Friday, October 10, 2008
Back in the late nineties concern grew about the Derivatives markets. You can read about in this NY times article. What is shocking to me is how we Christians allowed ourselves to be so hoodwinked into supporting a Godless and clearly unbiblical as unfettered Free Market System. Do not misunderstand me, I am not a socialist in the least. The picture that is now emerging is Alan Greenspan, influenced by his Randian philosophy, push for Derivatives Market like Credit Default Swaps and the rest to remain unregulated. Consistant with his philosophy, which values greed in the form of "rational self interest," he argued and won. Both Democrates and Republicans joined in an unholy allience. So the Biblical passage of 1 Tim 6.10 came true. The derivivate market grew to dwarf the stock market, bond markets, and securites market combine. Thnk about that for a moment. The prymid scheme grew larger that actual production. Now the biggets problem is the vipers don't trust each other (imagine that) and the economy is sinking faster that Titanic. Greed kills. In the next few days, I will be taking apart Ayn Rand's philosophy.