Fred L. Smith: Is Greed Good?

President Fred L. Smith Jr. debates the famous proposition posited by Michael Douglas' character Gordon Gekko in the film "Wall Street" (1987).

Category:

News & Politics

Tags:

• Greed
• Capitalism
• Money
• Finance
• Economics
• Self interest
• selfishness
• wall street
• michael douglas

[Scrapingthebottom]

Capitalism is a force of nature; self interest is a force of nature. All creatures act in their own best interest. Greed means taking everything possible and leaving nothing for any one else. You can twist it around any way you please, but greed is bad. That is why we have laws to control the greedy people. Otherwise the biggest toughest greediest person would hurt everybody else.

[Slipknotyk06]

Any economist worth more than his weight in manure understands that self-interest is the most powerful driving factor behind capitalism. Greed is a bad term to use, but self-interest means that you are acting (whether economic or physically) to better your status whether financial, emotional, or in public opinion. Everybody acts in self-interest. When you're low on food, do you not go to the grocery store?

[Slipknotyk06]

@oilhammer04 - and those laying their lives for others, such as military are also doing so in self interest. They are doing what they deem morally correct to go into battle, and defend the man next to them as a brother, because he will defend you the same way. Your goal is to return with every man unscathed, but sometimes in the fury of combat, someone gets hurt, and sometimes you have to take a risk to make sure that man comes home, your interest is just that, to see them come home with you.

[Slipknotyk06]

@oilhammer04 - perhaps--if you believe that story. However, Jesus did have some self-interest in doing what he did. Without giving his life for mankind's sins as per the story, he would not have been part of the Holy Trinity. He would not have solidified his place in Christianity, and would merely be remembered as a prophet of Judaism rather than the man that built the Christian faith. What he did was in no small part self-interested, though altruistic.

[82abhilash]

@SturmKorps Not really. You see money rarely has value in and of itself. It has value for its capacity to be exchanged for things that we value.

If you value peace for instance, you may not forsake it unless for a huge amount that makes the trade off worthy. If you value someone else'e well-being you may use your money towards that end. Greed being too narrow a definition poorly accounts for such tendencies, self-interest is the better term.

[oilhammer04]

People who lay down their lives for others are not acting in self interests. Jesus is the supreme example of this.

[SturmKorps]

@82abhilash

Greed is good, only LEGALLY, of course greed is bad if you play outside the rules!

[whoo689]

You call this a debate, CNBC?? The 2 guys basically agree with each other! Wtf? Invite an OPPONENT of Fred's so it could at least a little more intellectually stimulating, ya know?

[tumordick]

odd, how they argue "greed" can be for a "good" thing like mother theresa's "greed"; as opposed to them making it sound like WALL STREET'S "GREED" IS FOR "EVIL"; and they did not know that they were saying it HAHAHA

[82abhilash]

Greed is too crude not to mention pejorative. Self-interest is the better word. Even altruism can be better accounted for under the category of self-interest. Greed and its synonym selfishness seem to me like evil children of self-interest.