Why our financial system failed…

I’ve been reflecting on the current financial crisis that in retrospect will be a great turning point in the course of our nation. The ease with which Henry Paulsen was granted access to $700 Billion, and the lack of accountability in how it is being spent is mindboggling. To watch the government purchase private corporations because “they are too big to fail”, with little regard given to long term effects of how our system of capitalism will function, is heart breaking. Our way of life is changing… forever.

I believe that our country will survive and that it will strive to take care of its citizens. But life will be different. The question I ask though, is how did we get here? The answer is not an easy pill to swallow because the breadth and scope of the number and types of people involved. There are too many people at all levels of society who did not act according to the leadership principles put forth by the RC3 model. Too many of us didn’t practice, Responsibility, Courage, Commitment and Cedibility.

Let me just tackle Responsibiliy in this posting. Responsibility can be broken down to:

  1. Responsibility to Society
  2. Responsibility to Others
  3. Responsibility to Self

The breaking points are easy to find. Just think if all involved had been considering their responsibility to others and society just a little more seriously. There were so many warning signs and so many opportunities to avert this meltdown, if only we as a society had taken our eyes off of ourselves for just a moment.

To avoid other meltdowns like this in the future, we need to revisit basic principles of behavior. We need to start not only teaching these values, we need to start living them. What about you?: Are you a true leader who exemplifes behaving responsibly? Are you responsible to Society? Others? Yourself?

All the best!
All the time!