By Oh Young-jin
Assistant Managing Editor

From Wall Street in New York to Main Street in Philadelphia to First Street in Washington, D.C., fear reigns. The stench of this fear is so strong that, with a smidgen of hyperbole, I would say that I can smell it from this side of the Pacific.

On Wall Street, Bear Stearns no longer exists; Lehman Brothers are gutted apart and other once-proud members at the no-longer sacred pantheon of high-stakes financiers are shuddering with the realization that they are not the center of the universe after all.

An army of foot soldiers for this fallen institution of capitalism ― young, bright employees armed with sheep skins from top MBA schools ― are crestfallen, their hopes of cash-backed retirement by 40 completely dashed, worrying that they may not be able to make the next mortgage payment on their beautiful suburban houses.

In mahogany-paneled offices tucked away on high floors of the cavernous marble-facade buildings in Lower Manhattan, CEOs and CFOs are wringing their hands about fat compensation packages they are no longer entitled to, just hoping to avoid the fate of Lehman's top man, Fuld, who was pilloried on his way out after a congressional hearing about the fall of the 168-year-old institute.

Fuld and others had securitized everything imaginable and diced them into particles before selling them in the name of derivatives to Main Street. They pocketed untold billions in commission but didn't even bother to keep track of their products. In the end, this house of cards collapsed like a Ponzi scheme ― many victims, few winners.

Greed is the seed of human downfall that grows like a weed without the help of fertilizer, being immune to any dose of herbicide. Even though humans were made capable of being prudent as well as greedy, it is a pity that we have apparently chosen one over the other.

On Main Street, police patrol blocks of residential areas or what is left of them after residents have been evicted, their houses foreclosed.

Windows are boarded up and doors locked away with nobody inside in a growing number of ghost towns across the United States.

A guided peek in a room inside one such abandoned house shows one wall with children's drawings on it. The floor is littered with a child's necessities ― toys, crayons, and books. No children are in sight and no parents to be found.

If there are a million abandoned homes now, there could be three million by some estimates. The previous owners of these homes are and will go on the prowl in their mobile homes, not knowing where their next meals come from.

Their lifesavings are reduced to zilch, with college education for their kids a forlorn dream.

If Wall Street denizens are guilty of greed, these Main Street dwellers are guilty of innocence, being ready to believe what they are told without question and joining head-on in a feeding frenzy for morsels of cheese that led to a rat trap.

On First Street, senators and congressmen are locked in an incessant blame game. Republicans point their fingers at Democrats for too much government, with Fannie Mae and Freddie Mac, two state-sponsored mortgage giants at the heart of the ``subprime crisis'' now under state control.

Democrats blame Republicans for too little government, letting fat cats loose on the leash. Alan Greenspan, high priest of Reagan conservative capitalism and former chairman of the Board of Federal Reserve, looks all too human, a league apart from these Washington politicians, by acknowledging his mistake during his recent congressional hearing.

At 1600 Pennsylvania Avenue, President Bush appears as perplexed at the financial unraveling of his country after eight years under his watch as he was when he tried to fight back tears after learning of the 9/11 terror attacks seven years ago.

Not that I believe politicians are capable of remorse and its public expression, but it would be refreshing to see Bush apologize for the mess that is penalizing not just the U.S. but also the rest of the world. His failure to do so represents a loss of decency at a national level.

Time to Change

Three weeks ago, before the full brunt of the Wall Street-originated financial tsunami was brought to bear on the U.S. and the world, it was a matter of choice for Americans to elect Barack Obama, junior senator from Illinois, as their next president on Nov. 4.

Now at the height of the crisis, his election is a matter of urgency, not because he is expected to solve all the problems at once but because he is the only one of the two standing for the job that represents the possibility of a change from the status quo.

Obama is ready to talk to adversaries as well as friends, a departure from the extension of the Bush presidency John McCain, senator from Arizona and Republic candidate, stands for. No matter what the septuagenarian candidate says, he is from the party that stands accused of bringing the world to the brink of collapse. He would be absolved by guilt by association, even if he lost his presidential bid.

Obama stands for integration. He is from a minority and knows of bounds and possibilities his status carries through experience. This quality is of supreme importance to heal the wounds of millions of Americans who are, in the aftermath of the financial crisis, finding themselves deprived and trying to cower from stings of a harsh reality already pervading the nooks and crannies of his country. He was right when he said that heartland whites turn into introverts and cling to guns because of their hardships.

Word to Obama

If the current polls are accurate and a Bradley surprise is not repeated, Obama would become the new U.S. head of state. I have a couple of suggestions to make to President-elect Obama. First, be a leader of the world, not just of your country. The mandate to become U.S. President comes from the electorate but the task he faces is global. A global problem needs a global solution that requires cooperation from nations of the world. If Obama is blindsided by narrow national interest with an eye on reelection, he would do so at the risk of going down in history simply as the first black U.S. president. He has too much to offer for that. Secondly, either in his victory speech or during an inaugural address, he should speak to the world of the sweat and tears that he, together with the rest of the world, is ready to shed to bring the world back on track. Good luck!

foolsdie@koreatimes.co.kr