While of course we know the outcome of the unfolding events Ferguson describes, his interviews with many of the players in the crisis provide additional insight into the larger question of how could so many very bright people be involved in a failure so huge? The film shows the consequences when thought capital is wrapped around the dogged pursuit of an ideology, in this case deregulation, so that conflicting data or opposing viewpoints are not allowed to interfere.
The band of men from Ivy League economics departments wielded a lot of power in the 30-year push for deregulation. They served as consultants to the industry and were selected for significant regulatory or White House advisor positions. Ferguson raises questions about their objectivity as scholars, as well as whether their integrity was compromised by conflicts of interest and accepting fees from Wall Street, or to testify before Congress, or as expert witnesses.
I’ve already written a recommendation style review of the documentary and this one is very positive as well.
You need to read it to get the full flavor of O’Brien’s prose.
Shel Horowitz at Principled Profit is on vacation until mid July. Hurry back, Shel!
Ethical Houston has a facebook page. Ethical Houston is a web site dealing with ethics from the Sojourners point of view. I want those of you with facebook pages to get to that site and “like” it. Good people and good sites need support. Let’s get our best effort out there!
Gael O’Brien writing in her blog, The Week in Ethics, discusses the concept of Conscious Capitalism. (Conscious Capitalism has its own web site.)
From her blog: Companies that practice conscious capitalism aspire to more than just turning profits; Trader Joe’s, Whole Foods, the Container Store and Stonyfield Farms are examples of successful companies that have a higher purpose. Their definition of stakeholder reaches beyond those who benefit directly from the company, to larger social and environmental purposes affecting society.
Lauren Bloom has a post wondering how often British Petroleum has lied.
Gael O’Brien on the website, The Week in Ethics, has another post about British Petroleum, in which she discusses the human toll using an an example the life of William Kruse. This is some fine writing. I’d give it a look if I were you.
David Gebler writing from the web site, Free Management Library, discusses safety and costs from an ethical standpoint. Here’s a nice quote from the article:
“However, as we have seen from the fallout from the Gulf Oil Spill, the recent mine accidents in West Virginia, as well as FAA intervention on airline safety issues, relying on government identification of safety issues may no longer be a viable fall back position for companies that have greater knowledge of the issue than the government.”
Shel Horowitz writing from his blog, Principled Profit, argues against the government guaranteeing loans to private companies to build nuclear power plants. He discusses the dangers of nuclear power plants. I am astonished at the hypocrisy of people who continuously shout “free market” to drown out alternative ideas thinking that the government guaranteeing loans to private industry is anything more than corporate hands in the public till. It’s a complete rejection of capitalism. If private industry and investors are unwilling to bear the risks of building nuclear power plants, should they be built?
Lauren Bloom blogs that employers should allow workers the freedom to deal with family problems such as illness. Currently with the great difficulty in finding jobs, there is certainly a temptation to put the hammer down. Bloom believes this is counterproductive.
Gael O’Brien discusses the World Health Organization’s problems. The WHO has been criticized for over estimating the danger of a flu pandemic and advising governments to stockpile enormous quantities of drugs as preparation. The three scientists who recommended these steps all have ties to the pharmaceutical companies that manufacture the drugs recommended. The article is long enough for a good analysis and achieves that goal. The article has links to two reports, one from the Parliamentary Assembly of the Council of Europe and the other from BMJ (it used to be the British Medical Journal). Neither report is complimentary.
Chris MacDonald in a totally successful effort to keep my off balance has a new post on June 6th. Entitled Galarraga’s Corvette, MacDonald while admitting that everyone is entitled to an opinion points out that even though tax payer dollars are involved in the company’s continued operation that doesn’t mean every corporate action should be second guessed. He says managers are there to manage. I doubt that Chris MacDonald will be very surprised (or bothered) that I don’t always agree with him but he’s dead on this time. Nit picking day to day decisions is a waste of everybody’s time and the giveaway was a shrewd PR move. jp
Dani Rodrik writing in Project Syndicate, A World of Ideas, argues that the nation-state, globalization and democracy are all incompatible with each other and that at the most we can only have two of the three. It’s a thought provoking argument.
Gael O’Brien writing on her blog, The Week in Ethics, discusses the message of John Wooden. During his lifetime, Wooden created a “pyramid of success” comprised of fifteen elements. (The diagram is included in the article.)
Michael Hiltzik writing on the Los Angeles Times business page discusses online privacy. He is a champion of preserving the rights of the individual and when he talks people should listen. This is an issue of considerable importance to me.
Marian Wang writing in ProPublicareports that illnesses reported by the clean up workers on the gulf coast are caused by the oil and not by the host of other possibilities the oil company or the government will cook up.
Elizabeth Warren prophecies the coming collapse of the middle class.
If you want to read a column with some teeth in it try this one from Gael O’Brien’s web site, The Week in Ethics.
Let me quote from her closing paragraph:
“The miners have been buried, their families continue to mourn. Lawsuits have been filed. Investigations are ongoing. More safety violations pile up. And if the verdict is that safety was not Massey’s sufficient priority, will this prove to be the proverbial canary in the coal mine that can lead to real change?”
That’s writing.
James Pilant
I did a search on You tube to see if I could find a video of Gael O’Brien. I discovered an utterly overwhelming amount of Irish music but no video of her. In Ms. O’Brien’s honor, I chose this (Tell Me Ma) –
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