Thursday, September 25, 2008

Is this news?

http://www.cnn.com/2008/LIVING/personal/09/25/money.pushers/index.html

So, what they're saying is, in our economy, with our structure of rewarding profits and punishing losses, with companies needing to show continued growth and returns to keep their stock up, banks were pressuring citizens to take on loans that might not have been in their best interest? Shocking!


As a sidenote, the one positive that will come out of our economic mess is a drastic contraction of the financial industry. We need more of our smartest workers creating actual value, instead of pushing money around (I know they do more than that, but it's crucial we have the bulk of our intellectual capital invested in the production of goods and services rather than in finance).

11 comments:

  1. I couldn't agree with you more. For too long finance has monopolized the supply of much-needed brilliant people who would (and should) have been doctors, scientists, engineers, merchants of real products...etc

    I can only hope Wharton has taken some of the FNCE dept's budget and put it elsewhere...

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