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Monday, April 5, 2010

Predatory Financing

The signs of predatory financing continue to show up everywhere. Greece and Goldman Sachs is but one example.
To see how deep the tentacles have reached, take a look at this story by Matt Taibbi entitled "Looting Main Street" which takes a look at the shocking financial story of Jefferson County, Alabama.

Predatory bankers notwithstanding, corrupt and short-term oriented politicians and financial administrators need to be actively complicit to make these schemes fly. So, really, I believe that we are looking at a culture of irresponsibility, greed, corruption, complacency and wishful thinking that has crept in over many years. No one wants to face the music and accept the consequences of past errors in judgment - not national governments, not state or provincial governments, not city administrations or individuals in most cases, for that matter. Instead, everyone is looking for ingenious schemes to put off the day of reckoning with even greater long term consequences.