One of the most difficult virtues to attain is wisdom. Nobody becomes wise through an accident of birth or by osmosis. As has often been said, wisdom derives from good judgment, which, in turn, derives from bad judgment — and an awful lot of it. Jesus told his disciples, "By their fruits you shall know them." Human history is an immense tapestry of good and bad judgment calls, wisdom and folly, all intertwined. "It seemed like a good idea at the time," represents a sad epitaph. Yet, when the smoke has cleared and the results of our decision-making have been revealed, there's no escaping the evidence. Credit default swaps certainly must have seemed like a good idea at the time, but now it'd take quite a stretch of the imagination to pretend that the results were anything short of disastrous.
There's never a shortage of denial among us human beasties. Just when you might imagine that all the evidence is in and irrefutable, someone shows up with his (or her) head in the sand, proclaiming the black is white and up is down. The world sadly experiences no shortage of Holocaust deniers . . . and that's only one example. Yes, wisdom can be very hard to come by and, when you do come by it, it can be very expensive. As a boy, my dad was having a lot of fun feeding paper into a reel lawn mower and watching the blades shred the paper. That is, he had fun until it lopped off the tip of his thumb, giving him a bump (where they reattached it) that he carried with him to the grave. Of course, I was much wiser than he: I was cutting photographic paper into narrow test strips on the paper cutter in my darkroom one day until it lopped off the top of my index finger. Unlike my dad, I'm carrying a flat top finger with me to my grave. As the Pennsylvania Dutch were fond of saying, "We're too soon old and too late smart."
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