Society’s Greed
| What started four weeks ago as a march against corporate greed, bankers’ bonuses and social inequality has this weekend become a protest of global proportions. In over 900 cities, ordinary people have taken to the streets to vent their anger at the social and economic injustices brought about by the supposed reckless and irresponsible behaviour of the world’s financiers. |
Although this ‘banker bashing’ is no new phenomenon, it has recently begun to manifest itself in a noticeably tangible form. Having finally moved away from the armchair analysis that filled our pubs, it is now occupying the streets of cities from New York to Tel Aviv, Madrid to Manila. Liberal hearts are being lifted the world over as we witness grass roots movements demanding the elites take notice of their calls for justice.
At moments like these, it is often tempting to jump on the bandwagon of discontent and join our brothers and sisters in stipulating recompense for the innocent.
However, it seems to me that to blame the bankers for our current economic woes is an all too easy option. We often pinpoint this wealthy group of individuals as the scum of the world, obsessed with nothing other than wealth. Forgotten are the years of financial growth that these fat cats helped usher in for the rest of us to enjoy.
One of the realities of a modern economy is that a significant proportion of its GDP will be reliant upon the financial services sector and quelle surprise that those who choose to go down that specific career path have an interest in finances. Surely none of us are naïve enough to believe that the employees of Goldman Sachs enjoy their jobs because they feel as though they are contributing to an important sector of our economy?
Society would be wise to put personal feelings to one side when serving its dish of just desserts. If the ‘Occupiers’ were to get their way and exhort the strict punitive measures they are calling for, could this not have an adverse effect on our economy in the long run? I cannot confess to be any economic expert but perhaps this is something they should be at least looking into.
Furthermore, there seems to be a fundamental belief that bankers hold some sort of monopoly on greed. We need only take a look around to see that this is far from the case. How many of us can honestly say that we donate our spare change every time we walk past someone collecting for charity? How many of us own nice televisions, laptops and games consoles to make our lives more comfortable?
Greed is an unfortunate and ugly aspect of human nature. It is only rational that we would want to live in as comfortable surroundings as possible. The only difference with bankers is that the consequences of going too far can affect us all. The past fifty years have been an age of consumerism in the West, where to lack the latest gadgets or newest cars is to have failed in life. Such is the value we place on these luxuries that we will go beyond our means to afford them. Almost everything you buy for over five hundred pounds is available on credit. I am not trying to argue that we need to revert to less comfortable lifestyles. Like most of us, I am a slave to life’s little luxuries, but when luxury replaces necessity, we must surely reassess our values.
So to those currently occupying Wall Street, the steps of St Paul’s or wherever the cause has taken them, I urge this; look beyond the nearest scapegoat for the economic mess we now find ourselves in. Do not blame bankers for being greedy. Many a moon has passed since I last went to church but the expression “let he without sin be the first to cast stones” springs to mind.
Of course we have a right to be angry at the circumstances, but with regard to the recession, the greatest injustice would be to learn nothing from the mistakes we have made in the past. Unfortunately, I don’t have any specific answers with how we can completely restructure our values but I know government has something to do with it. When it becomes this easy to acquire things we can’t afford, an environment that fosters our greed is created. The recent spate of riots and looting that happened across Britain this summer weren’t part of some anarchic political movement; they were kids and young adults deciding they wanted an Xbox.
In a society where almost everyone’s homes are filled with luxury goods, those without understandably become despondent and the reaction can have terrible consequences. Those marching on Wall Street and elsewhere no doubt have the best of intentions, but if they really want to tackle our society’s ills, then perhaps they should march elsewhere.
