David Korten - Beyond the Bubble Economy
February 10, 2012 Public anger at the 2008 Wall Street bailout, concerns about debt, and a deep and pervasive fear that another financial crash is just a matter of time create an important moment of opportunity for a long overdue public conversation about the purpose of financial services and the necessary steps to assure that the financial sector fulfills that purpose.
Much of the recent discussion of financial reform has centered on limiting Wall Street excesses to curb fraud and reduce the risk of another financial crash. This is vitally important, but it does not address the issue raised by Sheila Bair shortly before she stepped down last year as FDIC chair:
“In policy terms, the success of the financial sector is not an end in itself, but a means to an end—which is to support the vitality of the real economy and the livelihood of the American people. What really matters to the life of our nation is enabling entrepreneurs to build new businesses that create more well-paying jobs, and enabling families to put a roof over their heads and educate their children.”
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