We want to inquire about your greed.

Congress can never be said to avoid taking action, because every crisis and major decision sees some form of commission, committee, or dog and pony show created do provide guidance.  The congress itself is too busy running for re-election to actually study the issues, so they delegate someone else to do it.  This tactic is especially popular when unpopular decisions are needed, because the legislator can always say that they just followed the recommendations of the body which was responsible for that action.  This is, of course, out and out denial of the congress members duty to take responsibility for their actions.

Responsibility is what the commission that sparked this diatribe is investigating;  who can get the credit for the American economy collapsing around the remainder of Wall Street.  Somewhere, there has got to be a person or persons whose decisions were instrumental in causing tho worst economic collapse since the Great Depression, or so the thinking goes, apparently.  The Financial Crisis Inquiry Commission is charged with establishing just what caused the best party the rich had enjoyed in centuries to come so suddenly to an end.

But, over and over again, executives state they were following sound business practices, and that it was unstoppable market forces which overwhelmed them.  They had no responsibility for all the bad things that happened.  We should not be surprised, because it would take some too dim of wit to survive on Wall Street to stand before a commission and say, “We were greedy, and got in over our heads.”  Which is what the whole crisis amounted to; greed distorting the judgment of everyone from home owners to heads of multinational banks.

How ‘sound’ is a business practice which is based on the market continuing an unprecedented surge, or the willingness of others to loan money?  It sounded great when the money was rolling, but people were so busy putting it in their pockets that they didn’t set any aside for an overcast day.  The smallest disturbance could threaten multi-billion dollar companies with extinction, it worked out, as dominoes fell one right after another, until the whole thing went right off a cliff.  How can you expect to see a cliff when you are driving 100 miles per hour?  The profit taking was so supercharged that no one even considered easing up on the gas a little.

Well, it was nice while it lasted, and some people made a lot of money, but most of us ended up with less.  Is it our money that those people got?

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