The Financial Crisis and the Concentration of Financial Power

Power of all types must be diffused throughout society, because no person or entity can be trusted with too much of it. 

One of the most troubling realizations during the financial meltdown of 2008 was that some companies were “too big to fail”. Chrysler and General Motors were “too big to fail” because of their strategic importance to American industry and because of the thousands of jobs that would be lost if they collapsed. So they received billions in taxpayer money. Remarkably, Ford Motor Company, just as big, in the same industry, the same environment and also threatening thousands of jobs, did not need government assistance.

Big financial companies, including Bank of America, Goldman Sachs, Morgan Stanley, Merrill Lynch, Bear Sterns, Wachovia, American International Group, and others were also considered too big to fail. The fear was that if they failed, so much confidence would be lost in the financial system that markets would implode. As a result the Bush and later Obama administrations did some legal ledgermain to merge companies and sank hundreds of billions of dollars into these entities. Individual taxpayers, home owners and account holders got a shakedown. While the blame for the crisis belongs throughout our society, from greedy lenders to irresponsible borrowers, the pain hit us all, including many who never deserved it.

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Magic, Science and Prayer

What are magic, science, and prayer? How do they differ? How do they work in our lives? How should they work? What can be do to make them work better?

Last Sunday my family and I watched The Hobbit, the latest movie from the writings of the great fantasy author JRR Tolkien, which also includes the Lord of the Rings series. It was a good show, bringing the audience through sadness, excitement, laughter, and the whole range of emotions. During my time of prayer and meditation this morning I considered some of the differences between science, prayer, and magic, as it is portrayed in The Hobbit and the Harry Potter series.

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US Elections – American Transitions of Political Power

Complain as you will about the American political system, our elections and transfers of power are the best in the world, and in history. 

Americans have waited long for this day to come; some because they are sick of the seemingly endless cycle of electioneering, and others because they are hopeful that their efforts will pay off, or at least their candidates and initiatives will succeed. Most people probably have a mix of these feelings. While understandable, such discomfiture is far better than the alternative. The purpose of elections in every country is to provide for a fair and stable transition of power from one person or group to another. Few countries in history have been able to pull this off.

Whatever happens today in any individual race, including the race for the presidency, power will change hands. The 112th Congress will give way to the 113th, some states will have different faces in their governors’ offices, and the legislative rolls will contain different names. Local governments also will not be the same in January as they are today. The amazing thing about America is that power changes hands with stability, if not civility, and money, not blood.

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