On Sunday April 11, the TV station SBS showed an interview with Ken Feinberg of Washington DC in the USA. Feinberg has been appointed to enforce a law passed by the US Congress to curb the excesses of 7 US Corporations bailed out during the global financial crisis. In this interview Feinberg says:
"I have discovered on this job the tremendous gap in perception between the way Wall Street thinks and the way Main Street thinks in America. There is real, justifiable anger and frustration over these excessive Wall Street bonuses, guaranteed salaries, guaranteed commissions - regardless of performance - it is these principles, or these characteristics of Wall Street, that we are trying to change."
As has been said by many people: the only thing we have leaned from history is that we have never learned from history.
Some people in Australia today speak and act as though there never was a global financial crisis. Its as though they live in a fool's paradise in which, because Australia never suffered as badly as every other western economy, there was overreaction by those in authority. When we see the way in which housing prices are again soaring and realise that, again, many people are seeking 100% (or very close to that) finance for their home because they don't want to miss out on this property boom, we can understand the caution and apprehension of Treasury and The Reserve Bank.
There have been figures released recently that indicate the gap between the "haves" and the "have nots" in Australia is widening. God forbid that it should ever reach the levels that exists in the USA and many other countries - although I do see here an increasing incidence of people begging.
The system is broke. Traditional approaches are not going to fix it.
We need re-creation. We need Third Generation Leadership.
More information about Doug Long at http://www.dglong.com
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