McNay on Money

Eat, Pray, Love and the Economic Crisis

By: Don McNay
By: Don McNay

I could be the last person in America to read Eat, Pray, Love, but the movie got me interested in the book. There is a segment in the book that keeps running through my mind.

When the moon hits your eye like a big pizza pie, that's amore. - Dean Martin

I could be the last person in America to read Eat, Pray, Love, but the movie got me interested in the book.

There is a segment in the book that keeps running through my mind.

The author, Elizabeth Gilbert, references Luigi Barzini's book, The Italians, in explaining why a country that has "produced the greatest artistic, political and scientific minds of the ages" has not become a world power.

Barzini's conclusion is that after hundreds of years of corruption and exploitation by foreign dominators, Italians don't trust political leaders or big institutions.  

Gilbert says the prevailing thought is that "because the world is so corrupted, misspoken, unstable, exaggerated and unfair, one should only trust what one can experience with one's own senses."    

She added, "In a world of disorder and disaster and fraud, only artistic excellence is incorruptible.  Pleasure cannot be bargained down."

I have pondered Gilbert's insight for weeks.  I keep asking myself the essential question:

Is the United States headed the way of Italy?

Survey after survey shows that Americans do not trust their elected officials and do not trust the people on Wall Street.  

My parents grew up in a society where people trusted big companies to provide secure, long term jobs, excellent benefits and solid retirement plans.  

They trusted Wall Street to invest in those big companies and fuel America's economy growth.  

They trusted political leaders to pass legislation that made the nation better, like the Civil Rights Act, even when the vote wasn't politically expedient.

We trusted our leaders to do the right thing most of the time.   

My children are growing up in a society where none of that is happening.  Corporations dump loyal employees, cut benefits and wiggle out of paying for pensions.  Wall Street rewards them for it.

Wall Street has been based on a system of paying employees mind-staggering bonuses for gambling in silly trading games, rather than helping the economy produce growth and long term stability.    

Washington insiders seem more focused on the latest opinion poll or their lobbyist buddies than on what is good for the average citizen.  Long-term thinking seems to occur around the "24 hour news cycle."

If the American people are following the path of the Italians, you can't really blame them.   

On the other hand, I don't want to see the United States become the next Italy.

Three recently released books, Arianna Huffington's Third World Nation, Charlie Gasperino's Bought and Paid For, and Zac Bissonnette's Debt Free U espouse opposing views of political philosophy, but all trace back to a central theme:

You can't trust what the powerful are telling us.  

Arianna writes that politicians have sold out the middle class.  Zac punctures the myth that people have to rack up big dollars in student debt and Charlie makes the case that President Obama is in the pocket of Wall Street.

I've been developing my own set of ideas about creating Wealth Without Wall Street. Most of them stem from self-preservation.  Turning my money and my life over to Washington and Wall Street seems to be a road to the poor house.  

Arianna has been pushing the concept of Move Your Money, Move Your Money, where you stop doing business with Wall Street banks and start doing business with your community banks and credit unions.

Zac pushes the "no debt" principles that I have been promoting for a long time.  The insane amount of student loans that younger Americans are coping with will be the flash point for our next economic crisis.

I want to trust big institutions.  But that trust has to be earned.  I trust many life insurance companies because they are heavily and properly regulated to be oriented toward safety.   I've been associated with that industry for all my adult life, know the people who run the companies and believe in the concepts they sell.  That culture is different than the culture found at Goldman Sachs.

I want to trust government.  I voted for President Obama in 2008 because I thought he would bring change to the economic system.  Instead, he gave us Geithner, Bernanke, Dr. Lawrence Summers and all the people who got us in this mess to begin with.

Gasperino makes a well-documented claim that there never was a plan to bring change and that Obama was in Wall Street's pocket from day one.     I pray that Charlie is wrong, but suspect he is not.

I suspect there is a way to turn things around.  But the window is short.  Arianna promotes public financing for elections.  I'd like to see economic incentives for people who save and invest as opposed to bailouts for those who lack self-control.  

Otherwise, it could be like the Italian model where we retreat to our own worlds and focus on immediate pleasure.  

Although there are a lot of downfalls to that philosophy, as Gilbert notes, the Italians can make one heck of a pizza.

In the overall scheme of life, that's amore.

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