In a previous employment incarnation I worked in a high security cash handling unit for a major financial institution. The environment had guards, team custody, double custody, pocket-less uniforms and full coverage surveillance via banks of videotaping cameras. In short, security was intense ... and yet, employees continued to attempt defalcation. Stealing. I saw cash handlers, managers, and even guards caught for ripping off the bank. And each one of them knew that every move they made was being watched.
Now look at the current mayhem in our economy ... what caused it? Why didn't the experts see the crisis coming? Well, let's see. The banks were allowed to merge their commercial and investment sides for the first time since the Great Depression in 1999 with the vacating of Glass-Steagall. Then the Banks were deregulated, and the Hedge Funds were deregulated, and Commodities Trading was deregulated ...
Hmm, if human beings are willing to engage in theft of money when they KNOW they are under surveillance, how would they behave with none?
All of these great economic minds are pulling their hair out trying to determine how this mess snuck up on them, but the one overriding factor at the heart of the matter is not to be found in any of their graphs, charts, or spreadsheets. ...
Human Nature.
About Economy
Read the Article at HuffingtonPost
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