Did you hear that Facebook just bought Instagram for a billion dollars? Wow. A billion dollars. Next it will be a trillion. When will we get to bazillion? Is there even such a number as bazillion?
So, yes, these dollar amounts are starting to sound bizarre to me. I’m reminded of the stories about what led up to Nazi Germany, the inflation of currency such that people were trotting their money around in wheelbarrows. Okay, that may be apocryphal, and in no way am I comparing Facebook to the Third Reich, but–
Am I the only one who thinks Facebook should cool it a little? If they’ve got that much money hanging around, maybe they ought to donate some of it–like to the poor people, the ones in America, parts of which are soon to be a third world country.
Seriously, how much is too much money? When does being a successful capitalist slide into being immoral? One of Mitt Romney’s economic advisors, Paul Singer, had this to say about the whole 99 vs 1% conversation, according to a recent article in Fortune: ”Resentment is not morally superior to earning money.” Let’s say that’s true; is the opposite valid as well? And when did the fact of being successful in business become such a vaunted American trait?
And how vaunted should it be when, as in the case of Mr. Romney and Mr. Singer, it’s come from maximizing the poor fortune (and/or judgment) of others. According to the Fortune article, Singer “became adept at buying up the debt of bankrupt companies and gained a reputation for strong-arming his way to profit.” Now he’s moved on to the world economic stage where he buys ”the bonds of struggling countries for pennies on the dollar, refuse[s] to go along with offers other investors accept, and aggressively negotiate[s] for every cent with the threat of a lawsuit if not satisfied.”
Way to go, Paul. Just makes me so proud to share citizenship with you.
Do not read this as another bleeding heart liberal’s whine about The Man. I think making money is fine. Capitalism is, in my opinion, preferable to Communism. Actually, I’d argue with all the Isms, including Socialism. Making money is good. Making money off the backs of the less fortunate is less good. Making money without regard for the moral imperative contained in capitalism is–well, it’s immoral.
Photo credit: www.dvorak.org/
Jane Gassner
