IPOs, wealth … and no conscience?

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  • #1166

    Vincent B.
    Member
    Lately I've been hearing commercials on the radio and seeing ads on TV that make me think the United States is heading in the wrong direction socially. On one of the ads, a husband forgets his and his wife's anniversary, instead remembering that it's the anniversary of a major day-trading corporation. I tried to laugh initially, but can't shake the feeling that, as a society, our priorities are seriously out of order. With schools still underfunded, the homeless still in need of shelter and children (not to mention adults) in serious need of health insurance, I feel this obsession with stocks, IPOs, and the like shows a disdain for community the likes of which I've never seen. Sometimes I find myself hoping the markets take a jarring hit, if only to bring these hot-shot, nouveau-riche wannabes back to earth and force them to look at the lives of those left behind in the past decade. It seems like it would be the only way to quell this mad chase for quick wealth, which has seemingly warped our abilities to care for others who are less fortunate. What do others think of all this?

    User Detail :  

    Name : Vincent B., Gender : M, Race : Black/African American, Age : 27, City : Chicago, State : IL Country : United States, Education level : 4 Years of College, Social class : Lower class, 
    #33262

    Dan27297
    Participant
    Way back in the ages, royalty and nobility were considered far above the common people. They felt this was the divine order of things. In the gilded age of the 1800s and 1900s, those who got ahead were considered genetically superior (social Darwinism). Today, those who make megabucks while the average working stiff slaves his days away are considered 'innovators' who went out and took charge and got a piece of the pie. They are seen as a special breed. Naturally, because of this myth, the masses try to eminate them. Everyone, so they say, dreams of starting up a dotcom, doing the IPO, and then driving their brand new Aston Martin on the autobahn by next tuesday. However, not only is material ambition of far less substance than it is made out to be, but the 'commoner' is left in the dust. I have a friend who hobbles around on a leg that was broken years ago, because he couldn't afford proper care for it. I've seen people get plowed over by trucks and then have to go 50 miles south to downtown L.A. and wait several hours in the at the county hospital to get a 3rd rate patch-up job. Homeless people can't get benefits because they don't have an address, excluding food stamps. Welfare moms have to stay on it because if they go to work they can't afford daycare, and they'd be even worse off financially. The minimum wage is unliveable. Immigrants who are exploited by the millions will get the boot if they even try to organize. People complain about illegal immigration, but if you kick them out, much of the United States economy will flop. The list goes on and on. But that's just the way of man. Selfishness, material values over spiritual and community values, and a 'me first, then maybe you' attitude. Only the end of the world can entirely cause man's flaws to cease.

    User Detail :  

    Name : Dan27297, Gender : M, Race : Hispanic/Latino (may be any race), Religion : Pentecostal Christian, Age : 21, City : L.A. area, State : CA Country : United States, Occupation : Student, Social class : Lower middle class, 
    #27141

    John K.
    Participant
    I am not sure this is going to provide you with any better impression of our society, but from what I can tell, most people are not all that concerned about stocks or IPOs. The reason that you see all of these commercials is simple: the brokers (including the people running the online trading sites) make more money when they lure more people into using their services. So they spend a lot of money on advertising, and pay to get that advertising everywhere. But the important thing to recognize is that these ads reflect a very small (and annoying) slice of American society. I live right outside New York City, and most of the people I know really do not care about the stock market. If they do invest, it is incidental to them.

    Basically, don't use those ads as a marker for our society. They are no more realistic than the ad for some credit card where the father could care less about his child's first steps because he just made an online purchase. Would you really assume from that ad that Americans are like that?

    Oh, and I have to say, I had a really fun time watching all the poor little investors panic for a few days when the market took a dive about a month ago...

