Wednesday, October 7, 2009

Don't Wait for Fat Cats and Tinawallahs to Agree

On a dissenting note on the financial system bailout and the too-big-to-fail smokescreen, Jean-Paul Fitoussi, Professor of economics, wrote:

"The free-market doctrine, which has become almost a religion, reinforced this belief: markets are efficient, and if they pay me so much (a potentially mind-boggling amount, as seen in recent cases), it is because my own efficiency warrants it. I also participate indirectly and abstractly in forging the common good, by creating value through my work, and I am rewarded for it."

Before concluding:

"The crisis reminds us what each person owes to others, highlighting an ethical truth that we were quick to forget: the rich benefit more than the poor from their coorperation with other members of society."


"But don’t hold your breath waiting for them to agree."


Bruno said...

Pa bizin grimp lor montagn ni fer bel letude en finance pou trouver ki riche pe vinn pli riche ek pov pe vinn pli pov. Samem ban rich pas le cass system la ek trouv li bon, efficient!

Kozémotandé said...

The notion of solidarity like other similar wishes is a fake one. Human consciousness is too rudimentary to expect significant corrective actions from human bad doings. It is becoming frustratingly clear that no lessons will be learned from the last financial crisis. The only recourse available is government action. Fiscal measures should be used to correct gross imbalance in the distribution of wealth. If banks are ready to pay huge perks to its traders and executives then they should be subjected to special taxation regimes.

Sanjay Jagatsingh said...

Samem ex chairman et CEO MK ti pu dire si zot spekilasyon ehontee ti abouti: zot ti pu tap ene mari pitaye ek ti pu zistifier sa par ene rezonman a la l'oreal -- parske ze lel merit bien. Bravo Navin. Ou SSR?

Sanjay Jagatsingh said...

Klass moyen ek pov ti bien gagne dimal ek federation 2. Zot ti kreer buku inegalite ek zot pa ti regler gran soz. 5 banane de gachi. Enfin apard rod ene job a l'OMC pu ene grand militan koltar...