1-I believe in our economic system it morally is not fond of greed taking more than share out the pot than you deserve, but the thing is if you know the legal system and you know how to work around it and finesse and make more and more money for yourself and your family that's cool but i think the real question is the people who do know the system and make riches what do they do with that money are they just buying cars big houses or are they helping the economy putting it back into the country to invest in our nation to make it better or do they just use it for themselves.
2-This discussion reviews the highly controversial topic and definition of business morals. Basically meaning whether or not you should run a business fairly and friendly or or running that business with a greedy mindset cheating or stealing and cutting corners. A fair business is ideal but sometimes becomes ambiguous. We can only strive to stay fair and tell ourselves when we are not doing so. Personally this course will help me become a better entrepreneur and business person because it will review the basic principles of business and show us how to be successful business owners. Morals are a key element of a business foundation and it will determine whether or not you will succeed with corruption or fairness.
3-Greed has appeared as the offender in the current financial crisis and recession in the United States. Some people blame the economic crisis on uncontrolled corruption and greed. The greed of the Wall Street associates caused the economic crisis. Wall Street was a genuine place for companies to sell their stocks in order to earn investors to fund their capital. Now, Wall Street it is nothing more than a giant private club, with investment bankers playing a big game with billions of dollars. It makes certain people rich and eats up money from the rest of the people. It has too much power for a few elitists, who are able to control the entire world economy and directly affects the lives of the general public. The federal government had presented a plan to reform the greed and over indulgences of the federal government, while the Wall Street pitched that greed was good for a less sinful world vision. Greed is defined as a selfish and excessive desire for more of something than is needed. Some people believe that it is greed that makes people work harder, be more productive, and help the economy grow. Those involved in the Wall Street crisis believed that they were doing well by providing additional funds for low-income families to be able to afford a house. Today, people are not ready to trust their own desires and envision a world where people really take care of each other. Many Americans continue to be generous, even when surrounded by excess and greed. The American economy has benefited millions of people, while tapping into a selfish and materialistic impulse inside of humans. It’s up to the American people to push elected officials in a direction towards regulation and away from greed. The "record bonus" issue for the supposed Wall Street "top-performers" is unwarranted because the ‘top performers” did not save the banks and corporations. If those who received the unjustifiable bonuses were to go to another firm that had performed well enough to pay them what they demanded, they could become self-employed consultants, instead of employees. The reallocation of resources to the strongest companies is what is supposed to happen in capitalism. Companies that make bad decisions forfeit their ability to attract top talent. Paying out millions in bonuses allows rich people to hoard money and not stimulate the economy. The poor people will spend every dollar to survive each month. Passing out free money to employees, after needing bail out from the government, shows that those who received bonuses believe they are better than others and that the government is an open market for stealing from the American tax payers. Bonuses would be okay if the executives earned it.
4-Legalizing greed-Wall Street’s bonuses were skyrocket high this year compared to the year before last year’s bonus receivings. The average Wall Street bonus was $138,210 in 2016 - a 1 percent increase over the year before, according to NYS Comptroller Thomas DiNapoli. The total bonus "pool" for all securities employees who work in New York City was $23.9 billion - a 2 percent increase. It’s the second straight year that bonuses on Wall Street doubled the combined earnings of the nation’s full-time minimum wage workers. With Main Street being on the verge of collapsing this is completley outrageous. If this doesn't spell out greed amoung theses "wolves" of Wall Street, I don't know what does.
5-This came to me as a shock to me reading about the he bonus that the few individuals received as bonus. In all my learning I have never heard of such huge bonuses. The government agencies have the job to make sure that a few individuals are not ripping our economy off. The most puzzling thing is that there is no clear explanation as to why they were receiving such huge amounts. I searched the internet and I did not find any justification as to why they were earning that much. The only explanation is that the government agency did indeed drop the ball.
