The Omen

http://www.thisisjersey.com/2008/09/16/lehman-collapse-is-good-omen/

THE collapse of one of the world's largest investment banks could be a good omen in the longer term, according to a finance industry spokesman. Geoff Cook, chief executive of industry promoters Jersey Finance, believes that the crisis might actually solve problems in the financial system. Reacting to yesterday's news that US bank Lehman Brothers was insolvent, Mr Cook said that there was likely to be global volatility in the markets for some time to come. 'In many ways it is a good thing,' he said. 'There are problems in the financial system and this will take the weaker players out, which is what is needed to free up the system.'

Isn't it such a charming manner in which people - like Geoff Cook - can say that a collapse which means massive job losses worldwide, and lots of suffering and misery in the process, can actually be a "good thing"! You'd never know about the suffering; it is just all figures on a balance sheet. Would he have said the same about the Wall Street crash, or the German financial meltdown of the 1930s? Probably.

No doubt if he had been around when the Titanic sank, the redoubtable Mr Cook would have been expounding on how this would benefit world passenger shipping by removing the weaker players and making sure than lifeboats were there for all. And perhaps he is right in the long term, but to state it like he does, with no sign of consideration for the short term misery inflicted, displays a degree of callousness that is almost beyond belief. Even Lord Mersey was not quite as bad at that when he presided over the British enquiry. I think the Titanic survivors would have wanted a few words with Mr Cook, at the very least.

No doubt an ancestor of his was about saying the Black Death was a "good omen" because it opened up employment opportunities by taking the weaker players out, which was what was needed to free up the system.

But - to be fair - perhaps the JEP only reported part of what he said, in which case, if I were him, I'd contact the JEP forthwith and get them to put the other quotations - if they exist - to show that he actually cares for the people who have lost everything as a result of the market collapses in the USA rippling round the world, and who don't have the luxury of same States supported amour-plated job security of his own employment.

"But you were always a good man of business, Jacob," faltered Scrooge, who now began to apply this to himself.

"Business!" cried the Ghost, wringing its hands again. "Mankind was my business. The common welfare was my business; charity, mercy, forbearance, and benevolence, were, all, my business. The dealings of my trade were but a drop of water in the comprehensive ocean of my business!"