Wednesday, October 08, 2008

Quelling Cads

The Times  on reckless drivers in 1901: 'There is no turning a cad into a gentleman, but there is such a thing as making even cads fear the law.' Basically that's what is happening to the City boys today.
Posted by Bryan Appleyard at 10:40 am

3 comments:

  1. AnonymousOctober 08, 2008 2:59 pm

    Honk, Honk

    ReplyDelete
  2. AnonymousOctober 08, 2008 7:37 pm

    Yes Bryan, but where did the reckless drivers get their Lambos from and how?

    A big black swan from china maybe? from the Washington post.

    http://www.washingtonpost.com/wp-dyn/content/article/2008/10/05/AR2008100501253.html

    So now we have our mix for our cake.

    Corporate capitalism in the shape of Fannie and Freddy.

    Political correctness and idealism in the shape of the public good of giving loans to poor people.

    Political sleaze in the shape of resisting change for favours, taxes and votes.

    Academic incompetence in developing pseudo-scientific financial models of risk.

    Failure in governance by not anticipating the changing world as huge cash flows flowed into asset prices.

    And we could add the city boys and the borrowers for not acting more responsibly, but as my plumber said to me today, "its hard when you are doing your job to save the world"

    Plenty of blame to go around and the Gentlemen themselves take a great deal of it.

    ReplyDelete
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