Sunday, November 9, 2008

Social Networking: Panacea for the "wall street" disease

I guess the CREDIT CRISIS which is currently threatening the existence of some of the most revered institutions needs no introduction. It came like a tornado from afar...damaged and even eliminated the bears and lehmans..and is still raging on !But questions have been raised as to whether the tornado did really come off the shore or was it completely home made. And unfortunately the majority believes that the devil was lurking within. While exploring some articles about social networking and the need for it, I came across a really interesting link.http://www.cambrianhouse.com/idea/idea-promoter/ideas-id/yZcJPK0/

Its an interesting idea that explains the need for a transparency mechanism to track the monitorings of the Wall Street- the mecca of finance.The view is further supported by an interview.There is another link embedded in the page,http://www.foxnews.com/story/0,2933,427644,00.html
Its an interview by Mark Cuban, the Chairman and President of HD News. He explains the current lack of trust in the market, the inability of bankers and analysts and the lack of transparency mechanism.He goes on a step further and says that if such monitoring through "social networking" is not implemented, the hundreds of billions of bailouts maybe worthless. The dollars will cure the symptoms but the "wall street" disease needs a panacea: Social Networking may be the answer.

1 comment:

Christopher Tunnard said...

The combination of Mark Cuban and Fox News, both conservative and free-market supporters, for greater transparency is ironic. The question is a potential long-term solution for SN, but the devil is truly in the details, as they say.