Greed is no substitute for competitive self-interests

“Capitalism is a social system owned by the capitalistic class, a small network of very wealthy and powerful businessmen, who compromise the health and security of the general population for corporate gain.” ― Suzy Kassem, from her book “Rise Up and Salute the Sun”

Elizabeth Warren and Bernie Sanders’ constant warning about “corporate greed” in our economy isn’t just a part of some socialist screed.  It’s a real and pervasive problem that many mainstream Democrats tend to dance around. Their reluctance to assertively confront this destructive force speaks volumes to how neo-liberals speak out of both sides of their mouths. 

From the Savings & Loan scandal in the 80’s to the housing and financial crisis that brought down our economy in 2008, the pervasive element of greed is not new to us.  Currently, greedy promoters in the fracking industry are duping investors to pour money down the oil and gas well industry rabbit hole. 

We all, I believe, have a bit of larceny in us that for most (hopefully) is balanced out with a deeper sense of right and wrong.  Doing what’s in your own self-interests must contend with higher standards that remind us that there are limits to what helps us if it hurts others in the process. 

A telling quote from Annie Proulx about her epic novel Barkskins that deals with multigenerational dynasty building sums it up pretty well. “The thing American people fear about corporations is that they might achieve too much power. We have an antipathy to power even as we admire it.” 


   Consistent public majorities over the years feel that corporations and large financial institutions posses too much political influence in this country.  Consequently, those institutions that have generally kept corporate influence in check - representative government and labor unions - have weakened. 

Many voters contribute to this shift in power with their ever enduring fascination of wannabe millionaires, allowing many investors to be duped by con artists and creating the flimsy notion that wealthy people inherently make good leaders. 

Too often, wealthy business people (if they don’t cook the books to cheat their investors) underpay their workers, ship higher wage jobs to cheaper foreign labor markets, skimp on safety standards, dump their wastes into our rivers and the air we breathe and then rely on taxpayer money to clean up their messes through tax write offs and passing their violation fees onto the consumer by raising prices.  All while keeping vast amounts of their wealth in off shore accounts to avoid paying their fair share of taxes.

Part of Trump’s success in winning the Republican Party’s nomination incorporated two ploys.  First, arrogantly telling conservative voters what they wanted to hear in such audacious terms that led many to believe he could do it.  Secondly, exaggerating his claims as a successful businessman/deal maker that apparently appealed to many who had lost faith in their government. 

Since taking office however, Trump’s business interests have profited handsomely at the taxpayers expense.  His first instinct in dealing with the current coronavirus pandemic was to view it as a foil to his re-election efforts, showing greater concern for capitalist markets rather than the public health threat it has become.  Not the kind of leadership you expect or want from the president.

Just prior to the outbreak of the COVID-19 virus here in the U.S., unemployment rates were shrinking, bolstering claims of an expanding economy but this concealed how wages have remained stagnant for most working people. It is the wealthiest who are seeing the greatest income gains while most everyone else struggles to stay afloat.

Any business that wishes to succeed has to put it’s self-interests at the top of it’s priorities list in competitive markets.  But it also has to be a good neighbor in it’s community and an honest broker with it’s labor force and the consumer.  Greed - and the corruption it breeds - is no substitute for competitive self-interests to achieve this.