Editorial

by Ernest O'Neill

In the September financial crisis financial institutions mismanaged loans so that banks had only a quarter of the assets they claimed to possess: they therefore stopped lending and the world financial system was on the edge of grounding to a fault.    Others packaged these bad loans, passed them on to other institutions which swapped the risk of defaults for other default risks until the American taxpayers had to flood the system with money to prevent implosion.

So our wise creator has built into his creation laws (the way things work) that constantly limit the destruction of our selfish capitalism and our irresponsible socialism.   Meanwhile our “life goes on in endless song above earth’s lamentation” as long as we individually learn our lessons. Perhaps the most obvious here is honesty and moderation in the management of our loans and the light heart and peace of doing without them.

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