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     *The other day I heard several media pundits accuse corporate directors for today’s economic ills.

     Some accused directors of being asleep at the wheel or being unduly influenced by the very executives they were supposed to supervise.

     If you understand basic economics, complexities of the corporate structure and leadership models, you realize that it is impossible for such a small group (albeit powerful) to be responsible for all of this nations and the international communities’ financial problems.

     We must consider the effects of individual and corporate (including the international community) dependence on financial assistance from our government, a multi-year war, no bid national contracts, significant funds to repair and maintain foreign counties, criminal activities at all levels, wastefulness of natural resources, etc…

     There are many players in this game of economic roulette.

     Even our most conservative citizens have some socialist tendencies. Consider those who claim to be capitalists believing in the free market to determine what services and goods should be produced and supported, but government assistance to those who due to unfortunate circumstances can not do for themselves. These same individuals tend to accept governmental assistance for businesses through special tax breaks (credits) and sometimes direct corporate financial support. It seems we as a nation have challenges in determining who should receive government assistance.

     The corporations are but a part of the entire economic pie, government infrastructure and decision making is key to moving towards an antidote to these economic woes plaguing our nation.

     Basketball lesson

     Let’s consider this analogy. You have a basketball team with a captain, coach and well trained squad. The team plays a game using great offensive and defensive plays, keeps fouls respectable, shooting percentage commendable, but still loses the game. Who’s to blame for the loss, the coach or the team captain? The coach and the team captain are held responsible, but in reality it’s the entire team. All must take responsibility for both the success and failures of the team.

     In my mind, the same is true for the corporate board. Within a business structure, the board of directors takes the responsibility for the success and failures of the company. Each are responsible for being accountable to the shareholders/owners, company and team but again, in reality, others on the team play a critical role, including executive management, staff, customers, vendors and even media.

     Citizens and jobs

     Just think if every citizen in the U.S. was very cautious and had no auto accidents for 3 years. You would not need car insurance, car body repair shops, insurance appraisers, etc… Many of our citizens would have to beat the pavement and look for new jobs.

     Insurance companies exist to help us cover risks, but if these companies did not exist ...

TO FINISH THE THOUGHT, VISIT: http://urbanthoughtcollective.com/2008/11/19/can-we-fix-the-nations-economic-woes/

Urban Thought Collective is a new digital community exploring everything from pop culture to politics from an African-American perspective. Genevia Gee Fulbright, CPA is President & COO of Fulbright & Fulbright, CPA, PA, a business strategist, tax advisor and author of Make the Leap: Shift from Corporate Worker to Entrepreneur and most recent book Make the Leap: From Mom & Pop to Good Enough to Sell (Infinity Publishing). Her sound financial planning advice tips can be read regularly on www.urbanthoughtcollective.com. Visit Fulbright at www.makeleap.com.