Manage Google Account Our Regulatory Bureaucracy Is Filled With Haters of Capitalism, Corporations and Entrepreneurs

Let’s get this straight. We hire University Law Students right out of college to work in the State and Federal Bureaucracy as Regulators. To attract this talent we offer to pay for some of their tuition loan costs. We purposely hire these so-called ‘hard workers’ because it’s hard to keep current regulators when those regulatory employees are always offered jobs by large corporation at much higher pay and with good benefits. These young employees are outgunned and outmatched by their former managers within the bureaucracy who definitely know the ropes and now work on the other side (revolving door problem is alive and well in our regulatory bureaucracies).Most of these law students come into their regulatory jobs having been brainwashed that corporations are bad, the top 1% are bad, capitalism is evil, and they can fix the world by regulating the enemy. That’s the big problem I see with our regulatory bureaucracy, and mind you as a former franchisor of a nation-wide company, I got to see this nonsense first hand – it was disgusting. Often when the regulators didn’t have a case, they would investigate and investigate until they could create one and oh so proud of themselves for doing so.

Manufacturing (dot) net had an interesting article titled; “Feds Move Forward On Asking States To Track Car Emissions,” by Kathleen Ronayne of the Associated Press which stated: “Federal officials requiring states track vehicle emissions on federal highways, after months of delays California & 7 other states sued. The rules require state DOTs to track on-road emissions of greenhouse gas emissions by looking at gas purchased & miles traveled on federal highways. States must then set emissions targets. Emissions from cars, trucks are 27% of the total greenhouse emissions.No, I don’t rely only on what I read to form my opinions or cloud my observations, you see, I’ve personally experienced the blob of bureaucracy countless times in my business career. What prompted me to write this article was that I was cleaning out some old paperwork from one of my businesses, old stuff that is no longer relevant. The volume of paperwork was unnerving, the amount of time previously spent unfathomable. Sometimes when you are in the middle of it all, you don’t realize it, but now looking back – OMG! Think of all those hours and dollars spent, money and time, I should have been using to expand my business.

Of course, I know that no one in the regulatory bureaucracy cares, after all, they don’t even believe in capitalism, free markets or my right to free contract. Amazing, that our population is so naïve to think we need more regulations on businesses, yet complain about prices, jobs, economy taxes, or their slow moving investments.

A Latin Impact on the Finance Industry

Financial Institutions are a fantastic business model to learn from when considering ever changing market conditions. Their traditional target markets are stable, but, the needs of an emerging market, the Latino market is extremely underserved. It is certainly not for lack of money. Many Latinos have zero debt and healthy saving habits. The question arises, are financial institutions doing enough to serve this population? Are they adapting to the Latino needs? The answer is complicated.

There are two types of Latinos in the USA. One is the immigrant seeking a better life and wanting the American dream, whether they came through the proper channels or not it is irrelevant. The second, are the Latinos that are born here. These are two very different groups of people with different needs and goals. Most immigrants bring their culture, traditions, and customs with them to the US. Those born here develop a blended culture that is both Latino and American.

Financial Institutions are taking notice and making strides to accommodate this very economically influential population. The main reason is that there is a lot of investment in education and developing trust. An untold detail is that in Latino countries, people do not trust banks and financial institution because of corruption. Everything is paid in cash and there are no debt or traditional credit scores. This means that the Latino community have cash, probably stored under their mattress or in a shoe box. This is very dangerous considering that a house fire could burn an entire life savings. Another scenario is they could become a target for robbery. This is a foreign concept for Americans. What is happening is a huge learning curve, educating them on the process of building credit, saving their money in a financial institution, getting loans (mortgage, car, etc.), and most important having trust in the financial institutions.

The younger generations that are born here learn from their parents and surroundings. There is still a disconnect from the importance of financial products, building credit, and how that process works. Many of these young people are just translating for their parents, explaining financial products, and become an intermediary for conducting business. You will notice an increase in bilingual support at many financial institutions for this reason. There is still a lot of work to do in this regard, and this process will take time.

However, more and more financial institutions are offering products specific to Latinos. Information is becoming available in Spanish and more financial institutions are hiring bilingual and multi-lingual speakers. It will be interesting to see how we as a country adapt to this important demographic. It is truly an untapped market that has an important function in our economy for growth and stability.