Malloch: We Need More Virtuous Companies

Thursday, 22 Apr 2010 10:41 AM

By Dan Weil

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The financial industry may be perpetrating some unethical activity, but the solution isn’t extreme regulation, says Theodore Roosevelt Malloch.

Rather, the solution is more virtuous companies, he told Newsmax.TV.

Malloch is CEO of The Roosevelt Group, a strategy and thought leadership company. He also is chairman of the Spiritual Enterprise Institute.

Video — Malloch: We Need More Virtuous Companies

His book “Spiritual Enterprise: Doing Virtuous Business” is being made into a PBS documentary.

The recent fraud allegations against Goldman Sachs indicate the possibility of duplicitous practices, Malloch says.

But, “Overregulation of the financial sector won’t give us the results that some suggest. We don’t need so much more protection. What we need really are firms that are virtuous.”

And the whole country needs to rediscover the virtue of thrift, Malloch says.

“We need again to start to save — to have a thrifty attitude,” he explained.

“It’s a personal decision that would radically change the way we live. It would mean we’re probably a lot less indebted.”

And on the public side, it would return us to an idea that’s been part of American history from the beginning: “the notion of public thrift,” Malloch said.

“That word has left the public vocabulary. I’m talking about fiscal conservatism. As a government you simply don’t spend more than you bring in.”

The government’s huge intrusion in the economy will curb our freedom and erode economic productivity, Malloch says.

“So we have Government Motors and Government everything else,” he explained.

“In time we will have a very small private sector, and that will be very bad for America.”

Actually it will be bad for the entire world, because the U.S. economy drives the world economy, Malloch notes.

“We need a balanced budget amendment now.”

To set the country back on course, Republicans will have to regain control of Congress, Malloch suggests.

“I see the coming election as a crossroads for America’s future in terms of economic development, liberty and freedom,” he said.

“What will be necessary is to change course. Take some people out of Congress who have been there for too long, who are feeding at the trough of public taxpayer expense.”

A new kind of leader is necessary, Malloch says, one that will shrink the size of government.

“We haven’t done that since the days of Ronald Reagan. And it will take going back to that kind of mentality to accomplish what’s necessary.”

The West has lost its moral compass, Malloch says.

“We’ve seen the forces of secularization erode away much of our moral discuss in the West, not just in the U.S. We have found ourselves more and more adrift. What we need to do is rediscover the classical virtues.”

Video — Malloch: We Need More Virtuous Companies

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