Wednesday, October 22, 2008

More Financial Crisis Wisdom

"As in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."

Marriner S. Eccles
FDR's Federal Reserve Chairman speaking about the Great Depression, 1951

What I find amazing is how history shows us the problems that we should avoid and yet we continue to blunder.
Perhaps a more equitable distribution of wealth is a good idea. Honestly, the idea repels and disgusts me but I think at this stage we need to be open to every idea. It makes sense that squeezing the little guy only makes him drop out of the game. And it also makes sense that the more players in the economy, the better everything is for everyone. Maybe this idea needs to be re-examined.
We may be smart, but we are most certainly not wise.