and the cookie crumbles...

I shouldn't be calling Alan Greenspan a *cookie*. In today's newspaper (or was it an online article I read?), this former Governer of the US Federal Reserve was called *maestro*. He was highly regarded as THE leader for the financial sector.

Fast forward a few months since his retirement. Global financial crisis. At the scale that we've never seen before. The things and events that are unravelling is unbelievable and defy common sense (sometimes). The market is so volatile. One day you hear a bank declared bankrupt. The next you hear a country that was once so capital rich and was a major investor everywhere running out of funds. Reactions from the regulators and Governments across the world... things that during the Asian financial crisis were frowned upon. Some rescue packages announced... market responded, things seem to get better. Then the very next day, it crashed again upon receiving news of slowing down economy. More support announced... market recovers a bit. The next day went tumbling down to the lowest level in years. Up down up down... If I was working on the exchanges in NY or London (actually anywhere!) I'd be having a heart attack.

The thinking that market forces will correct itself... that market knows best... all thrown out the window. Irrational behaviour everywhere you turn.

And the whole world watch in horror...

Amidst all these, one can't help but to look back at the actions of the man once so revered in the financial circles. And yesterday, he admitted... that there was a flaw in his thinking. He himself was shocked to see how the market had behaved and reacted.

That's how it goes... one day you're on top, the very next day you can be at the bottom.

I don't think he's to blame for all that has happened. That is irresponsible. However, I do believe that he had played a part in all this.

Greed... that's what caused all this. From the top executive floors of financial centres to the businesses on the street.

Somehow, we, as a human race, has forgotten that our time here on earth is not to make as much money as possible. It is to have a meaningful life. Of course, to some, making as much money as possible is the meaningful life. For those people, I feel sorry for them.

We've been shown various other examples of the effects of excesses... overdoing development had its toll on the environment. Did we take heed? No...

Now we're being shown the effects of another form of excesses.

It's ok to make money, to search for a good life. But don't over do it. Don't do it at the expense of other people. And when you've attained that goal, don't forget to give back. And in the process, don't take more than what you need.

I bought Alan Greenspan's memoir sometime back and it has been sitting on my bookshelf unread. I wonder now... should I start?

Maybe... it could trigger some useful thoughts... on the hindsight kinda thing.