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Welcome to the diamond district everyone in June of 2008 I called for a moral code for Wall Street happy medium between riding on the new regulations and expecting the SEC to enforce them -- of course they haven't enforced the laws on the books already.
And letting the financial shocks run a -- in a sea of anarchy one now it sounds like Pope Benedict the sixteenth has hurt my.
Maybe -- you pretty I've been doing since I became Catholic officially.
No I don't -- everything that the Pope says he is that criticizing the global financial ordering calling for a new way of doing.
Business based on social ethics.
What you social F for -- Novel idea I now let me show you some choice quotes from the -- Once profit becomes the exclusive golf if it's produced by improper means and without the common good as -- ultimate and it risks destroying wealth and creating poverty and the -- would also move toward market geared toward redistributing wealth from the advance to pork trees.
Well I want to welcome back to happy hour our own father Jonathan Moore is here to explain what's good.
And what's bad as always should -- the Pope issued this it's called it in the cycle.
And in -- close the it's the highest.
Authority -- -- document that a Pope can put out so it's it's a big deal.
-- -- He's got my money he's talking about money and a new type of global world order that don't a couple of quotes that I -- those words made people nervous I.
-- I know they do what he's not talking about eight -- Global world to.
Order and and terms of a political standpoint of going against the sovereignty of states individual states not talk we talk my putting things in order.
-- -- -- The most powerful -- to take advantage of the week is that -- something like that you when it was yet she talks about the UN and he said the UN.
It has to have -- team.
Now that makes people nervous as well real teeth but you know what Petraeus -- as the UN so much for corruption -- -- there and not being able to do any thing.
And he says in needs to protect.
Yeah human rights first of all has to make sure that countries are safe.
And also it has to -- that make sure that there's not a global -- economic crisis like we've seen remember two years ago.
If we -- as you mentioned introduction of who have been talking about business ethics.
People -- said father come that's theory let's get down to the free market.
But now two years later we say every single decision has.
A moral consequence.
And the bigger those decisions are that a greater there's consequences are.
Which exactly we've seen because when you don't have those ethics in business in your own personal live look at the destruction that it's created the well.
Destruction that it's created in this country people losing their homes people losing their jobs a very good point the other thing -- -- -- talks about.
-- distributing wow that's a very controversial issue again the -- From the rich to the -- but he did.
That tax bracket in order to redistribute wealth he didn't say that.
He talked about a principal called -- city -- -- and that it is -- higher level of government should not do or society.
Should not do -- a lower level of government or society can do on its own.
We need to redistribute wealth in other words we have to be responsible.
I have lots of money but I have to think about.
And I have to do that as an individual and society as well needs to have a preferential option for the poor but he's not talking about it I've heard.
Over the last couple of days saying.
This document proves that Pope Benedict and this -- by priests even.
It is further to the left of President Obama when it comes to economic policy wow that is -- -- -- a shallow or disingenuous.
Of this and -- -- get the looks through the whole thing.
He's talking about personal responsibility.
Not government control OK in how much do government.
It's actually listen I mean do you have the president.
Of the United States and reading Mitt sin and conscientiously think I wanna make policies that will follow some of what the right at you but that's a great.
And that's great question people aren't gonna do this just because the Pope says it.
But what he's doing he's adding to -- cool I would say body -- ethical thought.
That -- that plays into what's taught in schools what's taught in university what was used as training right now.
Harvard Business School requires people to take an ethics class of business ethics class because of everything that's gone on.
This is the type of thought that was not just coming from Pope Benedict the sixteenth.
But the hundreds of experts that he's brought in economic experts an ethical and philosophical experts to say.
This is what we have to be careful for about an allowing governments to take down those individual decisions for themselves he gives principals and he says.
Should make the policy decisions.
You worry am I at the Vatican for many many years -- living in -- -- now here in New York but I have to I know you still have a very tight connection there.
The prime minister there -- I mean -- again goodness.
What is going all over the air in Italy with prime minister -- -- green with minors.
Well you know what it is certainly.
Outrageous behavior -- -- knows that but the reason -- Berlusconi.
Has been reelected as he has -- because he has been willing because probably because he has a lot of money.
To go against the bureaucracy.
Which holds down Italy.
As a government and as an economic power.
You know you have you're going to -- offices and -- 300 people doing the same job.
And Berlusconi has said I'm not gonna put up with that.
And so people -- said okay he's he's eccentric he's outrageous.
But you know what he's getting things done in -- way that the socialist government's Prodi for example right before him.
We're not able to do.
Father Jonathan Morris thank you very much welcome you think -- -- deal.
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