Principles vs. Profiteering

Quoting from Ed Wallace, a Business Journalist. It is so nice
when you have someone write about the things you already
know about and backs up the things you know are true.

Principles vs. Profiteering:

When Charlie Wilson left his job as head of General Motors in the early 50’s to become our Secretary of Defense in the Eisenhower Cabinet, he had to divest of his stock in GM over conflict of interest rules. It cost Wilson over a million dollars in tax liabilities to accept the President’s offer. But Wilson, like so many other wealthy Americans in those days doing public service after a long and successful business career, paid the price willingly.

Wilson said that America had been so good to him that giving back to the country that gave him everything was the right thing to do, including service to the country as a public servant. The long and impressive list of car men in this country who did the same thing for the betterment of America includes men like Big Bill Knudsen. He too lost millions when he left GM to run our weapons procurement during World War II.

Yet, in the early 70’s - just two decades after Charlie Wilson forfeited millions to do public service at the end of his career – the system changed and no one noticed. Suddenly everyone was doing their so-called public service early in their careers, then jumping ship to private industry and making the big bucks because they were “government connected.” For example, look at the political career of Donald Rumsfeld in the 70’s. After he left government he made a fortune in private industry because of his political connections, then returned to Washington. Open Secrets put his 2004 net worth at between $64 and $210 million. Being White House Chief of Staff in the Ford Administration just didn’t pay that kind of money.

Government as a Business Piggybank:

So, if you wonder why we pay so much for electricity, or why so many toll roads are now being built, or why no one in authority can put sanity back into the commodities markets – leaving us to pay far more for food and energy than market conditions justify – it’s not just the Democrats’ or the Republicans’ fault. And it’s not because we don’t pay enough in taxes to offset our deficits. It is because the political system now is geared toward insiders’ using their influence to take over government’s duties and responsibilities (parking meters, highways or even basic legislation) for their own clients financial gain.

The reason so many publicly owned assets are being sold is not that private industry is more efficient than government. It’s because repeating that Big Myth is a sure fire way to get the public to sign off on deals that any intelligent person can see don’t serve citizens’ long-term economic interest. In fact, typically it only takes months for the taxpayer to realize just how costly these deals will be. Then again, we’re a long way from the days of Ike and businessmen who felt it was their duty to serve our country they loved so much. (Ed Wallace)

As I have said before, I love reading when someone tells the real truth about the down and dirty way politicians behave in our world today. Honor was lost somewhere along the way. They have all sold out for money. I wonder if they think they can take it with them on the last ride out into the hereafter.