Brought to you by Oxford Tire
Wednesday, February 8, 2012
I distinctly remember a particular economics lecture I attended almost three decades ago as a MBA candidate at Jacksonville State University. Dr. Thompson said that well directed greed has done more good for this nation and the world than any charity has or ever will. When I look at how China and India have lowered their poverty levels by promoting some form of capitalism, I can clearly see the value of his wisdom. However, what happens when greed gets out of control?
The desire to better ones’ lot in life should be expected and for the most part allowed and encouraged. This does not belie the fact that unrestricted, uncontrolled, and under-regulated greed can and does cause suffering for many – albeit benefiting the few (at least temporarily). Our current Recession, which may be over only in the minds of a few elite economists, is the direct result of specific “too big to fail” financial institutions, which excessively leveraged mortgage-backed securities to the point that they were too vulnerable to any market fluctuations. Despite popular contentions to the contrary, it was not due to the fact that “sub-prime borrowers” were able to realize the dream of home ownership. Even “above prime borrowers” were routinely convinced to take out excessively large mortgages thereby increasing bank risks. In those cases, greed was not good. In fact, it significantly led to the collapse of our economy. Yes, these “too big to fail” banks were bailed out. However, that did little to help borrowers who were led to trust these institutions – and the federal government which failed to protect them from such abuse.
Don’t think that such evil is limited to the very large banks. It happens in other corporations as well. For instance, over the years Google has consistently changed their “Don’t Do Evil” corporate mantra to “
Don’t Do Evil.” Their alleged abuse of their AdWords and AdSense programs, which is solely responsible for it meteoric rise and IPO, resulted in more than one class action lawsuit. Furthermore, its constant battle with Apple over patent infringements related to its Android operating system provides additional evidence that it is pursuing monopoly-like dominance over many markets. Their growth needs can also be explained in terms of the number of businesses and individuals they have destroyed. I’m not just picking on Google. Even Facebook is guilty as it uses its power to decide just how you can friend others. The problem is when corporations use their power to create wealth and amass even more power to the detriment of society as a whole. When will it stop? Certainly, the federal government has little incentive to rein in these behemoths.
As we look at government and wonder why they don’t do something, look at your own behavior. Are you subsidizing such abuse with your dollars? When you see foreclosure signs pop up in your neighborhood, are you still doing business with the same institutions that are kicking people out of their houses or are you shifting your accounts to local community banks such as Noble Bank, Southern States, F&M Bank, and Cheaha State Bank? Clearly, the institutions that are espousing greed over common sense do not need to have the financial support of their current customers. Whatever money I have left after surviving this Recession is sitting in our local banks. As far as Google is concerned, they are not getting anywhere near the number of dollars that they sucked out of my business accounts only five years ago. In fact, that flow is now just about zero.
Essentially, I agree with Dr. Thompson’s lesson. Well directed greed is almost always good. Desiring to improve one’s condition should be encouraged and facilitated. But, whenever doing so causes the suffering of others, something should be done. And, it starts not with the government, but with individuals like you and me.
Keywords: Recession, greed, regulation, economy
Visit It's Your Life with Tim Brunson
There currently are no approved comments for this blog article. To join the discussion click here.
Wednesday, January 8, 2014 - Jim Epik -- It's Your Life, Friday, 8 AM CST
Wednesday, December 4, 2013 - Dangerous Dogs
Thursday, November 7, 2013 - Never give up – Lessons from a mouse
Thursday, November 7, 2013 - Tom North – It’s Your Life Guest – 8 a.m. CST, November 8
Wednesday, October 30, 2013 - Dilshad Dayani – Guest Friday on It’s Your Life
Tuesday, October 15, 2013 - Dr. Hillary Chollet - Guest - It's Your Life, Friday, Oct 18
Wednesday, October 9, 2013 - Leah Carey --It's Your Life guest Oct 11, 2015
Wednesday, October 2, 2013 - Living with dogs
Tuesday, October 1, 2013 - David Reddick -- It's Your Life, October 4
Tuesday, September 24, 2013 - Froswa Booker-Drew – It’s Your Life Guest, Sep 27, 8 AM
Tuesday, September 17, 2013 - Jim Stevens, It’s Your Life guest, Friday, September 20.
