Category: regulations

The Woeful Encouragement of Slothful Behavior

“There’s always been the drive to encourage people to gamble, to smoke, to drink, to eat (and quite a lot of eating), or for prescription pills, but I don’t remember a time in my life where it was so present or in your face.”

It seems as if lately popular advertising and commercials are geared towards encouraging ‘slothful’ or lazy behavior. How many times have you seen marketing focused on satiating one’s appetite whether that’s for sports betting, general gambling, fast food, alcohol, or other forms of indulgence?

Instant gratification seems to rule the day in terms of today’s popular media and advertising, which didn’t use to be case as much in past years. There’s always been the drive to encourage people to gamble, to smoke, to drink, to eat (and quite a lot of eating), or for prescription pills, but I don’t remember a time in my life where it was so present or in your face.

Now, I have nothing against people indulging here and there especially as responsible adults and I do think moderation rather than total abstention or condemnation of legal indulgences should be preferred in terms of popular messaging. However, I don’t believe it should be as prominent as it is today or as how much it is in our faces today without any serious acknowledgement of how addictive or abusive these behaviors can be.

For example, sports betting and gambling used to be quite limited to in person casinos or only certain areas or jurisdictions where it’s legal, but now it’s widespread and being actively encouraged through big business and even with live updates on betting possibilities during many sporting events. Yes, there is messaging about gambling or betting addictions but those kinds of preventative messages about the dangers of that kind of addiction are heavily outweighed by how easy it’s become to place a bet or multiple bets, and how openly encouraged it has become by the mass media. It used to be much harder to bet or to gamble especially on sports and it required a real effort or at least something you had to do in a physical location or area, but now it’s captured the digital world and can take milliseconds to make a bet or place a wager.

I do think it is a morally troubling area in our society now, where sporting venues, companies, or sports TV channels are encouraging sports betting and gambling and while it’s legal, I do think many young people, especially young men, are being taken advantage of as a result. While I encourage legal pursuits of pleasure and sustenance for food, drink, or gambling, what I do not like is how pervasive it has become and how it can become predatory with the amount of advertising, marketing, commercials, and societal pressure that is being put on people to indulge as much as possible and as often as possible.

There is a clear difference in my view between making something legal to do and making it overtly available and powerful as a lobby or industry. With addictive behaviors around food, drink, gambling, or other pleasures, there must be stricter regulations involved especially surrounding how big business these areas are and how much advertising and marketing can be done for them and in which venue(s) or place(s). There has to be a much better job done with enforcing limits, regulations, and where the advertising can be done. I also think the dangers of addiction need to have more airtime or attention as a result if these behaviors are to be marketed freely.

Similarly to smoking, restricting where you can smoke, increasing the price for smoking cigarettes, cigars, or vapes, and then placing strong notices about the physical harms of smoking has helped regulate that kind of industry successfully in my view without making it entirely illegal or condemning it fully. People can still smoke responsibly but they know today more than ever the dangers involved and the risks to one’s health as well as it being an addictive habit. You also don’t see as many commercials or advertisements for smoking as you did twenty or thirty years ago. You still do have the advertising to some degree, but I think it’s an area of our society where the regulations, awareness of the risks and dangers, and the potential side effects are quite clear compared to other vice industries today.

Additionally, if it can be done for what was a titanic industry like smoking cigarettes and other tobacco products, there is no reason why those same regulations and rules can’t be brought in for advertising of gambling, sports betting, prescription drugs, unhealthy foods, or alcohol. There has been a lax recently for those industries especially for prescription drugs, which the U.S. is one of the few countries in the world, which allows TV and radio advertisements for prescription drugs. Many of these drugs may be approved by a regulatory agency but the actual side effects and risks are not clearly stated in public advertising and the risks are also not known to potential customers as much as they should be. Like those prescription drugs being advertised freely with the side effects and risks being shortchanged in advertising, that is where we are today with legal sports betting and gambling.

I do think there has to be more action taken to regulating these growing vice or pleasure industries with less advertising out in the open, more acknowledgement by those companies selling these services on the clearly known risks and addictions and making sure that the sports teams or venues themselves and the TV / radio partners cannot market these companies either. Fast food, alcohol, and increasingly legal marijuana are also areas of vice that could do a much better job of highlighting their risks of addiction, abuse, or the dangers of too much use to one’s health.

Lastly, with better regulation of vice industries, there should be a countermovement in my view of encouraging healthy forms of behavior in our popular media and advertising. Yes, you have some advertisements for the gym or health clubs, but rarely do you see healthy foods being advertised or how to be mentally fit in difficult times, or how to have use better judgment in our financial lives, our relationships and friendships. These kinds of messages may need more public service announcements (PSAs) rather than your typical free market advertisements, but companies and especially the popular media should be encouraging people to both be healthier mentally and physically overindulging in vices that when not moderated, can encourage slothful behavior.

Where we are today as a society in our popular media is not healthy. Instead of openly encouraging these vices, we should be prioritizing healthier behaviors and more productive uses of our time. I’m not using against these legal vices, but I think their presence has been too much, too soon, and there needs to be more regulation of them in popular media and advertising going forward.

While these vices are fun for people to indulge in responsibly, the messages corporations and individuals are sending us are too much in terms of encouragement of these vices without equally talking about potentials risks, harms, or negative consequences of possible abuse if not carefully used. I hope we can start to encourage more positive forms of media and advertising with regards to keeping people healthier, fitter, and with better behaviors in how they both spend their time and their money.

