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April 13, 2009 7:04 PM Age: 11 yrs

Shame on Us If….

Category: Larry Checco
Source:  Larry Checco

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The business sections of this morning’s newspapers are full of encouraging news.  Banks are beginning to post profits….pension funds are posting their first gains in months….even consumers are demonstrating a bit more confidence.


Yes, it appears the economy is showing some signs of life. 


But try to make that case to the millions of families who already have lost their homes to foreclosure—or  the four million to eight million more who are said to be at risk of doing so in the next few years… 


….Or to the nearly six million people currently unemployed—and the millions more still at risk of losing their jobs…. 


….Or to the 45+ million people with no healthcare coverage….


….Or the impact this recession has had on countless millions of others who have suffered everything from disabling stress to losing their marriages to loss of sense of self…


This must not be allowed to happen again!


Money is the life-blood of an economy


Regulation over our financial industry needs to be expanded, strengthened and enforced, including laws such as the Community Reinvestment Act (CRA).  The SEC needs to grow teeth or go away.  Corporate cultures need to morph into entities that understand the need for accountability, responsibility and ethical behavior—and that centralization of wealth is bad for all of us, including them.  


Money is the life blood of any economy.  If, in the human body, blood is not able to circulate to all of its parts, including its extremities (i.e. fingers and toes), these parts start to rot. If left unattended, eventually they need to be amputated. Consequently the entire body becomes dysfunctional and suffers.


That’s where we are in <country-region w:st="on"><place w:st="on">America</place></country-region> today.   The amputees are the people who have lost their homes, jobs, healthcare and more because money was (is) concentrated in the hands of a few and not allowed to circulate.   As a result, we’re all suffering.  


Shame on us as a society if, once this crisis passes, and pass it will, that we allow ourselves to fall back into our former state of economic being.  That state was unsustainable (as we are all painfully aware of now), indefensible (where is it written that people who work in the financial industry are required to be paid obscene amounts of money, in particular after they’ve failed miserably and at best engaged in dubious if not fraudulent behavior and risk taking) and inexcusable (meaning there are lots of folks who should be doing jail time instead of demanding bonuses).


Larry Checco


© 2009 – All Rights Reserved by the Author


Published by: Corporate Governance & Accountability Advisors, Inc. Content & Concepts ©2008 by CG&AA, Inc. All rights reserved