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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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