How Much Do We Trust Our Banks, Media, and Government? NOT MUCH!
Posted by Larry Doyle on January 27, 2011 8:26 AM |
If you do not trust an individual, a company, an industry, or any entity, how can you really do business with them? At the very least, how or why would you want to engage them? The simple fact is without trust, nobody really wants to engage.
Why are banks, the media, and our government finding it so difficult to get things done and grow their footprint and influence with American consumers, investors, and the populace at large? To an ever increasing extent, Americans do not trust our banks, our media, and our government. Why is that?
Americans know and feel that these industries and bodies have violated their trust. Once, twice, multiple times burned, Americans are now not so quick to trust. Can you blame them?
The 2011 Edelman Trust Barometer (slide presentation below) presents fascinating insights into the question of trust across industries and nations. I would discount some of the exceptionally high ratings from certain nations, specifically China. That said, take the 4-5 minutes to review this presentation.
Focus on slide 14 specifically and look at the rankings for how little we trust banks in the United States.
Slide 20 highlights the power of the internet as the primary means for people looking for information.
Slide 24 displays The Transformation of Trust from the old business model to one that is defined by transparency, profit with purpose, and engagement (dare I say, truth, transparency, and integrity).
Whether you are in business, a consumer, a student, or merely interested in the pulse of our nation, I strongly encourage you to review the 2011 Edelman Trust Barometer. (As a side note, in the presentation NGO stands for non-government organization).
Accentuating trust is not only the best approach to business, but no doubt it is the best approach to life.
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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own and not those of Greenwich Investment Management. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.