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In the absence of sound oversight,responsible businesses are forced to compete against unscrupulous and underhanded businesses, who are unencumbered by any restrictions on activities that might harm the environment, or take advantage of middle-class families, or threaten to bring down the entire financial system.
Barack Obama
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Interpretation

What this quote means

Without proper regulation, ethical businesses struggle against those that exploit loopholes for profit.

This quote by Barack Obama emphasizes the importance of sound oversight in business practices. It highlights how businesses that operate ethically face unfair competition from unscrupulous entities that exploit the lack of regulations. The absence of oversight can lead to harmful environmental effects and societal harm, particularly for vulnerable groups such as middle-class families, and can even threaten the stability of the financial system itself.

Themes

OversightResponsibilityBusinessCompetitionRegulationEnvironmentFamiliesFinancial System

In practice

Example use cases

In a discussion on business ethics at a conference, you might quote this to stress the need for regulation.

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We've had every official in Hawaii, Democrat and Republican, every news outlet that has investigated this, confirm that, yes, in fact, I was born in Hawaii, Aug. 4, 1961, in Kapiolani Hospital.
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What is required of us now is a new era of responsibility - a recognition, on the part of every American, that we have duties to ourselves, our nation, and the world, duties that we do not grudgingly accept but rather seize gladly, firm in the knowledge that there is nothing so satisfying to the spirit, so defining of our character, than giving our all to a difficult task. This is the price and the promise of citizenship.
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