Reflection 236: For-Profit Loops

February 24, 2012

Copyright © 2012 by Steve Perrin

In the concluding chapter of CONSCIOUSNESS: The BOOK  I wrote these words:

The general welfare is best improved by each of us having equal opportunity to conduct her own affairs without falling prey to those who would use us for selfish purposes. Introspection shows me that individual opportunity is not only possible, but is the desirable state of affairs in which we thrive on the basis of our mental skills and effort, not our vulnerability or submission. In a democracy, it is an oxymoron to conduct our affairs by seeking to take advantage of our peers. True power is the power of the individual to lead her own life as her unique self, not as who others tell her she should be. Self-determination, in my book (which this is), is the source of individual personal power. It requires not only empathy and compassion, but agreement that our uniqueness is our gift and our strength (p. 265).

Having recently viewed Charles Ferguson’s Inside Job, I thought about how I could steer my own loop of engagement to counter the mayhem presented in that powerful film. Here’s a slightly edited version of an email I sent to a co-worker and friend.

The documentary film Inside Job details the results from a 27-year campaign to deregulate the financial services industry. Now our effort should focus on finding ways to effectively rebuild a regulatory system that has collapsed due to constant pressures applied from without and within government. Add our wars in the Middle East as a vital component of our modern economy through the arms industry, and the trashing of campaign finance regulations by the supreme court of the land—all this adds to the sorry state we find ourselves in today with the one percent in control of our destiny.

Now is the time to shore up our gutted regulatory systems and restore our ethical priorities for peaceful, private enterprise. We also need to stress the regulation of for-profit activity so the govern-ment controls the economy rather than the other way around. The court, the wars, and the film show that laissez-faire doesn’t work. What’s missing is the will of the people to fight for what they feel is right. We need a half-time pep talk so we can personally take a hand in making our democracy work. Our individual efforts are so diffuse, how can we organize so our collective efforts can meet the challenge we face? United we stand, divided we fall. How can we get our—the people’s—act together at this time of crisis?

In an era that decries regulation as anti-business and un-American, it struck me how regulated our sports and games are as a matter of course. Think of these games without umpires, referees, or rules: football, baseball, basketball, soccer, track and field, boxing, wrestling, gymnastics, tennis, golf. Think of poker, blackjack, chess, bridge, even solitaire. Think about kick-the-can, hop-scotch, mother-may-I? Think about plagiarism. Think about armed robbery. It is one thing to artificially enhance your breasts or fanny or shoulders, another altogether to defraud investors by pushing bundled subprime mortgages on the public while insuring your own risk with credit default swaps.

How does regulation for the safety of investors differ from playing by the rules? The claim is that markets must be free to regulate themselves, which is a variation on letting the fox guard the henhouse. My view is that sports and games are right up there with the arts and sciences as pinnacle achievements of our culture—because of how we conduct them to be fair to all players and practitioners.

How we conduct our engagements with others and the world makes all the difference. I am in charge of my loop, you are in charge of yours. If we seek mutual engagement, we both must play by the same rules, not one set for you and another set for me. Not one set for the financial services industry, another for investors. Or one set for the rich and another for the poor. Or one set for Republicans and another for Democrats.

I reached this conclusion through a 30-year program of first-person introspection. Surely it is time the swindle was over. For Wall Street to adopt a code of ethics that truly levels the trading floor.

That’s my thought for today. I remain, as ever, –Steve

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