6-This discussion relates to our class in many ways, one being that this is Introduction to business class, wall street is Americas business. The stock brokers and investors that work on Wall Street are a big part of what keep our country moving as a business; which is why we have so many discussion topics about Wall Street and the various assignments about the topic. Our country is one big business and once you know about the core of country and its business (Wall Street) you can achieve and accomplish a high level of wealth by the time our 40s hit. Our course has been the bases of business hence the introduction part of the title of the course; we have discussed finances, how to start a business, different forms and levels of competition in the business field in relations to competing with similar business’, how to have a successful business, the various departments a business should have, but the main topic of this class has been MONEY! Money is all the people on wall street know, they live, breathe, and eat money, power, and greed. (as a few topics we’ve discussed) How this all connects to me is by giving me the insight of how things work at the core of the country, by brining awareness to me of how corrupt the country is and many of those stock brokers and investors are. And also to be rich in business within the country you have to be savage, and corrupt sometimes you have to put your morals to the side. Also its thought me the importance of watching the news and keeping up with things that happen in the world, I for one was one who hates watching the news because I found it to be depressing and negative always which I still agree that it is, but through all that is a lot of important information that one needs, especially with our current president and me being a young black male. I feel people just need to be more aware of how corrupt things have always been and I feel like members of Wall Street need to understand that with social media being how it is there are no more secrets any more they cannot just keep getting away with these acts of selfishness and greed. They might be able to for a few more years but the more people become aware the less they be able to continue to get away with the theft they do every year. Capitalism: “ known as the free-enterprise or free-market system, is the economic structure that permits people to use their private property however they see fit, with minimal interference from the government. Under capitalism, people are free to work at jobs of their own choosing, to try to sell their products or services at whatever prices they wish, and to select from among various product- and service-providers for the best value.”People are by far stretching the means of capitalism to work at their advantages and at this rate after taking this course I’ve learned a lot and I realize that if I could get a foot in the door for a few years I could rack up plenty of money and then remove myself and live comfortable for the rest of my days on this earth. Capitalism encourages "rational selfishness," the pursuit of self-interest and acting immorally for personal or financial gain. For example, the lesson we learned on piggy backing, if I open a pastry shop 4 doors down from a local pastry shop and I start off with lower prices than my competitor in the beginning, in hope of stealing their customers away from them. Then after about 6months or so I raise all my prices by 7% simply because I’ve done my research and took some polls from the community and found out I have the better pastries, better taste, better quality, better presentation, etc. On top of I know people prefer coming to my shop for those reason and the fact that my prices were cheaper, I know once I raise them 7% I already have those costumers hooked to me because of my quality, and flavors. Then let’s say I do a store redesign and a reopening now my store looks better, I hired more staff, added more to my menu, and increased my quality. That’s an act of rational selfishness, that capitalism encourages, I basically stole the local pastry shop from the owner by opening my own shop with better quality and a better menu, I started with lower prices to get the people wanting my shop more than the others, once I kicked that shop out of business and achieved my goal. I then raise the prices on the people in the community knowing that now I’m the only pastry shop in the community and my quality is really good people will pay for quality. Is it right? Am I greedy? Is it capitalism? Some would say yes to all and other no that’s where the grey area of capitalism kicks in with today’s society. Solutions for this would the government would have to kick in and really watch the people on Wall street they’re going to have to really intervene which they won’t because a lot of that money goes to them and they’re too busy trying to kill off the black community and other minorities because in twenty years or so the white race will be the minority.
7-I do not think that the definition of capitalism has changed that much but it has been modified. What I think is that capitalism today is more defined and is characterized by a lot of greed. Capitalism in the literal sense is where the means of production are owned by individuals and corporations. This is exactly what is happening in the United States. No one has the right to extract as much as they want from the economy.
8-The topic of discussion ‘BONUS BILLIONS ARE BACK ON WALL STREET!’ is ideally related to this course, Introduction to Business course. This course is providing an overview of business as it relates to a local and global society. Focus points of this course have been the various phases of business organization, finance, personnel, production, marketing managerial controls, and government-business relations. This course pushes to have awareness and literacy of the world’s economy, politics, social structures and environment, in order to make the best decisions about how to live and grow in our own lives. An appreciation for news and our government is a key step toward self-empowerment and advancement in the business field. For me, Wall Street continues to show its true colors. By giving bonuses after a bailout, made all of us feel sick. The taxpayers were the people who bailed out the bankers. Many taxpayers had to sacrifice by not receiving a raise for many years, due to the bail out. On the other side, where 401(k)’s are tied to the stock market, many people saw their retirement investments drop. People really needed for Wall Street to bounce back quickly. As an American consumer, Wall Street has impacted my life. I was impacted by my change in Wall Street has personally impacted my life by my change in spending (shopping, meals away from home, movies, etc.), wanting to save money, and college loans. As for my family, they were dealing with income declines, the evaporation of accumulated wealth in our home, investments, and pension accounts. Many Americans are coping to meet basic needs through a variety of mechanisms, such as sending children to college or sending the elderly to work, the reduction of food consumption, and other essentials with consequences for health. Such coping strategies have not only immediate consequences for well-being of the individual and family, but it undermines the long term development for the society as a whole.
9-Also I think the government agencies let alot of things slide if they are in on the profit that will be made. Whether it is one person or a group that is letting this slide it affects the economy as a whole. I think some people may get paid to look the other way or threatned to not say anything about certain things going on in organizations.
10-Yes our government over-sight agencies did in fact drop the ball because they did not keep accounts and records of employee activities pertaining to commission, interest on deals, etc. By the time outsiders realized a crisis was at hand about to soon burst it was to late. I believe that the morals and values of Wall Street bankers are tied to money and have always been tied to money. It is an unwritten rule that it is an accepted practice and it is the way of the game until everyone gets caught. Greed and Power go hand in hand and most of these individuals infact have a lot of power, therefore they can do as they please. Someone or a group of individuals should have tracked these bankers activity within the company. It is absolutely absurd that this happened and was going on for quite some time, it obviously is the way these richer folks have been subsidizing their high price life styles for all this time