News: Business
Why it’s so hard to keep the financial sector caged
“The US itself looks almost like a giant hedge fund. The profits of financial companies jumped from below 5 per cent of total corporate profits, after tax, in 1982 to 41 per cent in 2007, even though their share of corporate value added only rose from 8 to 16 per cent... A financial sector that generates vast rewards for insiders and repeated crises for hundreds of millions of innocent bystanders is, I would argue, politically unacceptable in the long run. Those who want market-led globalization to prosper will recognize that this is its Achilles heel. Effective action must be taken now, before a still bigger global crisis arrives.” READ MORE >
Opinion: Business
The Church on the financial meltdown: Usury and speculation are to blame
If there’s anyone in the mainstream media willing to listen to the Church these days (I doubt it), they’ll discover that centuries of Catholic teaching about the sinful practices of usury and financial speculation can explain why Wall Street is tumbling down. (For the best technical explanation, read The Trillion Dollar Meltdown: Easy Money, … READ MORE >
News: Business
Behind AIG’s Fall, Blind Eye to a Web of Risk
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