    User Detail :  

    Name : John K., Gender : M, Age : 27, City : Cranford, State : NJ Country : United States, Occupation : Chemical Engineer, Education level : Over 4 Years of College, Social class : Middle class, 
    #38946

    Pete S.
    Participant
    I agree and disagree with you. There are a lot of problems we face as a society, but they are, fundamentally, no different from the problems we have always faced. There have and always will be homeless people, poor people, people from all walks of life who need more of the things they feel they are due. By the same token, look at how our society has been dismantled by years of socialism at the hands of the government. More people refuse to take responsibility for themselves or their actions. More people look to the government to decide for them what they should decide for themselves. Families have been dismantled to the extent that we think it's OK not to have family meal times, family activities or just plain old family discussions. Family values, in fact, are virtually non-existent. There is no obligation on the part of an entreprenuer or succesful individual to help others less fortunate. The fact that it occurs to a greater extent than you realize is the fault of the media, which doesn't want to report it. It makes better news if they report that the 'wealthy' just don't care about those less fortunate. So, that kind of information doesn't fit into their agenda. Does our society have problems? You betcha - just like every society for centuries before us. The difference now is that we have seen hundreds of billions of government dollars invested every way possible to 'cure' the conditions of poverty, illness, education, etc., and all we have to show for it is a situation that is worse than it was. We must take responsibility for ourselves. When we do, those things will get better and society will begin to return to the values you seek. But it won't be overnight.

    User Detail :  

    Name : Pete S., Gender : M, Age : 51, City : Orlando, State : FL Country : United States, Education level : 4 Years of College, 
    #31334

    Jerry-S30957
    Participant
    The 'mad chase for quick wealth' is nothing new; even in Biblical times, there were always people who found it more attractive to raid their neighbor's flocks than to husband their own. Not many people are poor by choice, and most people would jump at the chance to become rich. The poor have always been with us, and so have the rich. On the other hand, there have also always been social institutions working to even things out: religions, primarily, and in some cases governments or political factions. There seems to be a natural rhythm to these things. In the late 1800s in the United States, the robber barons amassed enormous wealth and didn't hesitate to exploit those whom they could; but they, and to a greater extent their children, became some of the greatest philanthropists ever.

    User Detail :  

    Name : Jerry-S30957, City : New Britain, State : CT Country : United States, 
    #24471

    Annette
    Participant
    I know there are wealthy individuals who do so much to try to equalize the impact of capitalistic greed and create a fair market for all. But to address your question: I believe in the universal law of 'What goes around comes around.' We may never be able to see the result of 'corporate decisions' that are not based on a global vision. But I believe each action of any entity (an individual or corporation) has an equal and opposite reaction. Observe nature and you see this law over and over again. No escape. Time is patient. And in the 'in-between time' there are so many other 'entities' making a positive difference. Search for them and they will welcome your vision and comittment.

    User Detail :  

    Name : Annette, Gender : F, Sexual Orientation : Straight, Race : Puerto Rican, Religion : Christian, Age : 41, City : Virginia Beach, State : VA Country : United States, Occupation : Social Worker, Education level : 4 Years of College, Social class : Middle class, 
    #27547

    Courtney
    Member
    I agree with you that people are often completely devoted to their jobs and sometimes become so engrossed in the financial world that they forget about social problems - and even their own families. But I think it's foolish to wish some sort of revenge by having the stocks go down. Even though these people may be self-centered or have a narrow vision, a healthy economy is good for the whole country, including the poor, and a stock market crash would affect the lower class much more adversely than it would affect those stock brokers. There are much more productive ways to raise your socioeconomic class than to spend your time wishing evils on the rich.

    User Detail :  

    Name : Courtney, Gender : F, Age : 19, City : Bothell, State : WA Country : United States, Occupation : Student, Education level : 4 Years of College, 
    #29372

    OccassionalTrader
    Participant
    At one point in my life I agreed with you. I went to a private school on scholarship and was teased for not wearing whatever brand was 'in' at the time. When I switched to public school I harbored a resentment due to my earlier treatment and believed that being rich equaled being snooty and selfish. Then it was time to pay for college and I managed to do so via lots of community scholarships funded mainly by the wealthy individuals of my community. That really opened my eyes and made me realize that wealth does not equal greed. While there are a few wealthy individuals who care only about dollar signs, many more feel that money is a tool by which to improve not only their lives but the lives of others in society. Money allows them to donate to worthy causes like social service organizations that often fill the gaps of need (like the need for food, shelter, affordable health care, etc.). In many cases, having a comfortable nest egg also allows them to devote their time and energy to these causes as well. Although I am of modest means through gainful employment, I try to invest on my own because I believe it is unlikely that social security will be around when I retire, or at least if it is, that I would not wish to be dependent upon if for survival in my later years. I also invest because there are causes I believe in and wish to support via donations. For investors with a social conscience there are many 'earth-friendly' or 'socially repsonsible' investment options, among others, mutual funds that carefully screen for companies that do not pollute, pay a living wage and do not produce socially destructive goods like guns and tobacco. In making investment decisions, I try to support companies that give something back to the communities in which they are located; that way when I benefit from price increases in the stocks I own, I know that society is benefitting as well.

