The Party’s Over Now

Posted by on Sep 29, 2008 in Uncategorized | No Comments

After_the_party

Pic c/o wikimedia

Great line from Nancy Pelosi this morning: the party is over

In other words, the bailout of the failing financial sector is not going to leave Wall Street and its inhabitants free to carry on as things were ("so sorry things got out of hand…"). Once we clear up the mess, it's not just going to be business as usual – we're going to have to rethink some big stuff about business and in particular the influence the financial sector exerts. THe party's over now

The Democrats, at least, seem to be on the edge of embracing the stuff that so many of us have been talking and writing about for a long time – calling for a fundamentally different approach to business. One based more on people than numbers, on acknowledging that business exists in and is answerable to the society in which it operates (at least as much as it is too its shareholders). All the same stuff that we talk about in social media land.

Interestingly, this is very much what the British PM was edging towards (why so cautious?) last week at the Labour Party conference but will probably stop short of really going for. And, while I could be proved wrong, I'm not sure that the Conservatives have it in them to abandon their recent – Thatcherite – love of deregulation for its own sake and wealth-creation as a separate thing from the rest of life.

So where to start? You may remember that Henry Mintzberg piece we chatted about with Hugh and the Rabbi earlier this year  Download Mintzberg-beyondselfishness
. At the heart of this lies a critique of the world view that has created the current financial crisis. Beyond Selfishness, indeed.

Who's up for it?

UPDATE: Memo from Wall Street to DC

(Hat tip Aneel, via Twitter)

UPDATE Even Rory's on the case!