How time flies by when you try to take your mind off politics. It has been awhile since I last expressed my opinion. Much of that time was used to enjoy the summer and the people in my life I care for most. Now it is time to express not my opinion but some conservative views about our financial status and how we got to this precarious economic situation.
First let’s visit Mike Lufgren’s column in The American Conservative, titled Revolt of the Rich. Mike states the super-rich “have seceded from America”. Since the rich can afford their own security, “public safety is of no concern.” He continues that often the super-rich are often “abstracted and clueless,” and that’s why “Mitt Romney’s regular-guy anecdotes always seem a bit strained.” I recommend clicking on the link and get your own opinion.
Secondly, Lynn Stout of the LA Times has something to say about Maximizing shareholder value is an ill-conceived concept. Lynn goes ahead to explain that for over three decades corporate America’s religion has been to crank up share prices, companies sell key assets, outsource jobs, shower CEO’s with stock options, and drain cash reserves by paying out dividends. These tactics often produce short-term market bumps, but they also hurt a company’s “long-term ability to grow and prosper.” I bet if you go back 10, 20 years and look at your portfolio you’ll find a number of companies fit that description perfectly. Again click on the link and form your own opinion.
And lastly, a view from someone not so conservative but definitely one that could be, David Futrelle’s column in Time.com, Bankers: Who Needs Them? He simply states the financial sector has grown far larger than it needs to be. In the 1950’s an era of growth and prosperity, the financial sector accounted for 3 percent of GDP. Today, it accounts for more than 8 percent, and “our economy is a mess.” Read the article in full to see what you think.
My opinion is I don’t agree with Gordon Gekko. I do NOT think “greed is good.”
But I do wonder, why is Obama getting the blame for all this?
Keep this in mind when you vote this Fall.
Final words (used in a prior TeamTacks Journal but needs to be revisited) —
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” – John Adams (1735-1826, 2nd President of the USA)
“We once worried that democracy could not survive if an undereducated populace knew too little. Now we worry if it can survive us knowing too much.” – Robert Bianco (American Radio / TV Editor)
“Democracy without morality is impossible.” – Jack Kemp (American Football Player, U.S. Congressman)
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