farmdoc's blog post number 178

Rodney, a rabbinical friend in Sweetheart Vivienne’s and my past, once said that you never see a signpost walking in the direction it’s pointing. I can organise other people’s time, but less well my own. Whenever I peruse the iTunes Store’s podcast smorgasbord, my mouth waters; but it’s a rare week when I listen to even one podcast. Sweetheart Vivienne, who regularly listens to several, mostly quotes This American Life. Some months ago she recommended an episode titled ‘The Giant Pool of Money’ about the (then relatively confined) sub-prime crisis. Simply presented, it was easily understandable even by me who knew little about the topic. Last week’s TAL episode, by the same presenters, is titled ‘Another Frightening Show About the Economy’. Concerning the global credit/banking crisis, it’s also easily understandable. The title’s no misnomer – the presenters and interviewees are absolutely clear this crisis is genuine, far-reaching, and extremely major because its potential consequences are catastrophically frightening. A favourite saying of mine is that it’s useless to rehearse the past because it’s passed. But this crisis is unquestionably due to avaricious Wall Street fat cats who’ve ignored the massive potential downside risk of their conniving. And the US Government isn’t blameless because it deliberately decided not to regulate what needed regulating. I can’t predict if anyone knows how to rectify this dreadful mess. Where’s your signpost, Rabbi Rodney?