Some time ago I wrote a blog entry about the consequences associated with some decisions. That entry was written just after the World Cup where Zidane chose to head butt Mazerati, and the consequences of that decision.
I also wrote a blog entry about decision making and how it relates to my job as a CEO.
Recently we have seen the world’s economy suffer and part of the blame is being assigned to the sub-debt crisis. The banks and financial institutions have been blamed for the “creative” deals that saw many people take on more debt than they could handle. It has been interesting here in the UK talking to people who have seen the exact same scenario here, and the impact is beginning to affect people in the UK.
The affect has been that millions of people in the US and presumably the UK made a decision to take on a mortgage that was greater than the value of their home. Obviously they had poor advice from the financial institutions, but they have to accept responsibility for their own decisions. What a cost … lost homes, bankruptcy, the erosion of savings and the associated human misery.
So … what can we learn from this.
1. We are all responsible for our own destiny.
2. It is important to follow a good decision making process.
3. Do not make your decisions based upon advice from “interested” parties.
4. Do your homework.
5. Do not be afraid to make a decision if you have done the right homework!
The US authorities have been pretty quick at chasing down the errant bankers and I hope they pay the price. That would be the consequence of their decision to take advantage of vulnerable people!