It is evident in every sphere of society that the current economic turmoil is one way or the other affecting everyone, rich and poor. Most of us at the bottom of the pyramid will bear the brunt of all the incompetence higher-up. Morgan Stanley, Credit Suisse and Citigroup are just a few of the many financial institutions “reigning in the horses”, so to speak, by cutting spending. An obvious place to start is remunerations, which will go down significantly.
Everyone agrees that fundamental changes need to be made in the whole system, but the question is how. I am a firm believer in changing things that do not work and of course the changes that need to be made should be calculated but we all have to accept that they will not come with certainties. Financial Institutions need to take responsibility by self regulating whatever that will entail.
Down here it means living within your means but a frugal society is not what business needs right now.
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