Who's to Blame for the
United States Financial Crisis?
Wall Street by PJ Endres Jr.
President
Obama and Aesop have constructed the first fable to present
to Americans. The first fable focuses on the retirement woes
Americans
are facing. As President Obama and Aesop proceed with their
discussion
the focus turns towards this question: How has the United States gotten
into the
financial crisis?
President Obama: The American
people are angry
and frustrated about the financial crisis our nation is in. Many
Americans blame the Wall Street stockbrokers due to their greedy
tactics. On the other side Washington believes part of the blame
is on
the American people. I do not know how to address this
issue. What
advice can you give me?
Aesop:
Mr. President, the financial
crisis and those involved reminds me of a fable which I call The Dog,
The Meat, and
The Reflection. The dog snatches a piece of meat from a butcher
and is carrying it along a river. The day is calm with no wind
and the water is smooth. The dog notices another dog with what
appears to be a larger piece of meat than his own. The dog is no
longer content with his own piece of meat. He wants the other
dog's bigger piece of meat for himself. He lunges at the other
dog resulting in him dropping his original piece of meat. The dog
finally realizes there is no other dog. In reality he is seeing
his own reflection in the river water. The dog looks around for
his piece of meat, but it is too late. His piece of
meat has been snatched up by a raven flying above. The raven
patiently circled above the dog waiting for the right time to snatch up
what he needed.
President
Obama: So, to clarify: you are suggesting the stockbrokers and
the American people are
like the dog?
Aesop:
Mr. President, the dog symbolizes the greed and eagerness of the Wall
Street stockbrokers as well as the American people. The Wall
Street
stockbrokers anticipated the money they could make off of the once
prosperous housing market. At the same time the American people
were taking out mortgages on houses that were more than they could
afford. The moral of the
story is: greedy people grasp at more than they need. In other
words,
be happy with what you have. The dog was foolishly distracted due
to his want of more than he needed. The raven spotted what he
needed, snatched up the meat, and flew off content with what he
had. I am suggesting the American people should follow in the
footsteps of the raven.
President
Obama: The Wall Street
stockbrokers operated business as if they were invincible and took on
risky investments, which were really just wishful thinking. The
stockbrokers are like the dog who was fooled by his own
reflection.
Regulation
was not enforced, therefore the stockbrokers did not worry. They
were
overextending borrowing power and lending in an aggressive
manner. The stockbrokers began to receive new
income tax breaks which they believed they earned like the dog who
believed he should have every piece of meat. On the other
side
Americans were purchasing overvalued homes which made the homes worth
more
than they could
afford. Their mouths were already full of mortgage payments, but
they wanted more. The housing market was presented to the
American people
as a
fool proof investment when in reality it was an illusion. The
stockbrokers were not content with their salaries and grasped for more
which did not exist. The American people were not content wanting
more and lost what they originally had in the process.
Aesop's fable concerning who's
to blame for the American financial crisis:
The
Wall Street stockbrokers, due to lack of regulation, took it upon
themselves to grasp at wealth that did not exist. Nobody enforced
the regulations,
giving the stockbrokers the ability to fill their pockets with more and
more wealth. The American
people
possessed the American Dream in the beginning, but lost it in the act
of seizing more rather than being content.
Reality set in with the American
economy
crumbling down. Greed can overshadow reality, but only for a
short
time. If you focus on imaginary wealth, and ignore what you
have, you will lose everything, including what you had to begin with.
Aesop:
The American people want to
avoid following in the footsteps of the dog. The raven on the
other
hand kept his focus, allowing him to gain wealth.
Author's
Note: I am using the financial crisis of modern times to reflect
the
story of The
Dog, The Meat, and The Reflection. The dog represents the
actions of the Wall Street stockbrokers and the American people.
The
dog in the story has his own share of meat, but sees another dog with
what he assumes to be a bigger piece of meat. Foolishly the dog
attacks the other dog to find it was only his reflection. Due to
his
greed of wanting more he loses what he initially had. The raven
swoops
down taking the piece of meat. The dog is left with
nothing. The
stockbrokers wanted to make more money and the American people wanted
to have bigger houses for less. Both lose their initial piece of
meat
due to their greed of attempting to take another piece of meat.
In the
end they are left scrambling to pick up the pieces. This is a
great
lesson for all, especially in today's society. Losing focus to
take
more for oneself can lead to one having nothing or at the least
struggling. Be happy with what you have. The image I found
I believe
portrays the story perfectly. I saw this image and thought the
image
alone reflects the point I am trying to get across.
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