All of us hold a fair point of view on how we are in a golden era of financial crisis and scams, fiscal and regulatory manipulations and dilemmas. We tweet. We read about it. Watch electronic media’s debate, discussions with wonder and exchange our opinion privately about the depth and magnitude of it. In the end unheard public voice only becomes a silent majority. We also understand that” exceptions” and “excesses” cannot be the bench mark under any circumstances.
Administrators have stopped half dead in their tracks unwilling and unable to take any path breaking decisions. Corporate governance is crawling and most of the time thrown into the winds. Today, the global financial system is not just besieged but also paralyzed and virtually in comatose. A rebooting of thinking process is the need of the hour.
Candid public opinion cries today in chorus. Is our system unable to deliver either good governance or alternate routing to overcome this rut? Why? In my view the dilemma is primarily due to the fact that” capital is not democratic”. If you have money, you have options otherwise you are at the mercy of the transnational system of financial bondage. Be it a nation, corporate or individuals. Are we then forced to accept the argument that the Money is the ultimate ugly leveler?
In this context it is interesting to watch the real life true story film “The wolf of wall Street” by Martin Scorsese, a path breaking cautionary tale of Wall Street woes of selling ‘garbage to a garbage men”. The film also maps out how psychologically, it’s hard for any investors and stock brokers to ignore the happy talk and pull back from the market forgetting his losses and shying away from debt treadmills. The film has very strong moral lessons to remember and ponder over it again and again. At the same time one cannot ignore the point of view expressed.. Scorsese’s Wolf of Wall Street: Fifth Column or Reality?
One should also read an article in this context in Rolling Stone by Matt Taibbi asks a key question, why isn’t Wall Street in Jail?The true colors of Wall Street’s manipulations and dilemmas are also hinted well in ‘There’s No Love on Wall Street’ a novel authored by Ira Trivedi. One would also appreciate and understand Wall Street dilemmas in books like Bonfire of the Vanities by Tom Wolfe. Films like Wall Street (1987) and Wall Street: Money Never Sleeps –(2010) clearly portrays how financial manipulations emerged over the decades as big International sport with silent audience watching it across the globe.
Corporate laws, economists, financial wizards and other regulatory mechanism known to human wisdom have met with limited success only in solving the mania of Wall Street dilemma. That is, making capital to work as a democratic product. Unless something is done effectively the Wall Street dilemma factors therefore would continuously succeed its slaughter on the pages of the global financial map.
Eighty four years passed since Black Thursday, Oct. 24, 1929, the day the great stock market crash began. But at the bottom of the heart of every investor the memory notion lingers that what is the guarantee that another such crash may not be altogether impossible. Can anyone dare to encounter on it? No. You cannot. You continue to live on your thoughts in investing your capital and savings productively in capital market products. It is after all human psychology and its behavioral decision-making process. It is beyond the understanding of any one’s wisdom when it comes to money.
In this context I cannot but quote the famous words of Napoleon that “Two-thirds of the decision-making process is based on analysis and information and one-third is always a leap in the dark.”
I also recollect my school days rhyme that dog goes woof, Cat goes meow, Bird goes tweet, and mouse goes squeak, Cow goes moo… Frog goes croak”. I am unsure about what does the wolf of Wall Street howls with awhooo? Does it say winners circle is very small here.
At the end of the day it is very difficult to pass a moral verdict on any products and thoughts associated with subjects like investments and capital market .
I remember the quotes of Arnold Bennett“ Good taste is better than bad taste, but bad taste is better than no taste. ” Do you agree with me or not?