Tipsy on Wall Street

Chuck Colson
BreakPoint
July 29, 2008

Excerpt:
The problem was greed unchecked by any moral restraint.

For example, look at what some big-time sellers of high-risk, mortgage-backed securities did. As reported in the New York Times and Wall Street Journal, when the market for these securities began to look shaky, one house sold much of its stockpile of mortgage-backed securities to eager customers-all the while selling the securities short, betting the market would go down. The company made handsome profits, of course, but what about its customers? So where are we after years of unrestrained greed on Wall Street, coupled with a lack of prudence on the part of individual lenders and borrowers? Well, the U.S. economy is, to put it mildly, shaken, as is the world economy. Second, due to the unscrupulous behavior of a few, the Fed, the SEC, and Congress are ready to step in and regulate the markets more than ever. the rest image