During the past few weeks, we’ve had the unfortunate chance to strip back our society and see our society’s values. We can see the conflicts between what we know we need to do, what people are willing to do, and what people in society expect. As a protective measure many governments have force people to stay home. This creates massive conflicts between what we need to do and what society demands of us. For example, I saw a twitter thread discussing the tension between watching children and working. Our government is expecting that people are 100% homeschooling their children while the kids are at home. However, almost all those people also have to continue working. In the case of one of my friends, both he and his wife have to work while trying to figure out how to entertain their toddler. In the case of the twitter thread, someone responded saying “My boss emailed me to make sure I was working, because they heard my kid on a call.” This represents the values of the people in charge of most of our lives.
Our President represents some of the worst of this. He’s pushing to have $150 Billion slush fund of bailout money for whatever he wants. Given that he plans to bailout Las Vegas, where he has a hotel, we can conclude it’s likely that he’ll bail himself out as much as he can. With the fed lowering rates down to 0% it’s likely going to be helping his bottom line as he is well known to have mountains of debt.
Furthermore, at least 4 US Senators have been identified as selling off stock when they were briefed the scope of the coronavirus, in late January. However, none of them clearly told the public the risks and most of them were publicly support Trump’s position. One of them sold off about $1.5 million in stock and invested in teleconference companies.
On the other hand, Bernie converted his presidential fundraising platform into raising money for people suffering under the coronavirus and raised over $2 Million in just a few days. We should require those US Senators to donate their ill gotten gains to charity and throw them in prison. Millions of people have been impacted by the sharp sell-off of the stock market but our government leaders are profiting off the chaos.
While we’re going through all these changes, we need to seriously look at what we value. What sort of people we want in leadership. How we want companies to manage their employees, how we want companies to manage their profits, especially if it leads them to be vulnerable to shocks to the system. It’s been well reported that airlines have spent 96% of their profits on stock by backs. Over the past three years one airline made more than $50 billion in profits but spent most of it on buy backs. The organization didn’t invest in its people. Didn’t save money to plan for a downturn. Didn’t put itself in a position to survive crisis. Instead, the company is asking for a bailout. Private profits and public loss.
To combat this, we need to ensure that these companies that have had to ask for money more than once (This is the second time in 20 years – 9/11 and all). Large companies should be prevented to buy back stocks. Instead, the companies should use that money to reinvest in their business, keep cash on hand for crises, and to lower prices to increase sales. If one of the draws of your brand is scarcity as a luxury item, like an Apple, then buying companies or investing in other technologies is a very valid use of the money. For airlines, getting rid of fees that your customers hate, is a pretty easy way to lower profits that you clearly don’t know how to responsibly handle.
Overall, we need to decide what values we want enforced coming out of this crisis. We don’t know what’s going to happen or how long this is going to last. The only thing we can really control is who we are and whose values come out on top. Maybe we’ve let the current values reign supreme for too long and we need to have a serious change in how we treat other people.