Originally Posted by Val
Originally Posted by HowlerKarma
Yes, well-- all of them are far too important for things like Garden Variety Blame, Introspection about Consequences, or Responsibility to be applicable, anyway.


It's not personal responsibility anyway when it is just a policy decision. Personal responsibility doesn't apply to corporate people. Er-- or anyone of any Real Importance.

You've got it.

In the 1980s, Leona Helmsley told us that taxes were for little people. Nowadays, we're learning that personal responsibility is, too.

In fact, the ones who are exempt from personal responsibility have the job of ensuring that the little people are bound by it, as in, "You chose your actions and you have to suffer the consequences."

Clearly, being one of the little people is a personal choice, and one of the consequences is the requirement for personal responsibility. For example, "You signed those 32 documents written at a 24th grade level in 3-point font giving you a home loan you didn't really qualify for, and it's YOUR fault that the mortgage company lied to you and misled you about what was in those documents. It is also your fault that your toxic loan, along with a few million others, was packaged and sold to organizations who should have seen through the lies the analysts were telling them."

Is it clear now?

You have reaffirmed the critical importance of Going to HYP.

There are so few places where you can develop talent sufficient to actually *drive* the global financial hyper-economy.

And, as you illustrated in your post, the complexity of the global financial hyper-economy is overwhelming to those without talent.

Aggressively speculating in toxic paper, while levered 100-1, to achieve competitive profitability vis-a-vis peer firms in order to achieve permanent dynastic relevance is certainly not for the faint of mind.