Sunday, February 20, 2011

Utopia is just a dream

Friends, I just watched the movie 'Inside Job' which clearly shows how the financial crisis of 2008 was an inside job by the big investment banking companies like Goldman Sachs, Morgan Stanley, Meryll Lynch with the support of the credit rating agencies like Moody's , S&P and Finch. Apart from that it shows how the CEOs and directors of those investment banks become the economic adviser to the US government, the head of Federal Reserve ( the central bank of US like the Reserve Bank of India) and still maintain their loyalties to the banks. It also lays bare the lobbying the financial companies do to create laws to decrease their taxes, increase their leverage and no regulation for their activities.  They sold things to the investors which they knew were junk.  It increasingly proved that and the documentaty states - "It is a Wall Street government". Yes, money speaks. No, it was not only Bush.

Obama who came to power on the promises of financial overhaul, did nothing, virtually nothing to address the root cause of the problem. Now here is where I am convinced that Utopia is just a dream. I wonder if we always have to cheat a few poeple to live?  You might be innocent, but your bosses might be lobbying for some tax cut for your industry.  And then we ask the question  - Why should we pay tax? What is the right amount of tax that we should pay? Who decides which industries should be exempt from taxes?  I don't think anybody has answers to these. May be,  it is the nature of humanity - survival of the fittest. The more I see and understand the world, I think dishonesty is the norm and honesty is the exception, not on an individual level but on a group level. What I mean here is you will not cheat your colleague, you might be cheating your client by not working for their interests. The Wall street wants its company to get profits so they didn't see any harm in cheating the investors. I really wish that is the not the case, but it seems to be.

Now what if we don't want to do such stuff and want to live honorably? Till recently I thought it was, but I think except if you escaped into a cave, it is virtually impossible. But may be at our individual level we can strive to do the best we can. Call attention to any cases of cheating and fraud. And somehow, the feeling of guilt in cheating the faceless government is decreasing day by day. I think humans have had such problems all over history and people with money have always brought laws to favor them and grew more rich until it became unsustainable and people revolted . Then some sort of level playing field is established during the revolutions like the French Revolution, or the Russian Revolution. Then once everything settles down, new players comes, they get some money (honestly or dishonestly) and again with the money, they make favorable rules and the cycle continues. It looks like this has been the way of life. It looks its indeed the survival of the fittest.

I would love to hear a different perspective from you guys..!!!

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