Paul .A. Raja begins his reaction, indeed a welcome acceptable response by beginning “how do you treat a leader who behaves like a child? I don’t mean the one whom you describe above. But the one who throws his toys out of pram. He has raised a pertinent question: What if leaders, central bankers attempt to appease the business and banking community, which have behaved liked recalcitrant children and causing the global financial crisis. After speculating and squandering, after looting and plundering the nation’s wealth, these smart and idiotic children do not have any sense of shame in asking for more financial assistance .And for the sake of financial stability, the system has also responded in a more generous way. Paul Raja’s lamentation and concern over the current awkward situation, where the private losses are socialized and all the bailout packages only benefit a few crooks merit attention. His narration of the story in a few sentences touching upon Mr.Obama. Nicolas Sarkozy and Gordon Brown lending a all helping hand and looking like a savior, appropriately end with a poetic sentence , “ End game the angry upset children got their end while we look on haplessly. To console his wounded soul and comfort many , who are equally worried like Paul . Raja, let me share insights given by Paul.A.Samuelson before his death at the ripe age of 93, in one of his interviews.
“The whole history of capitalism has had up-bubbles in real estate and down-bubbles after something different. This time the new fiendish Frankenstein monsters of financial engineering blinded the eyes and the minds of everybody. The CEOs and the chief financial officers are the most surprised people. Nobody learned any lesson from Long-Term Capital Management. And what happens with this “new financial engineering” is an incredible “super over-leveraging” and you don’t even know you’re doing it. You know, it’s as if you’ve been blindfolded. And nobody learned any lesson from that. … And this all could happen only because Bush, with his “compassionate capitalism” appointed incompetent people …
This is a new crisis because if you look at its bottom it says, “Made in America” (laughter). It’s not Thailand. It’s not Mexico. It’s not Argentina. It’s America. And, of course, it spread from there. Could you believe that the whole country of Iceland is bankrupt? Icelanders were the happiest people two years ago. They’re the unhappiest people today. …”
I want to make use of this opportunity to dwell more on the attitude of a good child. At a fundamental level, children every where, whether they are here or else where are the same. If they feel like crying, they would. Or if they like to laugh, they would neither control nor conceal it . Have you ever seen a child laughing or crying? There is tremendous rhythm, grace and splendor packed into laughter or crying. Indeed we can’t describe that attribute and their appearance will be like a poem or a painting which we cannot fully appreciate.
Children don’t have fear, envy, cruelty, wickedness, cunning nature, evil thought and for that matter any great disappointment. A child is always a child. Pure, innocent, caring, sharing and profusely loving with all smile radiating on the face . No evil ever take a shelter in Child’s mind or memory.
Children do ventilate their feelings with all their innocence and freedom, whenever they want to, without any inhibition: But after the outburst, their hearts are unburdened and without any ill will or embracement they move on for the next adventure in life. We have to learn a lot from them. Especially a leader must internalize the true spirit of innocence, benevolence and all stubbornness of a child, to do some thing good instead of indulging in acts of crookedness and wickedness in the name of power and authority. I wish and pray that the champions of market fundamentalism as also the Keynesian interventionist philosophers devoted more attention to the problems of the majority poor in any crisis situation rather than getting concerned with crooks and fraudulent elements.
“The whole history of capitalism has had up-bubbles in real estate and down-bubbles after something different. This time the new fiendish Frankenstein monsters of financial engineering blinded the eyes and the minds of everybody. The CEOs and the chief financial officers are the most surprised people. Nobody learned any lesson from Long-Term Capital Management. And what happens with this “new financial engineering” is an incredible “super over-leveraging” and you don’t even know you’re doing it. You know, it’s as if you’ve been blindfolded. And nobody learned any lesson from that. … And this all could happen only because Bush, with his “compassionate capitalism” appointed incompetent people …
This is a new crisis because if you look at its bottom it says, “Made in America” (laughter). It’s not Thailand. It’s not Mexico. It’s not Argentina. It’s America. And, of course, it spread from there. Could you believe that the whole country of Iceland is bankrupt? Icelanders were the happiest people two years ago. They’re the unhappiest people today. …”
I want to make use of this opportunity to dwell more on the attitude of a good child. At a fundamental level, children every where, whether they are here or else where are the same. If they feel like crying, they would. Or if they like to laugh, they would neither control nor conceal it . Have you ever seen a child laughing or crying? There is tremendous rhythm, grace and splendor packed into laughter or crying. Indeed we can’t describe that attribute and their appearance will be like a poem or a painting which we cannot fully appreciate.
Children don’t have fear, envy, cruelty, wickedness, cunning nature, evil thought and for that matter any great disappointment. A child is always a child. Pure, innocent, caring, sharing and profusely loving with all smile radiating on the face . No evil ever take a shelter in Child’s mind or memory.
Children do ventilate their feelings with all their innocence and freedom, whenever they want to, without any inhibition: But after the outburst, their hearts are unburdened and without any ill will or embracement they move on for the next adventure in life. We have to learn a lot from them. Especially a leader must internalize the true spirit of innocence, benevolence and all stubbornness of a child, to do some thing good instead of indulging in acts of crookedness and wickedness in the name of power and authority. I wish and pray that the champions of market fundamentalism as also the Keynesian interventionist philosophers devoted more attention to the problems of the majority poor in any crisis situation rather than getting concerned with crooks and fraudulent elements.
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