Monday, November 2, 2009
Modern Day Piracy
Our current economic downturn has been an eye opener for me. It has help pull the covers off rampant greed within the private business sector. Revealing gross misconduct in our banks, insurance, medical, stock brokers, auto makers, auto dealers, credit card lenders leaving in it's wake a massive amount of our citizenry unemployed. Stealing daily from those who can least afford it.
For decades the American auto industry has overcharged citizens for sub-quality products turning a deaf ear to what the citizens want and then bellyaching when we buy from overseas competitors. They still have not changed their commercials blindsiding the consumer with the newest in bells and whistles, and not one offers an auto lasting more than four years with better gas mileage. Why because they have become complacent regarding the consumers.
So far the bailout monies have not helped them out of this financial downturn, which proves to me that these corporations have been ailing for decades. With the exception of Ford Motor Company, which did not ask for bailout money, didn't file bankruptcy or generate massive layoffs. Instead as of this writing the company actually made money this quarter.
In the last five years mortgage lenders and banks were pushing insane loan programs. These flyby night programs required a fico score over 700, no income verification required and the buyer could own up to ten other properties. If no income verification is performed the loan officer or broker supplies the buyer with a believable job title and income to ensure that the debt to income ratio would balance out. This program opened the door to massive amounts of fraud and eventually foreclosures.
Our media would have you believe that is was the "subprime" mortgage holders that created this mess, but I beg to differ; it was a combination of investors qualifying for the Fast And Easy loan program referred to above, and subprime borrowers that were qualified for loans that they did not understand. Some of these borrower's were tied into adjustable mortgage and interest only loans not realizing that their mortgage rate at a certain period would drastically change and they would be unable to afford the home loan.
Airlines now claim that they've reduced prices by not charging for boarding luggage. Hello...that charge was added during the last gasoline fiasco, and now that it's over the luggage charged should have been removed.
Our media glorifies the cartoon antics of politicians and liars to sell copy, feeding the frenzy to mask the true disarray of our medical and insurance companies. It really should anger the general populace that the media feels we are that gullible to believe such outlandish murmurings.
Pharmaceuticals are panhandled on television pushing consumers to get prescriptions from their doctors, even though some of side effects include death. I'm so sick of listening to pundits about the death of private industry...private industry put the gun to their own heads through corruption and greed at a level that has never been experience before.
Cell phones, PDAs, iPods everybody's got to have one, individuality has been left behind. With our new technology we've become a nation of lazy, greedy slugs who feel entitled. This downturn has given the nation a wake up call, pull your heads out of the sand and smell the coffee.
Hopefully, we will learn from this experience not to take all for granted and to care about our fellow man. Stop greed in it's tracks, find our lost morals and become the truly blessed humans that we're meant to be. Owning a business is a blessing and should not be used to fleece people who have entrusted their hard earned dollars to you.
We are destroying our environment, reputation, morally corrupting our children and no one cares. We are all looking for the next best shiny object to entice our tiny attention spans and offer nothing in return except empty souls and pockets.
It's during hard times such as these that our entrepreneurship blossoms and new companies are formed, hopefully this time around we will breed a better stronger private business sector than the last.