he culture of Wall Street (i.e., the paying of exorbitant bonuses for the acquisition of inappropriate risk via cutthroat competition that ignores long-term sustainability of companies or economies). And they did not relieve the underlying solvency crisis faced by the banks—they merely papered these problems over temporarily, until the remaining bulk of the “troubled” assets are eventually marked to market (listed on banks’ balance sheets at realistic values).
Meanwhile, the U.S. government has taken on the burden of guaranteeing most of the nation’s mortgages, in a market in which residential and commercial real estate values may be set to decline much further than they have already done.
“When man is finally able to see himself and the world around him with clear cognition, he finds
a picture far more pleasant. Visible in unmistakable clarity and devastating detail is man’s failure to
be what he might be and his misuse of his world. This revelation causes him to leap out in search of
a way of life and system of values which will enable him to be more than he has been. He seeks a
foundation of self-respect, which will have value system rooted in knowledge and cosmic reality
where he expresses himself so that all others, all beings can continue to exist. His values now are
of a different order from those at previous levels: They arise not from selfish interest but from
the recognition of the magnificence of existence and the desire that it shall continue to be.”