After reading and discussing American Oligarchy by Johnson and Kwak, I too agree that our financial system under our current practices is not solid. After going through a deep crisis and having to bailout several large banks our flawed financial system could use a makeover because it is susceptible large mishaps. Although there are a handful of banks in our financial sector that exert major influence over our economy which has currently affected us badly, how can the solution of breaking them into smaller banks be feasible without violating its owners unalienable rights? Requiring the government to step in and redirect operations deprives the owners of their liberty to do as they please. Afterall, they designed their business from their likings and customized it in a way that would make it most able to succeed in any endeavor it decides to partake in our economy, which would make its owner happy. This being the case, is it okay for the government to just step in and strategically break down what someone has worked so hard at building up? Furthermore, how can you stop a business from growing in status, profits and power if people keep casting their dollar votes? The only way to prevent a company from growing large would be to hinder its profit making ability, which really is not a viable option since every business has the right to be a profit maximizer. I believe that once banks get to a certain status, they should be held to a higher standard of accountability through regulations and having to report its statements more often since they do have the potential to bring down the entire economy. With great power comes great responsibility so I believe that having to be more up to date with information would be more reasonable.
The Cloud#occupy Africa AIG America baseball Best of Blog Breakfast at Tiffanys bucknell Bucknell University Business Business Ethics Campus Campus Theatre capitalism CEO corporate responsibility Corporations Countrywide Credit Agencies economics Economy Education Empathy employment Enron Ethics Facebook Film finance Financial Services food Fraud Friedman funny Globalization Google government higher education ideologies inequality Kiva labor abuse lewisburg Lewisburg Pennsylvania Loan media Money Movie New York City NFL Nigeria Nike North by Northwest Occupy Wall Street People policy politics Protest protests rawls Richard Rorty Saro-Wiwa Shell Social Responsibility Society sports steroids Student tax United States utilitarianism Wal-Mart Wall Street Walmart writing
Hot Off The Press…