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Opinion: Business

The Church on the financial meltdown: Usury and speculation are to blame

The Church on the financial meltdown: Usury and speculation are to blame If there’s anyone in the mainstream media willing to listen to the Church these days (I doubt it), they’ll discover that centuries of Catholic teaching about the sinful practices of usury and financial speculation can explain why Wall Street is tumbling down. (For the best technical explanation, read The Trillion Dollar Meltdown: Easy… READ MORE >


News: Business

The Fleecing of America

Yes, greed fueled the crisis, but Cohen pinpoints what's unique about our penchant for financial manias: "...the U.S. economy is being socialized to the tune of $700 billion ($2,000 for every man, woman and child in the country) as a result of a giant mortgage-related Ponzi scheme... Let’s be clear: this is an American mess forged by the American genius for new-fangled financial instruments in an era where the mantra has been that government is dumb and the markets are smart and risk is non-existent." READ MORE >


Opinion: Issues

The Right’s Hypocritical Crusade against Wall Street

The Right’s Hypocritical Crusade against Wall Street I almost never agree with First Things on economic policy, but Robert T. Miller was right last week when he warned that “those on the political right need to make sure that the Republicans in Congress do not through ignorance or stupidity misunderstand conservative economic principles and so lead us into economic disaster.” Unfortunately,… READ MORE >


News: Business

Greed and ruthless pursuit of profits to blame for banking fiasco

This article gets Catholic social teaching right, and exposes the fallacy that 9/11 restored us to moral clarity: "'Perhaps the most disturbing aspect of Lehman Brothers' fall is that it comes almost seven years to the day after 9/11... For all the talk of pulling together in the wake of the terrorist attacks that shook America to the core and supposedly set our priorities straight, Wall Street rushed headlong back to its mindless pursuit of profits and speculation without consideration for the consequences of its actions... At some point, society has to figure out that the way an investor earns his money is even more important than the amount of money he makes. This is why human beings were vested with moral sentiments, so they could distinguish the quality of human conduct from the quality of its results... It is incumbent upon the gatekeepers of capital ... to bring discipline to the system. This will require a rethinking of their priorities and a willingness to add to their investment calculus, considerations that exceed their own narrow interests about short-term investment returns.'" READ MORE >

(7) COMMENTS  |  TOPICS:    crisis | greed | profit | wall street

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