One other word on the home page: End.
As in "Is this the end of American capitalism?" That's the question posted by Anthony Faiola.
It certainly seems our most recent brand of it -- hypercapitalism -- is over. The relentless pursuit of more stuff is not a sustainable strategy. Bill Taylor cites academic research on the economics of happiness.
"The relentless pursuit of wealth may fill your bank account, but it will leave you empty as a human being," he writes. Even Warren Buffett, Taylor writes, thinks this crisis is the product of catastrophically stupid and unethical greed. "You can't stand to see your neighbor getting rich. You know you're smarter than he is, but he's doing all these [crazy] things, and he's getting rich...so pretty soon you start doing it."
In Buffet's world view, innovators produce imitators. And imitators produce idiots.
Or squirrels. That's how HarvardBusiness.org editor Sarah Green describes investment bankers in an excellent post for which she interviewed Walter Kiechel, the former managing editor of Fortune magazine and former editorial director of Harvard Business Publishing, to get the long view on how we got here. Far from the innovative geniuses they fancied themselves, Green writes, investors were "more like squirrels inching ever-further along an increasingly skinny branch, fighting for the last nut. Then, when the branch snapped, they realized they were holding an empty shell."
And now, because of them, we're all holding empty shells, everywhere around the world.
As the crisis deepens we encourage you to visit our page devoted to surviving the downturn, where you'll find a special section where all of our financial industry coverage is collected.
October 10, 2008; 2:40 PM ET
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Posted by: williambanzai7 | October 11, 2008 9:36 AM
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