"The purpose, girls and gentleman, is that greed is good. Greed is right. Greed works. Greed clarifies, cuts through and captivates the essence of the evolutionary spirit. Greed in all its forms-greed for life, cash, data-has marked the upward surge of mankind".
What a nice scene from a nice movie in 1987, Wall Street. Michael Douglas played Gordon Gekko, a sensible and evil money genius who ultimately visited jail. Quick forward twenty+ years- what is changed? Well the sequel Wall Street: Cash Never Sleeps is in production (I am unable to wait to work out it-its release date is September 2010). The film is set in 2008. Gekko gets out of jail and unsuccessfully attempts to warn business leaders of the upcoming economic downturn.
What have we have a tendency to leaned from Gordo? Definitely as a society we have a tendency to have learned by the awful expertise of the past two years that in fact greed is not smart, it's not right, and it doesn't work (at least not for the greater smart). We are almost 2 years into a cratered economy set into motion by the greed and money manipulations of the Gordon Gekko's of some of the state's largest money institutions.
But the painful reality is that the American public additionally shares blame for our economic demise. Many folks spent recklessly. We have a tendency to assumed only upside and growth. We tend to usually bought a lot of than we have a tendency to may afford, had higher mortgages than our incomes justified, bought vacation homes, cars, toys, jewelry, etc. that were beyond our means and beyond our needs. We have a tendency to believed the financial models that said money doubles each few years. How's that operating for you?
Though the economy has stabilized (e.g. not gotten worse) we are still on the precipice of economic disaster and still have deep societal issues staring us within the face-a healthcare system whose costs are out of management, aging baby boomers several of whom will outlive their savings, an underfunded social security system designed for folks who died in their 60s not their 80s and 90s, and an setting which we've trashed and want to clean up. And we face the important prospect that our kids's lives will be tougher and less prosperous than ours. Happy thoughts.
My hope is that we have a tendency to have entered an era of "new frugality" where outrageous conspicuous consumption is viewed as ugly, and economic humility is respected. Saving cash, using coupons, and questioning expenditures is good. Overspending using oversupplied credit on unneeded things is bad. I notice that lesser spending on goods and services may stymie an economic rebound. Therefore be it. However, a lot of frugal and well balanced personal lifestyles by the Yankee public, together with real controls that will not enable the Gordon Gekkos to pillage our economy can facilitate give a platform for future stability. Most consumers have altered their lifestyles-some painlessly, whereas others have had tremendous personal sacrifice. Conjointly beyond the economic woes of the many, there is an underlying shift of more management on one's spending together with technology to supply smarter searching and price comparison.
I pray we have a tendency to've learned our lesson and there are sunnier economic days ahead. Only the longer term can tell. Then again I thought three-hour lines at the fuel pumps in the 70s were our wake-up call regarding our overdependence on oil. I assume we tend to learn slowly and painfully. In any event I await seeing Gordon Gekko on the massive screen in the fall.
Author Resource:-
Dorish Hill has been writing articles online for nearly 2 years now. Not only does this author specialize in Economics, you can also check out his latest website about:
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