Oriol Gifra 360º

It seems, watching the below Google’s chart about search volume related with the keyword “crisis” , people started being strongly concerned with the problem by July 2008 and very very concerned on October 2008.

On 2006 I was studying at IESE Business School a postgraduate program. During my studies I blamed a teacher who was working in a managing position in a bank because of the finantial sector attitude towards the real state prices increase and the family loans debt, also increasing. The difference between the people salary and the real state prices was a first symptom something was wrong.

People was willing to pay very high real state prices and banks played the game.

This story is not new for anyone, but for me here there is something very new in the history of the human behaviour, that is the link between the irrational human behaviour and technology.

In that scenario humans behaviour was totally irrational, from consumers to bankers. And here is the new thing, machines (technology) allowed and made all this happen, and happen very very fast. Bankers just typed into the computer keyboard to see if the client was approved for the loan…. and during too loong almost everyone was approved!!.

Technology did not avoid one of the worst economical crisis in human history….  Although we have more information than never, we (humanity) could not avoid the disaster. And my question here is… is it then a natural disaster?… as it could be an earthquake?… how we could avoid it?….

I believe people was out of control and this is very natural. What is atypical was so many people at same time was out of control.

To be more accurated, I think the problem was the lack of minimum ethical values. We are clearly facing the result of an ethical crisis.

What do you think about it?