feel we, as a country, we have admitted to our own mistakes to the international community and should they accept our dilemma or not; we must insure both to ourselves and the world this will occur again, if we want to reestablish the country as an economic leader.

An author, Tony Schwartz, writing for the Hoffington Post, offered his views on how we, as a society, must change from a “Me” group of people, to a “Us” society.  In other words, for the last thirty years we have been strictly subscribed to the principles of a “Me only” generation of individuals.  Mr. Schwartz’s article is entitled: “How Self-Interest Destroyed The Economy” and bares some reading and careful though on our behalf.

Here is an except from his article:

As for Wall Street more broadly, the bubble that finally burst had many enablers: regulatory agencies that failed to play the oversight role they were assigned; politicians from both parties who oversaw the deregulation of the financial markets; ratings agencies who colluded with the banks that paid them by giving unduly high credit ratings to their toxically risky bonds; and the rest of us, millions of investors and borrowers who poured money into markets as if they could only rise, and took out mortgages in order to buy homes we knew we couldn’t afford.

We wanted what we wanted, and we didn’t think much beyond that. Bankers and their agents were happy to give us what we wanted in order to get what they wanted, and they didn’t think much beyond that.

Far too many of us conspired to get as much as we could while the getting was good, never stopping to consider that if everyone keeps trying to get more – leveraging their bets and running up debt to do so — there will eventually be a day of reckoning.

Again another video, which to me, sways us to believe “every things going to be OK, if Wall Street Manages it own self.”  The sad part this is our national media; not presenting the News, instead opinionating what we watch and perhaps for some of us trust in.

CNBC Needs to Change

CNBC should publicly declare a drastic change of direction, committing to responsible journalism in an effort to hold Wall Street accountable in the future. As a first step, it should bring new economic voices on the air with a focus on those who were right about this crisis in the first place.

The stakes are too high for CNBC to continue acting as the unofficial mouthpiece of Wall Street. This is not a game. Together we can bring about the much-needed change we seek. That is why it is so important that you sign this petition today and then encourage your friends, family and co-workers to do the same.

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