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Author Topic: In your opinion what Businesses do NOT have the right to make a profit?  (Read 1259 times)

Offline phbrown

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Serious question.

In your opinion what Businesses do NOT have the right to make a profit?

For example should hospitals make a profit?

What about libraries?

Should Gasoline Stations make a profit?

What about construction companies that specialize in rapidly building homes in disaster areas?

I'm sure there are others that fall into this category which is why I am asking you.

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Is there a difference between making a profit and making an outlandish profit?

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #1 on: October 10, 2011, 09:14:35 AM »
Good thread topic!

Offline under13

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #2 on: October 10, 2011, 09:28:23 AM »
I think insurance companies should not make too much of a profit. I don't actually know how much of a profit they make, but it seems crazy spending $5000 a year on insurance and if you dont use it you dont really get any benefit from it. I guess that's the whole point of insurance, but still I does not make sense to me.

I cant't think of any other businesses that should not make a profit. That's why we have non profits.

Offline LaylaMonroe

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #3 on: October 10, 2011, 09:41:01 AM »
I really can't think of a *real* business that shouldn't make a profit. I can name a ton of organizations that shouldn't, but do.

I probably will have to sit back and cosign others' answers.

As for the insurance company, I mostly agree that they shouldn't make a profit. I don't mind them making a small profit, but I think there needs to be a cap on their profits because it really doesn't make sense for them to earn THAT MUCH money from people who are mandated to buy their product and may never use it.
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Offline phbrown

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #4 on: October 10, 2011, 09:42:46 AM »
should Oil Companies make a profit?

What about electric companies?

Offline LaylaMonroe

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #5 on: October 10, 2011, 09:50:06 AM »
The thing is, if these companies don't make a profit, what's their incentive for operating?? :-\

I get the question behind oil and electricity (good point), but somebody has to RUN the company. Somebody's vision built the company... so yeah, they can make a profit.

I think my issue is where the profits go. I wish more American companies would put MORE of their profits into the communities so the gov't (American citizens/taxpayers) wouldn't have to put so much money into welfare.

Take my company, for example. They brag about how active we are in the community and how we serve the community (which we really do), but in actuality, our "contributions" don't affect our bottom line AT. ALL. The service part comes from the time and sweat of the employees who volunteer their spare time to serve the community in the name of the company (which I refuse to do). The monetary contributions are usually money that the employees donate/raise, and the company matches it (which is written off at the end of the year). No sweat off their backs - literally or figuratively. Companies are so selfish these days.
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Offline gtrdave

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #6 on: October 10, 2011, 09:56:45 AM »
Any professional business should be allowed to make whatever profit that they're able to make, imho. Oil companies, hospitals and everyone else needs to make a profit in order to pay just for reoccurring costs to keep the business running, future repair and replacement costs due to wear and depreciation, reinvestment to spur growth and hopefully a portion of the profits go directly into the community in which the business is located.
I know that when MBNA was the big financial institution on the block around this area, they supported community events big time through sponsorships and scholarships.
Once B0fA came in and took them over, that reinvesting into the community dropped way off.

To me, I think the issue that many people have with profits overall is what gets done with them, but this is where things get sticky:
How much of a salary is too much?
How much of a bonus is too much?
How much profit sharing with employees and investors is too much?
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Offline jgause2

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #7 on: October 10, 2011, 10:05:25 AM »
Serious question.

In your opinion what Businesses do NOT have the right to make a profit?

For example should hospitals make a profit?

What about libraries?

Should Gasoline Stations make a profit?

What about construction companies that specialize in rapidly building homes in disaster areas?

I'm sure there are others that fall into this category which is why I am asking you.

_______________________________________ _______________________
Is there a difference between making a profit and making an outlandish profit?

In the spirit of capitalism, which is what the country in run on, technically every company has the right to make a profit.  That doesn't mean its right.  Sure there are a number of companies whos sole focus shouldn't be on profits (hospitals, libraries, etc.)  I agree with Layla that companies should pump more of their profits into communities, especially publicly traded companies, being that the public represents a percentage of ownership. I wouldn't mind supporting a law that does so.  You can't really regulate that with private companies.

