Consumption Rules

Rex Tillerson, the CEO of ExxonMobil, was recently interviewed by Matt Lauer on the Today Show. Mr. Lauer asked what he thought was a knock-out question, “Would Exxon Mobil be willing to lower profits over the summer to help out in this time of need and crisis?” MR. Tillerson’s response speaks more to his understanding of business and economics, and exposed how little Matt knows about the same. He said, “Well, that’s not the business. We’re in the business to make money.”

Here’s why that was such an intelligent response, from The Wall Street Journal:

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This was taken from an advertisement in a paper, and coincides well with my post about gift cards, When Money Expires. Read it, and tell me what you think.

by Maura k. Ammenheuser

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At five p.m. Steve walks through the door of his house in Circleville, Ohio, tired from the frustration of looking for but not finding a suitable job. He passes the table in the front room where someone placed the mail earlier today. As he combs through the pile he notices that all the envelopes have something in common—all bills. The gas, electric, and dental bill for his daughter are all overdue and the bill for the transmission in his truck is the newest addition to the collection. Now even more disheartened, Steve goes into the kitchen, grabs a plate of mac and cheese, a hotdog, and sits at the round kitchen table. As he eats his dinner he wonders what he could have done differently to have avoided being a fifty-nine year old father looking for work. Reflecting on his life, Steve looks out the kitchen window at the Thomson RCA plant where he used to work and recalls when life was better, when the people of Circleville could work a full shift at a good job and enjoy a better standard of living.

Unfortunately, Steve is not alone in his predicament. At fifty-nine Steve is without the job he had for thirty one years. He provided a good living for himself and his family and most importantly, it gave him a sense of accomplishment, he enjoyed getting an honest wage for an honest day’s work. But now things have changed. They changed for thousands, not just in Circleville, but all across Midwest America. In fact, just 127 miles northeast from Circleville is Wooster, Ohio, the home to the once proud Rubbermaid—and it’s factory of 1000+ workers. In just ten short years Rubbermaid went from the pinnacle of corporate America—being selected as America’s most admired company in 1994 for it’s quality—to present day, with the plant closed, the machinery auctioned off to the highest bidder, and the workers left without any future.

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New York City is famous for many things—the Yankees, the Statue of Liberty, Crime, and some of the most expensive private schools in the nation. In fact, some of the private schools in New York now cost more than Harvard University. Will is a student at one these schools. At just fourteen, a freshman in school, Will’s life is consumed by his enrollment in one of the most prestigious schools in the country. His wardrobe is mostly composed of gray slacks, white shirts, red ties, blue socks and blue blazers. Will’s day begins at 5:40am when he wakes up to make it to school by 7:00am. Classes consist of the usual basic curriculum supplemented with courses in Latin, politics, and mandatory participation in the orchestra. At three o’clock school finishes and violin lessons begin. By 6:00pm Will is home for dinner, after which, three hours of homework ensue. Just before going to sleep, Will grabs his Marvel Comic and dives into the newest adventure of Oktane—Will’s one release. With enormous amounts of pressure from society, Will’s emotions become stifled as he conforms to the demands of his life. But with one quick comic everything changes. Amidst all the graphic and violent pictures Will suddenly has a fantasy self–a person who can bear his aggression. Someone who is invulnerable. Once the last page of the comic closes, Will turns off the light and goes to sleep, now able to handle the pressures tomorrow will bring.

Although strictly fictional, Will’s life is very representative of many adolescents and their daily routines–routines which often allow for a release of emotion through some sort of media violence. Whether the violence is in the form of a comic book, a video game, or television program, it is a necessary outlet for adolescents to release certain emotions and feelings that are not able to be expressed in other ways.

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Is a salary cap good or bad for professional sports?

[Article 1][Article 2]
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[In Defense of Capitalism.pdf]

Because the organization of a capitalist economic system necessitates self interest pitted against self interest, many antagonists believe it, therefore, breeds selfishness and the love of money, as well as neglect for the needy. In other words, it creates a self-centeredness rather than charity, as Christ taught. While it’s hard to dispute the fact that those elements exist in a capitalist economy, I would argue that these are not results of capitalism, but merely unfortunate by-products produced only at the point where pure capitalism fails due to the natural shortcomings, or imperfections, of the constituents of such a system. I would challenge anyone to suggest a system of allocating resources that works better and is more powerful or efficient in bringing about good for the entire society in which it operates. Among a society with imperfect people, capitalism is the best system we have, and its history shows that.

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I just finished reading Leadership and Self Deception: Getting Out of the Box by the Arbinger Institute. The book is incredible, and I would recommend it to anyone:

“For too long, the issue of self-deception has been the realm of deep-thinking philosophers, academics, and scholars working on the central questions of the human sciences. The public remains generally unaware of the issue. That would be fine except that self-deception is so pervasive it touches every aspect of life. “Touches” is perhaps too gentle a word to describe its influence. Self-deception actually determines one’s experience in every aspect of life. The extent to which it does that, and in particular the extent to which it is the central issue in leadership, is the subject of this book.

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