16 September 2008

birth and wall street

I was listening to local public radio this morning (The Takeaway) and Robert Reich (former Secretary of Labor under Clinton & now Obama's adviser on economics) was on talking about the economy and the volatile situation on Wall Street. He said one major component at play is fear and mistrust because we lack transparency in Corporate America and on Wall Street. In his blog yesterday, Reich says,
We tell poor nations they have to make their financial markets transparent before capital will flow to them. Now it's our turn. Lacking adequate regulation or oversight, our financial markets have become a snare and a delusion.
Basically, problems occur when people in an industry are doing things without understanding, without using an evidence-based approach and without informed consent merely because it is expedient.

...hmmm - sound familiar? Where else is there crisis and need for transparency? I'm just sayin'...

2 comments:

Sarah said...

It seems so obvious to me. WHY, oh, why, isn't it obvious to everyone? I do not understand why opinion is often more highly regarded than fact.

DoulaMomma said...

I hear you...I'm fine with opinion based on facts - there are interpretations and subjectivity...that's why we prefer some experts over others - because they are smart & can interpret for us. But so much of what we do - well, we do it because we do it that way & don't stop to think why - is this still the best way? Was it ever? What does science (from actual blind studies, not those paid for by the very folks who have a dog in the fight) say?