As the character Gordon Gekko (not to be confused with the Geico version) said in the one of my favorite movie speeches in the 1987 film Wall Street, “Greed is Good” (I have been in the apartment Charlie Sheen “dumped.”)
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 save not only Teldar Paper but that other malfunctioning corporation called the USA.
It seems that bubbles are good too. Daniel Gross, one of my favorite econ columnists in Slate and the New York Times wrote a book with an intriguing title and comic book cover design Pop! Why Bubbles Are Great For The Economy.
The book is available tomorrow. Click the widget above.
The concept is that the frenzy of irrational economic enthusiasm lays the groundwork for sober-minded opportunities, growth, and innovation. Of course that means ignoring the pain and suffering of individuals, but it
peeks piques my curiousity enough to buy the book. Much of the bubble discussion out of the housing sector to date has been an us vs them, real estate industrial complex v. renters, etc. conspiracy theory.