Somehow, I could not believe the way things went haywire with the world economy though I kind of knew it was coming. If anyone thinks we are out of the woods yet, let them beware!
All my training and instincts tell me that our bankers, home and abroad, have learnt precious little from their heist, and are chest thumping prematurely. Turning in profits so soon enough may be good enough, but turning a new leaf be the real relief the world needs and deserves. The business of banking is, in its proper setting, the business of humanity: safekeeping, economic productivity, backbone infrastructure, reasonable risks, currency and credits, among others. We cannot have banking profits in a banging or bankrupt economy. That is paper-profit!
Jobless growth is its political flipside: Where politicians reel out GDP and other macroeconomic data to celebrate their economic prowess while their citizens can't see or feel the bounty! For graphic examples, come to Africa, especially my very own Nigeria.
These bailed-out bankers must don new suits of humility and penitence. After the trillions of dollars their cataclysmic and unprofessional practices induced/compelled as bail-outs and stimulus packages across the globe, it would be utterly unthinkable not to see some turnaround in some national economies. If we worked out the return-on-investment of the financial cum political outlay can anyone justify the euphoria? If we crank up the opportunity cost, will we be anywhere this complacent?
Okay, let's be fair: Many of the key players have gone, most of them into infamy. So, we can allow some "well done" notes for their successors. But it should be a granddad's "grunt" not a teenager's "glee" as we now see!
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