We see the sign on the highway that clearly states “Speed Limit 65”. However, if we simply follow in a group of vehicles traveling at 10 mph faster we can skirt the law. We may get caught, but it is more likely the violators ahead or behind us will be caught instead. If we are caught, we are ticketed even though we were not the only ones guilty. But, what if our attorney was able to step in and wrangle a loophole in the law that allows us to beat the ticket? The essence of the speed limit is to protect drivers and save lives. Quite simply, when we circumvent the essence of the law people could die as a result.
Now, let’s look at the fine print of our banking, mobile phone, ISP and insurance contracts. The laws regulating the business practices of corporations are very clear. They are there to promote fair trade and protect the economy. But when these laws are skirted by corporate fine print, circumvented by corporate attorneys and outright violated your economy could die as a result. We aren’t discussing abstracts or probabilities here. No one need be reminded of the mass corporate bail outs as a result of poor business practices by banks and corporations.
When we use our currency we automatically consent to abide by the laws governing business practices. However, when these laws are violated and the public is defrauded it is often the burden of the public to pursue justice from our legal system. Fraud is a crime and we only need to ask Bernie Madoff if it is enforceable? The laws regarding fraud are in place to protect the public and ensure the security of the overall economy. If these laws are not adequately enforced, the economy suffers.
As an experiment, ask yourself how many instances of fraud you encounter on a daily basis. Take note of every encounter. Your junk mail, the telemarketing eating up your phone minutes, the unwarranted rate increases by your cable bill, your insurance company refusing your valid claim, all these are examples of fraud. But, unfortunately, you require an attorney to protect yourself from these examples of fraud. If you or I utilized the same practices to defraud the insurance company, we would be caught, tried in court, sentenced and prosecuted without the insurance company ever having to hire an attorney.
Highly educated and experienced economic strategists are working hard to identify the problems and develop strategies to stimulate our struggling economy. Perhaps the solutions are not as elusive as they seem.