Camera: iPhone 8
Location: Port Jefferson, New York, United States
Camera: iPhone 8
Location: Port Jefferson, New York, United States
“My hope is that the ethos paraded in popular culture and media of ‘Greed is good’ first popularized back in 1987 by the fictional character on Wall Street known as Gordon Gekko (played by Michael Douglas) will die out and be replaced by a different ethos.”
The ethos of an era or a generation usually spans about 40-50 years. I think we are living in a time of great upheaval obviously due to the COVID-19 pandemic but also due to the economic and social disruptions that occur as a result. What was thought to be as acceptable before the pandemic will likely draw condemnation and pushback after the pandemic. My hope is that the ethos paraded in popular culture and media of ‘Greed is good’ first popularized back in 1987 by the fictional character on Wall Street known as Gordon Gekko (played by Michael Douglas) will die out and be replaced by a different ethos.
I’m not sure exactly what that new ethos will become but I do fervently hope that it will push back on the notion of greed being good at all but rather a detriment to the wider society. This new ethos in the 2020s and beyond will hopefully not prioritize the pursuit of money and fame above all else but rather the pursuit of kindness, caring for others, and leaving the world better than we found it.
While Gordon Gekko is just a fictional villain and the movie ‘Wall Street’ fictional in nature, there are examples throughout our society where people actually believe the ethos of ‘greed is good’ and actively pursue it in different ways without understanding or caring about the repercussions.
I’ll give a few examples that are not from 1987 or even earlier in the 1980s but from 2020: A college admissions scandal which involved bribery so the children of well-to-do families could get into prestigious colleges without earning their admissions, Multiple U.S. Senators caught red-handed doing insider trading to profit off of a pandemic and then not admitting their wrong doing, and large firms receiving loans they likely don’t need while they use that money for stock buybacks rather than investing in the solvency of their workers during the height of this unemployment crisis.
These are just three examples of this hopefully dying ethos of ‘greed is good’ but the problem still is that these kinds of practices, while they are being condemned, they are not being cracked down hard enough and the laws have not been changed enough to prevent future misdeeds. When you have an economy that protects high income inequality, lopsided CEO-to-worker compensation ratios, and a consistent hesitancy to guarantee collective bargaining rates for employees and an ability to raise wages to livable levels, that shows that ‘greed is good’ is still a predominant ideology that is hurting the average person.
The stock market may hit all-time highs but that is good news only for those who actually own stocks and that number is only over half of Americans whereas the gains of the stock market are only truly felt by the Top 10% of income earners. The previous financial crisis of 2007-2009 showed the world how ‘greed is good’ can cause companies to go bankrupt, houses to be foreclosed, and businesses to be shuttered, while no CEO who was responsible for the subprime mortgage crisis actually went to jail. The bonuses continued to flow, and the banking system maintained its solvency, but unemployment and inequality grew for the next few years with both now increasing in 2020 even while the Dow Jones Industrial Average hit 30k for the first time.
I should state clearly that I am not against people going into business, try to make money for themselves to feed themselves and their families, and enjoying the fruits of their labor. However, when people are caught being greedy and harming others in the process as which continues to happen, there need to be harsh consequences and changes to the law. As Theodore Roosevelt knew as President, corporate oligopolies need to be reined in, broken up, and held accountable. Gilded ages may be good for the few, but they lead to disaster for the many. In this pandemic, many billionaires have seen their net worth skyrocket and their stock prices increase but at the same time, you have millions of people jobless, homeless, and in food lines often for the first time in their lives.
The ethos of a culture has to push back against this kind of greed and ignorance. It starts with condemning the actions of those who don’t play by the rules, won’t change the rules to be fairer, and who go out of their way to make life difficult and unfair for others trying to succeed. It also means calling out those people who refuse to pay taxes, use offshore tax laws to park their money elsewhere, and whose companies don’t pay a time in actual taxes while other parts of society suffer. Not only should these practices be condemned but they should be made illegal as well.
Social trust, belief in the goodness of others, and the willingness to do what’s right suffers when greed is pursued #1 above all else. The past thirty years have shown this to be true as the increased financialization of the economy as a whole, loose regulations, increased corporate influence and money in government have all atrophied our system to where we are dealing with serious labor, environmental, and employment concerns.
Not everybody who has earned a lot of money is greedy, but they have a role in helping to make the system fairer by abiding by the rules and respecting the fact that they do have a role in allowing others to have their chance to be successful. You can’t climb up the ladder and then pull it out from under you when you get there. Others who are not greedy but do well for themselves have to remember that they have a responsibility to hold those in power and those who have immense wealth in check to be consistently vigilant that they are not flouting the rules or if the rules don’t exist yet, perhaps they should be incorporated to combat unrestrained greed.
