CapitalistMarks

Charity vs greed

Posted on 30. Jan, 2009 by scott in economic daydreaming, general musings

It strikes me that one of the biggest causes of this awful recession, and perhaps depression?( if our government does not get working primarily on unemployment and confidence and not just social issues and pork), is greed.?

Corporations, and by extension their executives and ceo’s, just got carried away (Even they mostly admit that).? They saw too many opportunities for lining their own pockets instead of paying attention to what they were really being paid to do–i.e. increase value for their shareholders and maintain jobs for their employees.? They cared more about their own future than that of those they should have been reporting to.?

Now you can say that the treasury dept., and the FDIC, and the?S.E.C. and any number of other government agencies dropped the ball, but the fact is that no amount of economicregulation is going to stop creative and greedy people from doing what they do.? Albeit, an honest and dedicated government couldn’t hurt it is really up to those that make decisions.

Obama got it right when he said?that? the $18 billion bonuses paid to financial executives in 2007 was shameful.? But it was a whole lot more too, it was at least immoral and it might have been illegal (don’t they have an absolute fiduciary duty to shareholders?).?

Who is going to watch the chickens if all the farmer’s dogs are playing with the wolves?

We are really in one heck of a mess in this country today.? Every week brings further information about obscene losses?from banks and financial institutions and revelations about more greed from executives.?

Where does it end?? Can we bail out these ‘evil-doers’ every time another bucket load of losses?is thrown at us?? Don’t think so.?

Some (and probably a bunch) of the corporations run by ‘evil-doers’ are just going to have to fail.? Some shareholders (who have their own culpability, especially since the lion’s share of them … don’t you like the metaphor?…are mutual funds and institutional investors who managed ‘our’ money and should have been paying more attention) are just going to have to pay the ultimate price.?

Let ‘em lose everything.?? Seems that here again, Adam Smith was right.? Let the market adjust as needed (sorry John Meynard Keynes).?

So what happens???A few big banks fail (the government picks our/your losses up to $500,000) and all the real estate that would hit the market at heavily discounted prices would sure help home sales for first time buyers!

It’s the leaders that caused this.? The ceo’s have to accept the blame . . . along with their top tier of executives.

What does it take to get good leaders?? Education? Sure.? Experience? Probably.? Selfish drive?? Heck no!!?? It takes integrity–moral strength.

We need men and women of integrity and courage in every executive office of every corporation in the land.? Washington D.C.?too.? Sounds biblical, but it would work,?I promise you.?

Lincoln had it right.? In his 1st inaugural address he said ” intelligence, patriotism, Christianity, and a firm reliance on Him, who had never yet forsaken this favored land, are still competent to adjust, in the best way, all our present difficulty.”?

That goes even more today than it did in 1861.

Let’s focus on the Christianity part of Lincoln’s address.? But it could just as easily be Judaism or Islam since?the Tanakh and the Q’uran also teach the same lesson ( its just that I’m more familiar with Christianity, though I’ve studied the others too).? The lesson there is that charity (the Greek word in the original?New?Testament was ‘agape’ which is really cool and??means powerful love for others) is paramount.? We all, particularly our leaders, have to think of others? first.?? Stop being selfish (that goes for you and?me too)?everything else will come along with that.?

Charity breeds self-respect and success, as well as intelligence, patriotism and a firm reliance on ‘Him who has never forsaken this favored land.’? Man, that lincoln was a cool guy, they even named some logs for him? (and I used to make some great cabins with them as a kid).

Kick out any leader who lacks charity.? Kick out any leader who is greedy.? Do it with our votes.? For politicians or for ceo’s.? none of them can be where they are with out a clear vote from the electorate or the shareholders.

Take control!

Charity vs greed.? The choice is easy.

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thanks to??maha-online? for the flickr photo.

Tags: charity, consumer confidence, greed, integrity, unemployment