Yesterday I wrote a post called, "Is It Time For A Revolution" where I talked about an article that I had read on
how the very rich spend their money. I thought that the post had turned out pretty good, but what impressed me the most were the comments!
The comments that I received on it were out of this world! I couldn't believe how insightful they were and a couple of them actually tugged at my heartstrings! Suffice it to say, that there are some truly extraordinary people who blog on here and I'm honored that they took the time to read and comment on my post!
Their comments also got me to think, about the post, it's subject matter and the different perspectives that the folks commenting brought to the conversation. Below is a bit of what came to mind after rereading my post and these wonderful comments.
While the post could be construed as a criticism of the upper classes and I do think that some of them do indeed have "issues", I accept that what they do with their money is indeed their business. Their behavior might seem selfish or even stupid, but what they do with their money is really none of my business.
I also accept the premise that while it might not be "fair" or even "efficient" in the short run, that having the possibility of getting fabulously rich is indeed part of what makes our capitalistic system work. If it weren't for the possibility of "hitting the jackpot" how many of us would put out the effort to even try. The fact that so many of us do try and in trying bring innovation and efficiency to the markets more than outweighs any inefficiencies that the wasteful spending of the ultra rich might bring to the market.
That said, I do think that our system has gotten out of kilter. As I mentioned in the paragraph above, part of what makes our system work is that everyone has a shot at making it big. Not a guarantee, but at least a shot.
I'm afraid that this part of the equation is fading, at least for the average person. The scales seem to be weighted on the side of big business. Take the current crises in the mortgage industry for example. It doesn't take a rocket scientist to see that the problems that lead up to this crises were structural in nature. That is, they were brought about by the way sub prime lending was designed.
Everything about sub prime lending was created by large Wall Street companies such as Citibank, Goldman Sachs and the like. The programs themselves, how they were underwritten, funded and eventually packaged and sold all bore the stamp of approval by these huge corporate entities.
When it all blew up, who do the press and the politicians blame? The mortgage broker!
Why is that? Because most mortgage brokerages are small businesses and while small businesses might generate most of the jobs in our economy, they don't contribute anywhere near what the big corporations do to our political machine. Also, look at the ownership of where American's get their news. Is it realistic to expect GE to come down on the side of truth when they have their own wants and needs to think about?
I digress. My main point here is that while I do think that our system is the best, I'm concerned that we're in danger of losing the very things that make it a great system. I'm concerned that our politicians have been bought and paid for by the big money special interest groups and that it's gotten to the point where it's difficult, if not impossible to "petition our government for change". One other thing that I'm concerned about is that the general public doesn't seem to be all that concerned about it!
R.B. "Bob" Mitchell
ValueList Real Estate Services, Inc.
Bob Mitchell is the president of ValueList Real Estate Services, Inc., St. Louis' largest discount/full-service real estate and mortgage company. To find out more about Bob, ValueList or our flat-fee listing program please feel free to visit our web page, valuelistre.com
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