Elizabeth Barrette (ysabetwordsmith) wrote,
Elizabeth Barrette

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Some Flaws in the Economy

I found these two articles today, dealing with different troublesome aspects of the economy.

The following one describes some of the serious problems with conventional economic principles and how they've undermined people's ability to make a living; and some of the serious problems on the progressive side. I don't agree with everything in here -- for example, whether or not you believe in the standard economic system, making a living outside it is almost impossible -- but there's a lot of very savvy stuff in this article.

Beyond Scarcity: Reinventing Wealth in a Progressive World
We are bound to make the world in our own image. So, we had better be sure we have the right values in mind as we think about ourselves in this historic transition. The current economic crisis is causing a massive redistribution of wealth across society. With a newfound capacity to shape our nation's destiny, progressives can take this opportunity to redefine ourselves - especially our ideas about wealth and prosperity - as we seek to build a flourishing society.

The next article reveals some of the illegal practices in the debt-collection industry. People are most likely to behave decently when dealing with people they know, and less likely to behave decently when dealing with strangers. Therefore, debts between people who have met face-to-face (such as a homeowner and a local banker, or a patient and a doctor) are saner things than debts that have been resold to strangers. The debt-collection business is thus closely related to the foolish idea of bundling and reselling mortgages: the farther it goes from the original source, the more trouble it causes. And when breaking the law is the norm for an industry, it needs to be thoroughly overhauled or closed. Furthermore many families are down to a point where they can't even meet their most basic needs of food, shelter, and health care; and I don't care who owes what to whom or why, I cannot consider it moral to take money that is needed for survival purposes, because causing people to go hungry, cold, or unhealthy is wicked.

The Economy: Don't Pick Up the Phone
The tanking economy isn't exactly your fault, but America's biggest debt-collection company - headquartered in Horsham, Pennsylvania - will still hunt you down.
Tags: economics, news

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