The blind pursuit of profit has to end, with our wealth and economic power used in the service of a greater social purpose
It began with a squeeze, then the squeeze became a crunch and the crunch became a downturn and the downturn became a crisis. A crisis of faith as the temple of Mammon on which we have all sought to build our economic prosperity was tried in the fire of truth, honesty and reality, and was revealed to have shaky foundations.
It began with too much debt. Bad debt in the form of junk mortgages sold to people without a hope of paying them back and then pooled together and traded as collateralised debt obligations - against which further loans were made. When the day of reckoning came - and there is always a day of reckoning - the winds of truth blew away the countless houses of cards.
Greed, risk-taking, the trading of false rumours and the speculation of the money markets has pulled down banks and businesses overnight. The removal of morals from markets has led us to this present position.
Any putative regulation must not simply seek to limit the reoccurrence of recent events; regulation should also take into account a more basic understanding of the moral implications of our actions. A moral framework for free enterprise must be created in which God is not an add-on but its foundation. This framework would help us to see that the economy is our servant and not the master. Therefore, the purpose of our wealth and its creation must be used in the service of a greater vision. Our economic ship is leaking dangerously. We have to find a way of getting it into port. But when we get there it must not be business as usual.
There is a lot to be applauded in there.
Especially the fourth paragraph and last line.