Posts Tagged ‘greedy’

greed & economic crisis

January 18, 2012

NOTE: the following text is just a summary. The video below details a demonstration of the conclusions or presuppositions referenced below.

Greed is a form of fear. When one fears losses, one hopes for gains. When the hope for gains extends beyond one’s awareness of risk, then one can be surprised at a sudden recognition of risk. When greedy, one neglects risk. When greedy, one is afraid of recognizing the actual risks and so one is vulnerable to pretense.

Gamblers study risk, accept risk, and accept their results as the results of gambling. The greedy hope for someone to guarantee them opportunities without risk, then blame others for the natural results of taking naive risks, then hope for sympathy and salvation from others.
The video essay touches several subjects including investor psychology, the similarities and differences between casino gambling and gambling on real estate and stock markets, how greed can be considered the source of the global economic crisis, and how the insurance industry is a legally-protected Ponzi scheme.


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