Global Accountability: Large and Small

By Thomas Kochman - 04.30.2010

It’s often said that when trees start to rot, they do so from the top down.

This saying, as a metaphor, often applies to societies in a state of decline or decay caused by a failure of those who run them. From biblical times to the present people take their cues on how to behave from those who lead them.

This is especially true today as it applies to those who run our financial institutions.

The rapaciousness of Wall Street, predatory consumer lending practices and exorbitant credit card interest rates targeting working and middle class families by banks have had their effect, not only in undermining populist morale, but populist morality.

Not only do people no longer feel indebtedness is a bad thing, they no longer feel obligated to pay back the credit card debt they have incurred as a result of excessive spending, as shown in a recent BBC news broadcast over mounting indebtedness in Britain, and in a protest first aired in September 2009 on YOU TUBE.

But what happens when people can no longer get credit? Read more »