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Oct
6
Ship of Fools
Filed Under economy
World Party’s “Ship of Fools.”
“Avarice and greed are gonna drive you over the endless sea / They will leave you drifting in the shallows or drowning in the oceans of history.”
Why does this song seem so appropriate right now?
I’m optimistic, even if I’m focusing on the current economic situation. I do see signs of a decent local economy — there are plenty of signs of growth in Northwest Indiana right now in certain areas, including the always important steel and road construction sectors.
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“Avarice and greed are gonna drive you over the endless sea…” ???? Is going to work greedy? When did profit making become such an avarice?
Go to any Wal-Mart these days and only 1/4 of the registers are staffed and people are 10 deep waiting-
Ahrcanums last blog post..John Lennon Politics Quotes
Hi Ahrcanum,
I’m all for hard work and being richly rewarded. But, when people are making money using formulas that mere mortals didn’t understand to prove that loaning $500K to someone working for $21K/year was “money good” is pure greed and stupidity. Greed on the part of those making the commissions and stupidity on those buying the mortgage securities based on shoddy formulas that predicted average default rates for folks who anyone could see were at high risk for first payment default when their ARM adjusted.
Having said that, I won’t mind if someone or a bunch of people dump a lot of money into the market when it opens and buy up everything that is on sale right now. Make your money, but don’t lose touch with common sense.
If it sounds too good to be true, it probably is too good to be true. Nothing is “money good” and even if the government is backing it, there’s a limit — especially in these days.