| > That's not what I said. I said it isn't cowardice you can blame on the network instead of the FCC, which is what the parent comment did by saying the fault lies "more with CBS." CBS deserves blame. The administration wielding the threat deserves more. That's fair, this lines up with where I am mostly coming from - we shouldn't absolve blame from one group by focusing it on another. But your second paragraph then goes on to do that? We're dealing with a societal attack where the fascists are trying to topple all of our societal institutions into a self-perpetuating low-trust low-authority state. If they achieve in doing that, then the Schelling point becomes to not resist as it will be costly and ineffective. But the point we're at now, we should all be pushing to resist the fascists to prevent them flipping the dynamic. Practically, you're overstating what fiduciary duty to shareholders requires. I'd also say you're also overstating the regulatory threat, as you went on to point out how the organizations who have resisted the fascists haven't really lost out by doing so. You can also apply this argument to politicians like Congress, judges, etc who don't want to rock the boat. But surely it's not sensible to absolve them! It's not just a matter of "finger-wagging", rather it's pointing out that if the people with outsized power just go along rather than standing up to this, then they're in the same exact camp as the hardcore openly-Trump fascists. Maybe that camp will be lucrative if the fascists do succeed at conquering our society, or maybe they can be stripped of their stature and power when they fail. A lifetime ban on being a corporate officer or board member for abusing that position to try to overthrow the United States wouldn't be out of line. I was thinking about this a bit in the context of that "March for Billionaires". Why did that seem preposterous? Because billionaires don't deserve a gold star simply for being billionaires! Rather they get credit for what they do with that wealth to help our society. And no, the value they created by growing a business doesn't count - rather when you get that level of wealth, you can use it to move back up the gradient of market optimization, and fix the problems we have that come from being stuck in local minima. If they want recognition and goodwill, this is the work they have to do. And if the poor billionaires really can't think of anything useful to do with that wealth, there is some really low hanging fruit like ending food poverty in the US. |
And to be clear, I'm not saying fiduciary duty requires capitulation. CEOs can absolutely make the case that resistance serves long-term shareholder interests, and the evidence backs them up. Costco is thriving after, and arguably because, they held firm on DEI. Target capitulated and lost $12.5 billion in market value and its CEO resigned. I started shopping at Costco for this reason and haven't been in a Target since Trump took office, after shopping their regularly. What I am saying is that the short-term incentive structure of public companies makes capitulation easier, which is exactly why the coercion works so well and why it's the bigger problem. The system erects hurdles to doing what's right, and often what's even in a company's own long-term interest.