The Common Good Forum, May 16, 2012
Americans are still struggling from the financial meltdown caused by the reckless behavior of Wall Street financiers. Did they learn their lesson? Evidently not, if the news of JP Morgan’s $2 billion loss is any judge. Since 2008, two Vatican documents, one an encyclical and the other a document from the Pontifical Council for Justice and Peace, have explicitly called for greater regulation of the financial sector. We are waiting for the politicians, many of whom like to invoke Pope Benedict on other issues, to take heed of his concerns about the need to remember that the market is made for humankind, not humankind for the market. Christopher Hale examines the JP Morgan fallout.
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