I definately agree with the last statement. Profit maximization as a goal usually has terrible repercussions which are unfortunately visible over the long term.
 
Well people have to learn somehow and it's through a crisis like this that we learn. From what I've read and heard about how this crisis came about it's not difficult to see that it was coming. Giving ppl mortages and not doing the proper checks to make sure the person can pay is strange, then banks borrowing against those mortages just compounds the strangeness 8~). So now banks tighten their lending/credit, businesses and ppl find it hard to get loans, ppl (*cough*Americans) have less money to spend, and wolla! the world which depends on the American consumer is at a stand still waiting to see who will blink first (or which economy will crash first).
 
8~)


 


--- On Wed, 10/8/08, Crystal Watley <crystal@voicesofafrica.org> wrote:
From: Crystal Watley <crystal@voicesofafrica.org>
Subject: Re: [kictanet] Kenyan banks and stock market
To: kiriinya2000@yahoo.com
Cc: "KICTAnet ICT Policy Discussions" <kictanet@lists.kictanet.or.ke>
Date: Wednesday, October 8, 2008, 11:04 AM

I am incredibly interested in how this affects the Kenyan economy. While, I am not a stock market analysist, I do have a strong background in economics. The American system is based on fossil fuels and nonrenewable energy sources. There have been four oil major crisises in the history of the US that have caused economic downturns. Each downturn was supported by a government bail-out in one way or another. With the extreme trade defict in the US, a economic shock like this could have consequences that cannot easily be bought out.

This economic crisis is the cause of a system that is broken. The capitalist economic system has never considered the environment. It is an externality that can be spent at the cost of growth. We have seen this is unsustainable as we watch US cities drown in the effects of global warming (see Hurricane Katrina).

In Kenya I feel we have an opportunity in this crisis to look to new sources for energy generation and new business models that are more inclusive than profit maximization at all costs.

What do you think?

Crystal

On Wed, Oct 8, 2008 at 2:49 AM, aki <aki275@googlemail.com> wrote:

The global slow down is on. Asian markets have headed down steeply today morning.
 
Kenya is not an island in the global economy. Anyone aware of steps already taken by the Govt/ Companies/Banks to protect/stabilize local market and prevent a crash or closures?
 

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Crystal "Naliaka" Watley
Voices of Africa
crystal@voicesofafrica.org
http://www.voicesofafrica.org/

"You must be the change you wish to see" - Gandhi
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