I wouldn't differentiate between making a profit or making an outlandish profit, because it's all one in the same.  It's more so about what you do with that profit that I am most concerned about. 
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Offline LaylaMonroe

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #8 on: October 10, 2011, 10:42:04 AM »
Any professional business should be allowed to make whatever profit that they're able to make, imho. Oil companies, hospitals and everyone else needs to make a profit in order to pay just for reoccurring costs to keep the business running, future repair and replacement costs due to wear and depreciation, reinvestment to spur growth and hopefully a portion of the profits go directly into the community in which the business is located.
I know that when MBNA was the big financial institution on the block around this area, they supported community events big time through sponsorships and scholarships.
Once B0fA came in and took them over, that reinvesting into the community dropped way off.

To me, I think the issue that many people have with profits overall is what gets done with them, but this is where things get sticky:
How much of a salary is too much?
How much of a bonus is too much?

How much profit sharing with employees and investors is too much?


I agree with your entire post, but I don't think that part in bold is sticky at all.

And btw, I was working for BofNY (I know you referred to BOA, but it reminded me of BNY) when they moved their headquarters to Delaware. They offered me a relo package, and I went to Delaware to check it out. I really considered moving there. *shrug*
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Offline betnich

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #9 on: October 10, 2011, 11:32:18 AM »
I don't mind people making a profit so they can live and stay in business.
Where I have the problem is with companies making EXCESSIVE profits, often at others' expense.

For example, Bank of America. Due to government regulations, they can't charge their usual merchant 40¢ fee per debit card transaction; it got cut to around 20¢. So, in retribution, they decide to punish their debit card users by proposing a $5 monthly charge on their account holders who use debit cards ONCE or more per month. Do the math -

Assuming a 25¢ fee (20¢ + 5¢ profit)
one would have to use their debit card 20x per month for purchases to justify this $5 fee. Why not just charge a 25¢ fee per debit card purchase?
UNREASONABLE....   >:(

Offline Docdb04

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #10 on: October 10, 2011, 11:57:50 AM »
I agree with many points stated. 

Profit is needed for the expansion of the business and to pay off debt.  However just as someone stated, it is what companies are doing with the profit.  Many of the bottom people don’t benefit from the increase.  In addition, they are not even guaranteed job security. 

Offline Mysteryman

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #11 on: October 10, 2011, 12:06:49 PM »
The fact that you are taking my money and investing it benefits you. So why find another charge for you to use my money. But I guess a part of the deal is if you don't keep a certain balance which makes more sense as far as debit card charges.
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Offline gtrdave

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #12 on: October 10, 2011, 09:03:44 PM »
I agree with your entire post, but I don't think that part in bold is sticky at all.

And btw, I was working for BofNY (I know you referred to BOA, but it reminded me of BNY) when they moved their headquarters to Delaware. They offered me a relo package, and I went to Delaware to check it out. I really considered moving there. *shrug*

Well, c'mon! We're still here, waiting...  ;D
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Offline phbrown

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #13 on: October 10, 2011, 10:01:26 PM »
so would it be fair to say that


The more you invest back into the community the more profit you can make?

Offline malthumb

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #14 on: October 10, 2011, 10:39:22 PM »
..............
As for the insurance company, I mostly agree that they shouldn't make a profit. I don't mind them making a small profit, but I think there needs to be a cap on their profits because it really doesn't make sense for them to earn THAT MUCH money from people who are mandated to buy their product and may never use it.

A large part of insurance company profits come from whole life policies invested on the behalf of the policy holder.  Very much like investment banking.  In that vein, the policy holder DOES use it, but as an investment tool, with payout benefits in the event of injury, accident, or death.

Not sure how much insurance companies typically make fro term life policies, which is the type of policy I think you are referring to.

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Offline LaylaMonroe

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Re: In your opinion what Businesses do NOT have the right to make a profit?
« Reply #15 on: October 10, 2011, 10:52:37 PM »
A large part of insurance company profits come from whole life policies invested on the behalf of the policy holder.  Very much like investment banking.  In that vein, the policy holder DOES use it, but as an investment tool, with payout benefits in the event of injury, accident, or death.

Not sure how much insurance companies typically make fro term life policies, which is the type of policy I think you are referring to.



Oh I wasn't even thinking about life insurance... Lol. I had auto and property on my mind.
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Offline phbrown

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The only thing I can think of is a business that is mandated by law as a requirement should have their profits capped at a certain percentage ... but there are too many loop holes in that kind of mindset
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