Greed Isn't Great, But It's Not To Blame

We've all been hearing alot about greed being responsible for the current economic meltdown. Even Sweet Sarah made the accusation, to my dismay. But, may I sent the record straight? Please. Once and for all?

Greed was not a factor...because it is a CONSTANT. Greed's ALWAYS there, in good times and bad. When the market's flying or tanking.

Do you know why greed doesn't just take over and ruin markets all the time? Because it has a natural predator: FEAR.

But, in its wisdom, Congress by forcing government to guarantee bad loans, REMOVED FEAR.

And the creature Greed, without its natural balancing force, did what any species does when its natural predators disappear, it overpopulated to its own extinction.

As for the hysteria for more regulation: Increased oversight was only necessary because Congress demanded banks act stupid, then guaranteed the risky results. They created a monster, and then, in spite of repeated pleas from Republicans and President Bush, refused to control it.

So, yes, oversight was necessary. But not to tame the beast of greed in its natural state...but because Congress fucked up the natural ecology of the Market, by killing the controlling predator.

Maybe this will help:

Congress is Dr. Frankenstein. Fannie Mae/Freddie Mac is the Monster. They created the monster, refused to control him, and he ate us. The End.

The Gunslinger