{"id":471,"date":"2008-08-04T09:36:44","date_gmt":"2008-08-04T09:36:44","guid":{"rendered":"http:\/\/astraea.net\/blog\/?p=471"},"modified":"2008-08-04T09:37:26","modified_gmt":"2008-08-04T09:37:26","slug":"the-financial-meltdown-so-far","status":"publish","type":"post","link":"https:\/\/www.astraea.net\/blog\/the-financial-meltdown-so-far\/","title":{"rendered":"The financial meltdown so far &#8230;"},"content":{"rendered":"<p>A <a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/business\/7523234.stm\">succinct summary of the impact of the dislocation of financial markets so far<\/a> is presented by the <a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/business\/7523234.stm\">BBC here<\/a>. It summarises the numbers; the losses to banks, homeowners, investors and policymakers.<\/p>\n<p>Unfortunately what is also clear is that none of the leaders in these areas have presented a way out.   They talk about rebuilding confidence and trust in the markets &#8211; which is of course what the world of <a href=\"http:\/\/www.astraea.net\/mind\/money.html\">money<\/a> is based upon.  However, none have been bold enough to highlight the problems of moral hazard and moral neglect among fiduciaries &#8211; among banks, borrowers, investors and policy makers &#8211; that is, among themselves.<\/p>\n<p>Furthermore, it is a long way from the culture of consumption and convenience of today to the required mindset stated succinctly by a 90 year-old acquaintance with whom I dined recently: &#8220;I don&#8217;t buy something if I can&#8217;t afford it&#8221;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A succinct summary of the impact of the dislocation of financial markets so far is presented by the BBC here. It summarises the numbers; the losses to banks, homeowners, investors and policymakers. Unfortunately what is also clear is that none of the leaders in these areas have presented a way out. They talk about rebuilding &hellip;<br \/><a href=\"https:\/\/www.astraea.net\/blog\/the-financial-meltdown-so-far\/\" class=\"more-link pen_button pen_element_default pen_icon_arrow_double\">Continue reading <span class=\"screen-reader-text\">The financial meltdown so far &#8230;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[5],"tags":[],"class_list":["post-471","post","type-post","status-publish","format-standard","hentry","category-worldofmoney"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4hwcd-7B","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/comments?post=471"}],"version-history":[{"count":0,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/posts\/471\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/media?parent=471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/categories?post=471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.astraea.net\/blog\/wp-json\/wp\/v2\/tags?post=471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}