Greed is the primary cause of the credit crunch that resulted to a Global Financial Meltdown. Big banks, financial and mortgage institutions became too greedy in making money. They allow people to loan more than they earn. The lenders couldn’t pay the loans because of the rising interest rates. Interest rates are one of the factors that help banking institutions double their profits. One by one the banks and financial institutions particularly in US are falling. It sent shockwaves all over the world. Iceland is the first casualty of the Global financial meltdown. Who knows who’s going to be next? The G8 Financial Ministers are in Washington to think of alternative solutions. Bush is too busy with his war in Iraq and Afghanistan. Is this Karma to the US who claims to be the world’s biggest economy?
A lot of people wondered why a great majority of Filipinos are nonchalant about this Global Financial Crisis. Well, when you’re born poor and poor for the rest of your life, you haven’t really experienced grandiose. Although you dreamed of being rich, you haven’t experienced living comfortably so you’re not affected or even scared by this economic collapse. Ang pinakakawawa or the most affected will be those who are rich who haven’t experienced living in poverty.
The lessons that the US financial institutions should follow is MODERATE YOUR GREED. If possible, try to practice ISLAMIC BANKING. Islamic Banking is Ideal as it doesn’t exploit people. They don’t put too much interest on loans; it’s HARAM to do that.
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