Is Honesty The Best Policy?
It is astonishing to me, having worked in the financial industry for nearly 40 years, how little power the consumer has and how poorly they are treated. Not only them, but citizens similarly are disempowered, and this article goes a long way to show some of the consequences and how that disempowerment happens.
Disempowerment, whether economically or politically, ends with rage and/or chaotic change and rumblings of revolution as we have seen in this political season. It is extremely dangerous in a democracy.
What is not discussed in this article is the money that all of the politicians who are against treating customers fairly get for their elections from the financial services industry.
You hear a crying out from industry for a free market, but the market they want is not free, but dominated by their advisers, selling their products locked into pensions at prices consumers should be rebelling against.
I'm writing about the banking crisis and civilization for my next book. And I keep coming back to the same question: Why do we give these institutions so much power? The consequences of their actions are morally wrong and unsustainable for civilization.