Wednesday, December 03, 2008

If people wouldn't trust, how could they be cheated again?

"shit happens and all the regulation in the world can't prevent or predict it"... (Tom Evslin)

I do not agree.
Shit happens daily and we should be used to it.
Where I disagree is that we WERE used to shit happening somewhere else than in a Bank.
That is the reason why so many people trusted their own bank.
And they were right to do so.
Because USUALLY Banks were supposed to be, if not entirely on the customer's side, at least not against him.
Nobody will ever convince me that this situation was not known and forecasted long ago.
As usual the man on the road is like the faithful husband or wife, they are ALWAYS the last to know.
Because the idea of being cheated by somebody they trusted for many years is unthinkable.
There was a time in which banks and Institutions were ruled by honest people and things like what happened, couldn't happen.
At that time thoughts like "you are in more danger from the unknowable than the knowable risk; the past is an extremely misleading guide to the future." were out of any question.

Regulation is not good.
What would be good would be that the responsible would pay for what he did.
If the customer was sure that he would have to deal with trustable people (like it was some years ago) we wouldn't need any regulation.
And Regulation won't bring back the trust, because as we say in Italy, the rules are made to be broken.
We have so many SMART people, they do not care about rules, they welcome rules if they can give trust to investors.
Otherwise, if people wouldn't trust, how could they be cheated again?

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