Greed Is Not Good

“My hope is that the ethos paraded in popular culture and media of ‘Greed is good’ first popularized back in 1987 by the fictional character on Wall Street known as Gordon Gekko (played by Michael Douglas) will die out and be replaced by a different ethos.”

The ethos of an era or a generation usually spans about 40-50 years. I think we are living in a time of great upheaval obviously due to the COVID-19 pandemic but also due to the economic and social disruptions that occur as a result. What was thought to be as acceptable before the pandemic will likely draw condemnation and pushback after the pandemic. My hope is that the ethos paraded in popular culture and media of ‘Greed is good’ first popularized back in 1987 by the fictional character on Wall Street known as Gordon Gekko (played by Michael Douglas) will die out and be replaced by a different ethos.

I’m not sure exactly what that new ethos will become but I do fervently hope that it will push back on the notion of greed being good at all but rather a detriment to the wider society. This new ethos in the 2020s and beyond will hopefully not prioritize the pursuit of money and fame above all else but rather the pursuit of kindness, caring for others, and leaving the world better than we found it.

While Gordon Gekko is just a fictional villain and the movie ‘Wall Street’ fictional in nature, there are examples throughout our society where people actually believe the ethos of ‘greed is good’ and actively pursue it in different ways without understanding or caring about the repercussions.

I’ll give a few examples that are not from 1987 or even earlier in the 1980s but from 2020: A college admissions scandal which involved bribery so the children of well-to-do families could get into prestigious colleges without earning their admissions, Multiple U.S. Senators caught red-handed doing insider trading to profit off of a pandemic and then not admitting their wrong doing, and large firms receiving loans they likely don’t need while they use that money for stock buybacks rather than investing in the solvency of their workers during the height of this unemployment crisis.

These are just three examples of this hopefully dying ethos of ‘greed is good’ but the problem still is that these kinds of practices, while they are being condemned, they are not being cracked down hard enough and the laws have not been changed enough to prevent future misdeeds. When you have an economy that protects high income inequality, lopsided CEO-to-worker compensation ratios, and a consistent hesitancy to guarantee collective bargaining rates for employees and an ability to raise wages to livable levels, that shows that ‘greed is good’ is still a predominant ideology that is hurting the average person.

The stock market may hit all-time highs but that is good news only for those who actually own stocks and that number is only over half of Americans whereas the gains of the stock market are only truly felt by the Top 10% of income earners. The previous financial crisis of 2007-2009 showed the world how ‘greed is good’ can cause companies to go bankrupt, houses to be foreclosed, and businesses to be shuttered, while no CEO who was responsible for the subprime mortgage crisis actually went to jail. The bonuses continued to flow, and the banking system maintained its solvency, but unemployment and inequality grew for the next few years with both now increasing in 2020 even while the Dow Jones Industrial Average hit 30k for the first time.

I should state clearly that I am not against people going into business, try to make money for themselves to feed themselves and their families, and enjoying the fruits of their labor. However, when people are caught being greedy and harming others in the process as which continues to happen, there need to be harsh consequences and changes to the law. As Theodore Roosevelt knew as President, corporate oligopolies need to be reined in, broken up, and held accountable. Gilded ages may be good for the few, but they lead to disaster for the many. In this pandemic, many billionaires have seen their net worth skyrocket and their stock prices increase but at the same time, you have millions of people jobless, homeless, and in food lines often for the first time in their lives.

The ethos of a culture has to push back against this kind of greed and ignorance. It starts with condemning the actions of those who don’t play by the rules, won’t change the rules to be fairer, and who go out of their way to make life difficult and unfair for others trying to succeed. It also means calling out those people who refuse to pay taxes, use offshore tax laws to park their money elsewhere, and whose companies don’t pay a time in actual taxes while other parts of society suffer. Not only should these practices be condemned but they should be made illegal as well.

Social trust, belief in the goodness of others, and the willingness to do what’s right suffers when greed is pursued #1 above all else. The past thirty years have shown this to be true as the increased financialization of the economy as a whole, loose regulations, increased corporate influence and money in government have all atrophied our system to where we are dealing with serious labor, environmental, and employment concerns.

Not everybody who has earned a lot of money is greedy, but they have a role in helping to make the system fairer by abiding by the rules and respecting the fact that they do have a role in allowing others to have their chance to be successful. You can’t climb up the ladder and then pull it out from under you when you get there. Others who are not greedy but do well for themselves have to remember that they have a responsibility to hold those in power and those who have immense wealth in check to be consistently vigilant that they are not flouting the rules or if the rules don’t exist yet, perhaps they should be incorporated to combat unrestrained greed.

There will always be some kind of inequality and differences in outcomes in a capitalist system but there are clear signs to tell when that inequality has gotten out of control, when greed has become too prominent, and when justice or basic fairness has taken a back seat. Greed is not good, and it should be one of the guiding ethos of the next generation. Being a success, working hard for that success, and spreading that success around so others have a good shot at it is a much better philosophy to embody. What’s good for you is not always good for others. It is important that those with immense wealth or power understand that they too live in a society and there are certain duties and obligations that we have to one another.

Knowing when enough is enough, knowing the difference between right and wrong, and knowing when things have gone sideways and need to be fixed, those are all key components on pushing back against the ‘greed is good’ ethos, which has had its prominence over the past four decades. Greed can harm others, do tremendous damage, and atrophy the bonds of trust in our society. It is important that we never forget these facts and to fight against it as much as we can in our lives, both personally and professionally.