Flame — HabitableZone

Flame » in reply to Guess again.

I love it when the heavy-hitters step up to the plate
McFly — (archived)

Though just a humble code-monkey, I work in the financial sector, and am slowly learning more about that field (something I never, ever wanted to happen).

As an industry, we are closely monitored and regulated. For instance, as a mortgage lender, we are strongly encouraged by the government to lend to lower income individuals. If our records show that we shy away from such lending, we'll be penalized in a number of ways.

Personally, I think this is a very good thing. Entrepreneurs in general, and bankers in particular--being who they are--often focus on the bottom-line to the exclusion of larger issues. Can't really blame them, it's their job. However, as in the case of the financial industry, attention to the bottom-line may not be in the best interests of our society. The government may play a legitimate and very valuable role by stepping in and broadening the businessperson's scope somewhat, enforcing or at least strongly encouraging fair and equitable practices, beneficial to society as a whole.

Banks still do just fine, thank you very much. IMHO, government involvement has resulted in a better industry. Forget the laser-beam focus on the bottom-line; govt involvement has made finance a more worthwhile industry than it would have been otherwise.

ps. if this post is only marginally related to the thread as a whole...eh, what ya gonna do?

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