Monday, September 15, 2008

Pride comes before the fall?

Today the Dow Jones dropped over 500 today. Largest drop in half dozen years. The bankruptcy of a 150 year old investment house. Should the Fed and Congress come in and bail them out? Will this start a domino effect among other firms? The underlying issue though was touched on by a Reuter's new story entitled, "Lehman CEO Fuld's hubris contributed to meltdown." It all comes back to the fatal flaw found in the human race -- pride. Thinking we can have it our way. We aren't accountable to the laws of nature and nature's God. We're a law unto ourselves.

Some say years of living beyond our means is catching up to us. Government and personal debt is going beyond reasonable limits. Instead of thinking we need to live within our means and work responsibly, we can have it all now. It sounds like the lesson of Lehmann Brothers is they thought they could do whatever they wanted and they wouldn't need to face the consequences. The impact of their actions look like they might well reverberate on to others.

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