Tuesday, September 10, 2013 - Donna Mae DePola is my guest this week on It’s Your Life
Tuesday, September 3, 2013 - Christine Clifford guest this Friday (Sep 6) on It's Your Life
Monday, August 26, 2013 - Alexandra Chauran, It's Your Life guest, Friday, Aug 30
Monday, August 26, 2013 - Homelessness in NE Alabama
Monday, August 19, 2013 - Chris Vaca – It’s Your Life guest Friday, August 23
Monday, August 12, 2013 - Katy Larsen -- Guest 8 a.m. Friday, It's Your Life
Monday, August 5, 2013 - Pat San Pedro – Guest on It’s Your Life, Friday August 9
Wednesday, July 31, 2013 - Successful Failures
Monday, July 29, 2013 - Rita Flegel, Guest on It’s Your Life, Friday, August 2
Monday, July 22, 2013 - Anna McCarthy, It’s Your Life guest, July 26
Sunday, July 21, 2013 - College football banned in Alabama?
Saturday, July 20, 2013 - What we know about the Zimmerman – Martin case
Monday, July 15, 2013 - Suzanne Casamento -- It's Your Life - July 19
Friday, July 12, 2013 - The US education scam
Tuesday, July 9, 2013 - Attracting the love of your life
Friday, May 17, 2013 - For those who struggle
Friday, May 10, 2013 - Technology redefining our humanity
Thursday, May 9, 2013 - Terrorism makes us do dumb things
Wednesday, May 8, 2013 - This is a bunch of bull
Wednesday, May 8, 2013 - Schools, education, and creativity
Tuesday, May 7, 2013 - The arts and high school drop out rates
Saturday, May 4, 2013 - Are we predictable?
Saturday, March 23, 2013 - Increasing your protection against hackers
Friday, March 22, 2013 - The computer hacker next door
Thursday, March 21, 2013 - U R hacking my computers!
Thursday, March 14, 2013 - Living in an illiterate nation
Thursday, March 14, 2013 - New Pope good for Christianity and the world
Friday, November 16, 2012 - Help with stress
Saturday, November 3, 2012 - My Batteries Unlimited Experience
Thursday, July 26, 2012 - Everyone needs self-promotion
Friday, July 13, 2012 - Law enforcement and community transformation
Thursday, July 5, 2012 - Surviving your mid-life crisis
Friday, June 29, 2012 - Mind over matter in medicine
Thursday, June 21, 2012 - Career changes later in life
Thursday, June 14, 2012 - From tragedy to empowerment
Thursday, June 7, 2012 - Change your focus, change your brain
Thursday, May 31, 2012 - Lessons about life from those who are dying
Thursday, May 24, 2012 - Surviving a mindless marriage
Thursday, May 17, 2012 - The impact of the mind on breast cancer survival
Thursday, May 10, 2012 - Providing Chiropractic care to the Hispanic population
Thursday, May 3, 2012 - Dating and lasting romantic relationships
Thursday, April 26, 2012 - Using relaxation to increase concentration
Monday, April 16, 2012 - “It’s Your Life” on WDNG
Tuesday, April 10, 2012 - US Real estate wrap up for March 2012
Saturday, April 7, 2012 - Medical care: When the risk is greater than car accidents and gunshots
Wednesday, March 28, 2012 - Affecting insomnia without the use of pills
Wednesday, March 28, 2012 - Common sense economics
Wednesday, March 28, 2012 - A psychotherapist as an enabler
Wednesday, March 28, 2012 - Irritable Bowel Syndrome and mental health
Wednesday, March 28, 2012 - Playing good-cop or bad-cop as part of effective parenting
Wednesday, March 28, 2012 - Do Professional Certifications REALLY Matter?
Tuesday, March 27, 2012 - Can Financial Incentives Motivate Older Adults to Achieve Fitness Goals?
Tuesday, March 27, 2012 - Teaching manners to kids and the development of empathy
Tuesday, March 27, 2012 - You vs your co-worker: How to win disputes at work
Monday, March 26, 2012 - The challenge of smoking cessation
Wednesday, March 21, 2012 - Existing home sales drop in February
Tuesday, March 13, 2012 - Hypnotherapy and fibromyalgia
Monday, March 12, 2012 - US Real estate wrap up for February 2012
Friday, March 9, 2012 - February unemployment did not drop
Sunday, February 26, 2012 - Hypnosis for Weight Loss
Tuesday, February 21, 2012 - The Politics of Stupidity
Friday, February 10, 2012 - A simple formula for change and transformation
Wednesday, February 8, 2012 - Greed is not Always Good
Sunday, February 5, 2012 - Stopping smoking habits can be difficult
Saturday, February 4, 2012 - Calhoun County’s Vulnerability to Federal Handouts