If you have never seen the 1997 movie Wall Street rush out and get it. Watching the movie will give you more insight into the state of the market today than any newspaper article. Gordon Gekko played by Michael Douglas delivers the twisted logic of the marketplace brilliantly. Here are some gems of gospel of greed.
“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.”
“The richest one percent of this country owns half our country’s wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It’s bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.”
These were the words of Gordon Gekko If you subscribe to Gordon Gekko’s point of view then it is not difficult to understand what happened to Bear Stearns. From my limited experience, I think greed can never be good!