Word: greeds
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...didn't have to worry about regulation, which was in disrepute, and they didn't worry about risk, which had supposedly been magically whisked away by all sorts of spiffy nouveau products - derivatives like credit-default swaps. (More on those later.) This lack of fear became a hothouse of greed and ignorance on Wall Street - and on Main Street as well. When greed exceeds fear, trouble follows. Wall Street has always been a greedy place and every decade or so it suffers a blow resulting in a bout of hand-wringing and regret, which always seems to be quickly forgotten...
...beyond them. Those predicting that the housing hiccup wouldn't be a big deal - what's a few hundred billion in crummy mortgage loans compared with a $13 trillion U.S. economy or a $54 trillion world economy? - failed to grasp that possibility. It turned out that Wall Street's greed - and by Wall Street, we mean the world of money and investments, not a geographic area in downtown Manhattan - was supplemented by ignorance. Folks in the world of finance created, bought, sold and traded securities that were too complex for them to fully understand. (Try analyzing a CDO-squared sometime...
...Obama has called for increased regulation, which seems like a no-brainer, but he hasn't articulated many specifics. Meanwhile, McCain has talked about ending "wild speculation" and railed against Wall Street greed. Well, duh. Know anyone who is in favor of naked greed? Whoever wins will face a massive job of righting the financial ship and restoring confidence that has been badly shaken. The next President will have to cast away partisan predispositions and add the just-right measure of regulation and oversight to the mix. As Treasury Secretary (and former Goldman Sachs chief executive) Paulson recently said...
...fear that the battle against cancer has turned into a study of greed. I am 60 and have been watching family members die from cancer all my life--among them were my grandfather and uncle, both nonsmokers who died of lung cancer. I believe scientists could find a cure, but will there ever be one? I can't believe so. How many jobs would no longer be necessary if a cure were found? Cancer has become big, big business. S. Michael Long, LEVITTOWN...
...While we do not support unbridled regulation of the market, in some instances it is indeed necessary. Government oversight is particularly important in sectors and for companies that have a broad and direct impact on everyday Americans. Look to the sub-prime mortgage markets as an example. The clear greed and corruption that led to unprecedented profits via severely leveraged transactions, all in the pursuit of pushing the sheets through the roof, was left unblocked. The result is that now the average American taxpayer is paying the price through bailouts, and the average consumer is losing her shirt by foreclosures...