For Wall Street perhaps a burp with a bad aftertaste, but for many others it has been transformative, life changing and not in a pleasant way. When the financial crisis hit in 2008, (really it was already underway in last part of 2007), it was foreseen to have transformative implications for financial institutions, including by most on Wall Street. The result though appears to be substantively different. The Old & New Champion! Wall Street was knocked down to the canvas with a hard punch but the biggest institutions got back up on their feet quickly and just resumed the boxing match as if the implications were not really meaningful even on the judges scorecard. Many have conveniently forgotten that the only reason that they are still in the fight is because the referee slowed down the knockdown count deliberately providing most of the “too big to fail” contestants the opportunity to recover from their wooziness. Most of the big players, (self proclaimed "Masters of the Universe" in our jargon), are now resuming the old substance and some even style of the fight for big bucks. There has been no apparent transformative change in the behavior but rather back to business as usual. Fresh Look, Starting With IMF & Fear of “Global Imbalances” Is this really the case or are we too jaded? We will try to examine the different perspectives on this debate in several Reports, Film and Blog, starting with a Film Report featuring the comments of the International Monetary Fund’s (IMF) Managing Director on globalization and finance and the necessary changes/reforms. It is impossible to be fully comprehensive, but we will try to provide an objective slice of the debates. Punched, Down and Out In the meantime, what has happened to the working and middle classes as a consequence of the “Financial Crisis”? For many this has been truly transformative. Some are still fighting to save their homes from foreclosure. Others are just trying to find work, and if at all possible a job that actually allows them to pay the bills for a “normal” life. For the working poor or those just struggling to feed themselves, the rapid escalation in food and energy prices is leaving them racing to catch up with the poverty line. Some are just trying to survive and children as usual are the most impacted and least capable of helping themselves on their own. The Positive Emergence Since Financial Crisis The transformation has not been all negative though. In several “developing” economies particularly in Asia the transformation has been the beginnings of a meaningful middle class and more “fair” prices for their resources and labor. Unfortunately though even in such relative transition to greater economic equality, the race is ruthless. Also, we need to take note of incremental or perhaps transformative change in areas like “Green Energy & Green Economy.” internationalfinancialcrisis.org/films/movie/green-energy-green-economy/25589 ) Is “micro finance helping the poor and working entrepreneurs reach beyond their economic caste, in the United States and developing states? “Muhammad Yunus Banks on America” - internationalfinancialcrisis.org/films/blog_post/muhammad-yunus-banks-on-america-by-susan-sacirbey/26549 Where do You Fit in on the Food Chain – “Predatory Capitalism”? If you are able to receive www.diplomaticallyincorrect.org and this report on your computer, the chances are that you are higher on the food chain, or at least capable of evolving your own survival strategy. However, do not be lulled to comfort in this jungle – whether you labor for an hourly wage or you are a resourceful entrepreneur, this is a jungle where many are predators but all can become prey. I have coined the term “predatory capitalism” to define the micro as well as macro behavior in what has been broadly labeled as market economy. It has always been a bit of jungle, but looking back through my years on Wall Street, I have witnessed a definitive evolution to ever heightened “predatory capitalism: and survival of the fittest. By Ambassador Muhamed Sacirbey Face Book at “Diplomatically Incorrect” Twitter – DiplomaticallyX More Reports on International Financial Crisis at: www.internationalfinancialcrisis.org “India Economy-Chaos, Diversity & Creativity” -http://internationalfinancialcrisis.org/films/movie/india-economychaos-diversity-creativity/24239 “Green Energy-Green Economy” internationalfinancialcrisis.org/films/movie/green-energy-green-economy/25589 “”Steady Growth-Global Economic Forecast” - internationalfinancialcrisis.org/films/movie/steady-growthglobal-economic-forecast/23990 “Euro & European Economic Growth” - internationalfinancialcrisis.org/films/movie/euroeuropean-economic-growth/23578 “Jobs, Not Handouts” - internationalfinancialcrisis.org/films/movie/jobs-not-handouts/24265