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    Name : OccassionalTrader, Gender : F, Race : White/Caucasian, Age : 25, City : Pittsburgh, State : PA Country : United States, Occupation : research, Education level : Over 4 Years of College, Social class : Middle class, 
    #46585

    Lucy-H22472
    Participant
    I agree that society has definitely taken a turn for the worse. Many people are gaining wealth that they never dreamed possible, but they are losing out on what is really important. In their quest for the almighty dollarr, people are ignoring their spouses, children, friends and themselves. Why do you think so many children are in trouble? It's because their parents aren't there for them. How can you be there for your kids when you're working 80 hours a week? And forget about getting to know your neighbors and the people in your community. I'm an engineer in Silicon Valley, and sometimes I find myself hopeing that something will change ... and it will. The market can't go on this way forever. Contrary to popular belief, we aren't all dot-com millionaires. I get so frustrated with these people who overbid when buying houses, driving the already inflated housing market even higher. I make a good salary and so does my husband, and we can't even touch a house in this area.

    User Detail :  

    Name : Lucy-H22472, Gender : F, Race : Hispanic/Latino (may be any race), Age : 25, City : San Jose, State : CA Country : United States, Occupation : Engineer, Education level : 4 Years of College, Social class : Middle class, 
    #42150

    Vincent B.
    Member
    Although I still have my doubts, it is good to know there are some who still give a rat's tail about those who have the least - which, by definition, does not equate to socialism. The 1980s seemed to have really warped the minds of a lot of people, when public attempts to help those who can't afford the basic necessities of life are derided as 'socialist,' 'communist' or any other red-baiting perjorative. I believe this all started with Reagan's turning the 'War on Poverty' into a war on the poor. The publishing of conservative/libertarian propaganda aided in this campaign by shifting the blame onto the lower class, charging that they are deficient in moral character and/or work ethic, among other accusations. Where there once were job centers, there are now only police officers who act like the German Gestapo (especially in NY, LA and here in Chicago) in keeping the poor contained. In any case, it is refreshing to hear that there are wealthy people who are concerned with our society and not only with their portfolios.

    User Detail :  

    Name : Vincent B., Gender : M, Race : Black/African American, Age : 27, City : Chicago, State : IL Country : United States, Education level : 4 Years of College, Social class : Lower class, 
    #38073

    Stephanie
    Participant
    Vincent, interestingly enough I had a conversation about exactly this just the other day ... except I live in Ontario, Canada, and I was talking about what is happening in my province. We currently have a government that is very interested in the 'bottom line' and is actually sending out up to $200 checks to every taxpayer as a 'refund.' Which sounds great, until you consider the huge numbers of homeless, starving people on our streets who need shelters and food. Or the people who are dying at home because our hospitals (which are entirely publicly funded) don't have enough beds. Or the classrooms with way too many students because the school boards are being forced to 'tighten their belts.' My point is that it is not just your society that has become so focused on money that it is losing its focus on people, although I will admit we are basically all a part of the North American society. However, you are also not the only one who worries and wants to change this trend. There are millions of us out there, and I believe that eventually people will wake up to the incredible injustice that goes on in our so-called 'privileged' countries. I just hope it happens sooner rather than later.

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    Name : Stephanie, Gender : F, Age : 19, City : Belleville, State : NA Country : Canada, Occupation : Student, 
    #46025
    I agree 150% with all that you've said... and quite frankly I believe that those that are in position to affect any REAL change are so far removed from the lower and lower middle class that they simply are unable to relate. There is a growing gap between the 'haves' and the 'have-nots' in the country at-large and Chicago in particular. I see this evidenced everyday in my personal experiences.. The wealthy simply can't see us from atop their ivory towers.

    User Detail :  

    Name : Katherine D., Gender : F, Sexual Orientation : Straight, Race : Black/African American, Religion : Christian, Age : 24, City : Chicago, State : IL Country : United States, Occupation : Soon to be student, Education level : High School Diploma, Social class : Lower middle class, 
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