The New York Times on the new credit card regulations coming out of Washington: "Now Congress is moving to limit the penalties on riskier borrowers, who
have become a prime source of billions of dollars in fee revenue for
the industry. And to make up for lost income, the card companies are
going after those people with sterling credit." Have credit card companies abused people? In my opinion, absolutely. But I’m growing more and more
concerned about a shift in the culture that rewards failure and penalizes success. It’s not just happening here, but throughout many of the new regulations coming out of Washington – and also state levels – these days.
National Public Radio reported recently that there are 150 distinct steps the Los Angeles schools have to jump through before they can fire a bad teacher. The Times recently reported that one single case of trying to fire an LA teacher accused of sexual harrassment has cost the city more than $2 million dollars and 7 years in the attempt. He’s been at home making full salary and benefits all that time. 160 other LA teachers are in the same situation! (Do we wonder why California is bankrupt?)
Somehow, in a misguided attempt at taking some type of stigma away from failure, we’re turned the tables so much that its become an embarrasment in this culture to be successful. Remember when poor performance and failure were bad and success was rewarded? I miss those days…