Why does Ben Stein still peddle his wisdom?

Posted: 7th June 2009 by Chris in General, News, Rant
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It’s a nice Sunday morning, I seem to have defeated my riding headache from yesterday before it got a chance to really set itself up, and I’m enjoying coffee and catching up on the news.  CBS Sunday morning is pretty innocuous, bubble gum news, and then Ben Stein shows up.

This is the same Ben Stein who told us the mortgage crisis was really nothing to worry about way back when:

Ben Stein, don’t worry, be happy.

Now he’s saying it should be ok for companies to be able to fully reap the benefits of their human capital and hold meetings, but they are scared it will bring the sharp light of critical review. No one is telling the companies that received bailout cash they can’t talk to their own people and benefit from their experiences. What is fairly self-evident is that they need to do it in a manner that is indicative of their financial state. No Bahamas, no charter flights, and maybe Motel 6 instead of the Waldorff-Astoria. If, when the harsh light of reality comes on, things are seen scuttling about looking for places to hide, that might be a sign of an infestation.

The question is why did shareholders not give a crap about the culture of entitlement management in these companies created. Why? These guys have lived beyond their means, are interested only in the next quarter, and will sacrifice the shareholders long term interests for their short term gains. The travel junkets are a symptom of the culture of looting. Pay me now, screw the consequences. It is not sustainable, was not sustainable, and will not be sustainable tomorrow. It’s time to extend our attention past a three month time horizon. Maybe it’s time for Reg Z and Glass-Steagall to make a comeback. Maybe it’s time to get all of our eggs out of the “too big to fail” companies and go all Teddy Roosevelt on them and break them up.

Good Sunday morning to you Mr. Stein.  I was hoping you’d stay handcuffed to Shaq and out of my line of sight for at least the rest of the year.

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