Archive for January 2008
The point is, ladies and gentlemen, that greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms – greed for life, for money, for love, knowledge – has marked the upward surge of mankind, and greed – you mark my words – will not only save Teldar Paper but that other malfunctioning corporation called the USA. Thank you. – Wall Street, 1987
Of course, the Reagan-era economy that Michael Douglas’ character summed up so well here looked positively sane and egalitarian compared to the Bush economy now imploding around us.
I honestly don’t know enough about financial markets to comment intelligently upon what’s happening today, other than observing that words like “emergency” and “crisis” are being tossed around by many commentators, joining the talk of “recession” that’s been present for the last few weeks. But I thought it would be worth revisiting the fundamental idea that got us into this mess, which obviously has yet to change in the minds of some on Wall Street.
Greed is not good. Maybe this time we’ll actually learn that lesson.