Iowa Republican Senator Charles Grassley yesterday went on the radio and suggested AIG executives do what their Japanese peers often do when the proverbial shit hits the fan and either “resign or go commit suicide.”
Easy to dismiss the senator’s remark as loony-toony and disturbing, but hell, we’re basically following the Japanese blueprint to dealing ineffectively with economic crises anyway. I obviously don’t think suggesting suicide is a helpful plan, but wouldn’t it be nice for once to see American executives demonstrate a little bit of shame and take some personal responsibility for the destruction they’ve wrought?
Please excuse me for being a bit pedantic, do you think “free markets” are the same as “competitive markets”? If so, do you mind using the term “competitive markets” instead? The term “free markets” leaves people thinking that there should be no government intervention. But, certainly, the government should intervene to ensure markets are competitive.
While I agree that it might have been best to let more companies fail in the long run, I do not think expressed shame will do anything good or bad for our economy.
if executives, particularly in the financial industry, felt more shame for their failures and for their destructive practices – pursuing the almighty dollar without any regard for risk – i actually think it would have been helpful in restraining those activities.
in terms of now, after the fact, you’re right, seeing business or political expressing shame and taking personal responsibility may not help our economy much, but it will at least mollify some of the outrage that many people are feeling.
most americans are F-in pissed that wall street allowed these shenanigans to happen, reaping the benefits and then running off with their millions when the bubble burst. even if it’s merely to help the healing process on a psychological basis, wouldn’t it be great to see some real regret from someone, anyone???
you’re right that there’s no such thing as a ‘free market’, and that government does have an obligation to intervene in certain cases to ensure markets are competitive. I can’t say i will never use the phrase ‘free markets’ though – it’s kind of a habit by now!