Let's do a little current events review to begin:
$ Tiger Woods finds that being the first billionaire athlete isn't everything it was supposed to be.
$ Sarah Palin resigns as Governor of Alaska to go on a highly-compensated lecture tour.
$ Jason Bay rejects a Red Sox offer for $15M per year.
$ Banks pay back the US government the billions they were loaned so they can go back to paying their executives billions of dollars in bonuses.
That which these four news items have in common is affluenza, the pursuit of massive wealth. The word is a merger of two familiar words: affluence, meaning wealth; and influenza, a persistent and potentially dangerous disease. It may seem like a strange pair of words to combine, but when you get there...it works.
Affluenza is not restricted to the four news items with which I began. It is rampant in varying forms, even in our struggling economy. That is what makes it all strange. Here we are in the midst of an economy that almost tanked, in which at least 10% of our employable population is unemployed, and when people become homeless because their homes are taken away because they can't pay the mortgage. There may not be a fiscal depression in our country, but a huge number of the people of the United States are emotionally depressed.
And, in the midst of this, newsworthy people are amassing huge windfalls. That fact is not being ignored by the populace. Sports heroes are falling from grace, not only by their indiscretions, but by their images. Political wannabees are being looked at with a second look. And CEO's and bank Trustees are portrayed in the media as villains. Affluenza (many times at the expense of the general public) is the source of public anger:
$ Charities lose millions by Tiger Woods taking a sabbatical to try to repair his crumbling marriage.
$ The Republican Party shifts further and further to the right, leaving moderate Republicans behind.
$ Try to purchase a ticket to a Red Sox game. In order to pay out huge salaries, the cost of a ticket to America's Favorite Pastime is increasingly inaccessible to the average baseball fan.
$ Try to get a loan for a small business, or try to get your mortgage rate reduced.
The demonstration of affluenza is directly tied to public stress, and this is not a good time for that stress. The result is cynicism, which is not a good emotion when it is important to be about the process of rebuilding our economy.
Throughout this fiscal mess we have been experiencing, I have found myself increasingly angry with the Wall Street firms and the banks. The government has gone way, way, way out on a limb to secure them, potentially endangering the political future of the President and those in Congress. But the response of the financial industry has been tepid at the most. Clever schemes to protect its disposable wealth at a time when the nation's economy is crumbling have been nauseating. Over and over I hear commentators use the phrase "Wall Street just doesn't get it!" That's not a simplistic statement...I think it is a profound statement of reality.
At a time when the banks and Wall Street could be heroes, they have chosen instead to be scoundrels. Is it any wonder that people question the viability of capitalism? I'm not ready to give up on capitalism, but those responsible for maintaining a capitalistic equilibrium must join the effort. Their economic narcissism is offensive and potentially disastrous.
Photo Credit: newsweek.com
