Posted by
Billy email MADBillyD@aol.com on Monday, September 22, 2008 11:16:36 PM
The financial "crisis" on Wall Street has provided another teachable moment. It turns out that greed is not good after all.
While the media and politicians blame the usual suspects, greed, like illicit sex, is not held in copyright by either party or political persuasion.
(The above is from a column written by
Cal Thomas . Read more of the column below.)
Barack Obama partially and predictably blamed the Bush administration, but it was the policies of the Clinton administration (as detailed in the Sept. 15 issue of Investors Business Daily) that sowed the seeds for the subprime mortgage collapse.
John McCain wants more regulations. What McCain should be demanding is an investigation, especially of those members of Congress who failed to provide oversight. It also wouldn't hurt to recommend more self-control and an embrace of the Puritan ethic of living within one's means.
Christianity Today magazine noted in a 1988 article, "The Puritan Critique of Modern Attitudes Toward Money": "American culture has been strangely enamored of the image of Œthe self-made person' - the person who becomes rich and famous through his or her own efforts.
Part of our problem is a failure to distinguish between needs and wants. Until the last century, most people were familiar with the Puritan ethic of living within one's means. The Gilded Age in the late 19th century demonstrated the folly of rapacious living, yet the Roaring Twenties generation had to learn the lesson anew from the Great Depression.
(Cal is right we need to say no more often to our wants which are not always our needs. Read the whole column
Lessons From the Puritans.)