Writing intermittently on life, politics, and society

Hegel on Wall Street

Via Obsidian wings, a good discussion of the bank bailouts and regulation of financial institutions. In truth I’m too far removed from my studies in philosophy to adequately assess the author’s reading of Hegel. However it’s a decent read, and the following lines resonate with my own understanding of the financial crisis and the need for regulation:

Every account of the financial crisis points to a terrifying series of structures that all have the same character: the profit-driven actions of the financial sector became increasingly detached from their function of supporting and advancing the growth of capital.

What market regulations should prohibit are practices in which profit-taking can routinely occur without wealth creation

Give the article a butcher’s if you have the time.

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