I'd be happier if it were a free market. But I've worked used oil in the US, and had friends start a company in Canada -- The entrenched US petroleum business has many, many gummint protections against competition.
Anything that drives up the price of gas makes alternative technology more likely!
I do think there is some bitter irony in calling politicians "filthy and greedy" for trying to take profits from those benevolent and selfless energy moguls.
I would not label the oil business as being greedy on the basis of record profit (because of record business volume, as already stated), only on the basis of what they do with that record profit. One must assume that since they are public companies their primary goal must be to maximize the return on the investments of shareholders, as well as make investments that will ensure their competitiveness in the future. On the basis of that statement, one might claim that in a purely capitalist environment, all businesses meet the textbook definition of greed as they seek to obtain the maximum amount of profit for themselves.
One might also look at whether it is the shareholders themselves who are greedy, on the basis of what they do with the returns on their investment. I think that the blame must ultimately lie with the invididual investor, as it is up to them whether they keep this wealth to themselves, share their wealth with others directly through charity, or indirectly through new investments.
My definition of greed revolves around sustainability.
Greedy people are willing to muddy the waters of capitalism for short-term gain. Enron was greedy and was the basis for my comment in the first place. GM closing the plant in Flint while giving their CEO a huge raise, that appears to be greedy. Companies selling off the assets that ensure long-term sustainability in order to drive up stock prices, that's greedy. The current oil problem appears to be a symptom of greed in that the economy as a whole is suffering, while profits appear to be fine for those elements in the energy business.
I never fault anyone for trying to make money. Healthy greed is good. The real key to capitalistic growth is having ants as well as grasshoppers...and our modern economy seems to be rewarding grasshoppers.
We know that the Enron collapse was the result of the actions a very small number of greedy executives who engaged in unlawfully greedy behavior. Their actions affected a very large number of people whose retirement money is now gone
( ... )
OK, the point of your post aside...I'm having a weird freaky moment that both folks who commentes on here, Glas and Wes, are well known by me from completely different circles that where I know you. I think I get Glas...but where the hell do you know Wes from?? My world is an incredibly small place and it shrinks more each day.
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I'd be happier if it were a free market.
But I've worked used oil in the US, and had friends start a company in Canada --
The entrenched US petroleum business has many, many gummint protections against competition.
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Anything that drives up the price of gas makes alternative technology more likely!
I do think there is some bitter irony in calling politicians "filthy and greedy" for trying to take profits from those benevolent and selfless energy moguls.
Reply
One might also look at whether it is the shareholders themselves who are greedy, on the basis of what they do with the returns on their investment. I think that the blame must ultimately lie with the invididual investor, as it is up to them whether they keep this wealth to themselves, share their wealth with others directly through charity, or indirectly through new investments.
Reply
Greedy people are willing to muddy the waters of capitalism for short-term gain. Enron was greedy and was the basis for my comment in the first place. GM closing the plant in Flint while giving their CEO a huge raise, that appears to be greedy. Companies selling off the assets that ensure long-term sustainability in order to drive up stock prices, that's greedy. The current oil problem appears to be a symptom of greed in that the economy as a whole is suffering, while profits appear to be fine for those elements in the energy business.
I never fault anyone for trying to make money. Healthy greed is good. The real key to capitalistic growth is having ants as well as grasshoppers...and our modern economy seems to be rewarding grasshoppers.
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My world is an incredibly small place and it shrinks more each day.
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