Since the meltdown on Wall Street, I have been speaking to many of my friends in investment banking and management consulting firms. Most of us work with some of the smartest people in the planet and we got there through hard work after getting top-notch education.
So how is it that the whole system collapsed?
There is a lot of blame to go around and experts will be discussing it for decades. And what is disappointing to many of us that some of our colleagues, friends, and peers, who have fought regulation and government interference, are now begging the Federal Government for aid.
Shouldn’t they just let market forces work?
But these folks love their jobs and bonuses more than respect for the fundamentals of economics and finance. What is even worse is that the mess that they have created due to greed and incompetence not only threatens their firms but the entire American economy, and eventually, the global economic infrastructure.
And that means the definition of every economic term that we learned in Econ101 is now different.