I think a lot of this is the result of the short-term focus of too much of American businesses today. The machinery manufacturers, the dealers and lenders are all focused on the next quarter of earnings in order to keep their stock prices going up, not on what the effects of this action will be on the customer and company five or more years down the road. Many of these loans made for are in the best interests of the lender or captive financial subsidiary that finances what they make and sell. Why did Wells Fargo generate all the excess revenue from unsuspecting customers? It was to keep the next quarterly earnings per share going up as this is how the executives were rewarded with bonuses and pay raises.
I have been in the financial services business helping others manage their money for 48 years and I have seen the steady progression from what is best for the company in the long run evolve into short-term earnings forecasts which is the major emphasis of many corporations today. In my opinion, this is why many loans and leases are made to borrowers who really do not qualify for the loan but it keeps their loan numbers going up for the next quarter.
Many of the most successful companies I know are privately owned and do not manage for next quarter earnings. They look at longer-term effects of what they are doing today. There are still many companies that do it the "old fashioned way," but are getting harder to find.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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