Mr. Earnshaw fails to see that he, not the Occupy protestors, has missed the message of this movement. Whilst there is certainly anger at and blame at 'greedy bankers', they are in fact pointing their fingers at politicians too. They are against a Gordon Gekko Wall Street that manipulates Washington, and rightly so. Social mobility in the U.S. is now lower than in Europe, and this is why a recent Pew Poll showed that the majority of Americans supported the Occupy Wall Street Protests. This is not an anarchist/pot smoking/Noam Chomsky loving crowd. They represent an America that is upset with the permeation of corporate values throughout our society. This is what happens when you have corporations allowed unlimited amounts of money to fund politicians as sanctioned in the Supreme Court's ruling of Citizens United. (I implore Mr. Earnshaw to look at this case). As such there is an increasing gap between the ultra wealthy and the poor and they are subsequently shaping America, its politics and this is wrong. Bankers are blamed, undoubtedly, but so are politicians. Furthermore, to postulate that the riots in London over the summer of 2011 were merely 'kids and young adults deciding they wanted an Xbox' is a rhetorical cope out. Instead of purely blaming the indivudlas, Mr. Earnshaw should instead look at British society as a whole. I'm pretty sure most kids and young adults want an Xbox in most countries, but you don't see riots occuring for these purposes. What Mr. Earnshaw fails to realise, and this is surely a fault of his intellect, is that clearly individuals felt disenfranchised from their society. People who feel that they are invested and appreciated in a society would not destroy the very streets they live in. If Mr. Earnshaw has any counterpoints, I ask him to come to my room across the hall and discuss with me.
Furthermore, I quote the divine words of Stephen Colbert who responded to Herman Cain's suggestion these "poor people" who "can't find a job" should be out in front of the White House instead of Wall Street. He says, "Yeah, unemployed, you should be out in front of the White House blaming yourselves for not having a job. May I remind you, Wall Street has not cratered our economy in like two years! That's ancient history. At this point, who can remember who took worthless sub-prime mortgages and knowingly bundled them as mortgage-derivatives so they can be sold, re-bundled and resold to pension funds and banks around the world; until, because this entire scheme was a castle made of sand and shit, it inevitably collapsed, annihilating seventeen trillion dollars, a national economy, centuries-old financial institutions, and the lifesavings of untold millions of Americans? I can't remember."
Mr Cassella might do well to note that subprime mortgages came into existence in order to comply with the many incarnations of the Community Reinvestment Act - A federal law that compels banks operating commercially across state boundaries to ignore the credit rating of specified, supposedly underprivileged borrowers. Of particular interest is the 1992 amendment which stipulated that Fannie Mae and Freddie Mac underwrite the aforementioned toxic debt. The federal government coerced this debt into existence, only to institutionalize it 15 years later. That the federal government could so imprudently underwrite such laughably worthless assets was part of the justification for their recent credit downgrade. Hermain Cain may be slightly confused when he tells protestors to go to the White House. They would be better off going to Congress 34 years ago, or any time since. But he is not nearly as confused as Stephen Colbert. I would recommend that Mr Cassella restrict his Colbert quotations to occasions when he says something funny, not when he tries to make a serious point.
Also, the above comment doesnt make a lot of sense unless Nick Cassella's comment is approved. Somebody get on it!
quoting Stephen Colbert guarantees victory in an internet comment debate. well done Nick
I find it odd that Mr Cassella decries corporatism from his Apple Mac, from which he also plays the stock markets. The hypocritical attitude he has taken is not only offensive to myself, but also to all those who have really suffered as a result of this recession, those who fill the world's soup kitchens and dole queues, rather than pass comment from their ivory towers. Although Mr. Cassella might see some "fault in my intellect", perhaps he should start to acknowledge the fault in his character.
Mr. Earnshaw has a made simple, yet profound mistake. He has unfortunately muddled together the concept of corporatism with capitilism. I indeed have an Apple Mac and I do from time to time dabble in the Dow Jones. This does not undermine my original argument which Mr. Earnshaw has twisted. I have from the beginning stated that the Occupy Wall Street Protests are good because they are going after 'Gordon Gekko Wall Street that manipulates Washington'. I am not in fact against all corporations. I am against those which manipulate politicians and as such, the people have to pay for the injustices of immoral acts (just look at Citigroup). Well done Mr. Earnshaw, in trying to paint me into the stereotypical college liberal who drinks Starbucks while on his Macbook and decries capitilism-but this is not what I am saying or doing. I will give you time to rethink your argument and then I will dutifully answer with logic and care.
[...] loans paid. The view that they are only protesting corporate greed is evident from articles such as Society’s Greed,The Distribution of Lies, and How to Save the Economy, all from student publications. These three [...]
These protesters show admirable bravery and independence of mind to live against the grain of society and camp in freezing weather to make a point about social and economic injustice. Furthermore bankers are not being "scapegoated" at all. Quite the opposite, society is not holding them to sufficient account. It takes the persistence of these individuals to do what society and our government fail to do. Well done to them!