There will always be some kind of inequality and differences in outcomes in a capitalist system but there are clear signs to tell when that inequality has gotten out of control, when greed has become too prominent, and when justice or basic fairness has taken a back seat. Greed is not good, and it should be one of the guiding ethos of the next generation. Being a success, working hard for that success, and spreading that success around so others have a good shot at it is a much better philosophy to embody. What’s good for you is not always good for others. It is important that those with immense wealth or power understand that they too live in a society and there are certain duties and obligations that we have to one another.
Knowing when enough is enough, knowing the difference between right and wrong, and knowing when things have gone sideways and need to be fixed, those are all key components on pushing back against the ‘greed is good’ ethos, which has had its prominence over the past four decades. Greed can harm others, do tremendous damage, and atrophy the bonds of trust in our society. It is important that we never forget these facts and to fight against it as much as we can in our lives, both personally and professionally.
Camera: iPhone 8
Location: Cooperstown, New York; Doubleday Field
Understanding that you must be able to divide up the two categories fairly and also be able to balance them healthily with our seemingly limitless desires at times is key to being a fully formed individual.
A key part of adulthood is being able to know the differences between knowing ‘what we want’ vs. knowing ‘what we need.’ Understanding that you must be able to divide up the two categories fairly and also be able to balance them healthily with our seemingly limitless desires at times is key to being a fully formed individual. As children, we are taught to temper our desires to manageable levels and to remember to not be selfish especially when it conflicts with the needs of others.
We are flawed as humans in that we often let our wants overtake our immediate needs and that we cannot distinguish the two in terms of actual importance. I may want a new suit but if I only have so much money, do I really need it? Am I being selfish by buying a suit when I already have a perfectly good one at you? These questions are especially important to pose when you have limited money or time to contribute towards either your needs or wants. What we focus on each day shows us if we care more about ‘needs’ or ‘wants.’
It has to be non-negotiable in your own life how your needs come first and will always come first. Your wants have to be considered in terms of whether you actually need them and how much they will actually add that much to your life. When it comes to your wants, you should not only be thinking about their utility in the short-term but also in the long-term. Will you be that much better off not just a day later, a week later, or a year later when you satisfy those wants? A short-term want will be fleeting and may end up not even be worth it whereas a long-term want like starting a business, getting your degree, or moving overseas are often worthwhile investments and satisfactory wants that will put you ahead in your life. If you do want to fulfill your wants, they should be in the interest of you moving forward, learning new things, and developing your interests.
Short-term wants are good every now and then like a new bicycle, a nice meal out with friends, or a trip to a day spa, but the gratification will be short-term, and you can’t rely on those wants to fulfill you in the long-term. Long-term wants are harder to achieve but they often have higher levels of satisfaction. These wants aren’t automatically given to you and you have to work for them but it’s often worth the effort more so than just things being handed to you automatically. Your wants have to be kept in moderation too because if you let your wants overwhelm your needs, you may be left with less than you had before. An adult keeps their wants in check and prioritizes their needs first to make sure that their life is headed in the right direction. Long-term gains have to always take priority over short-term gratification, which may give you happiness but won’t give you fulfillment in the long run.
Your needs in daily life should always come first in terms of securing them. Whether it is water to drink, clean air to breathe, food to eat, and a roof over your head; they are all part of the equation to keep you in good spirits and in good health. Do not let your wants take away from your immediate needs because when it comes down to it, your wants may come and go but your needs are your needs and that never really changes. Abraham Maslow’s ‘hierarchy of needs’ was pretty much on the money in terms of distinguishing what are most urgent needs are and beyond that, what could be considered wants. We have the physical needs of eating, drinking, sleeping, maintaining homeostasis (not too warm or too cold) but beyond that, we start to go into the wants territory of seeking out self-actualization as well as having a steady purpose in life.
We all need human connection along with friends and family who care about us but that is not given to everybody and that kind of need is something that you have to work for and what you have to ‘want’ in a way. We all need safety and security to carry out our lives but that is something that we have to work towards to and that is not guaranteed when we are born. What we need may not been given to us like friends and family or the security of a place we live in and we may have to take action to turn those needs into a reality by wanting them badly enough.
In Maslow’s ‘Hierarchy of Needs’, our basic needs must be taken care of first as the pyramid shows us but then you have our psychological needs such as love, relationships, friendships, and feelings of accomplishment and goal-setting. As you go up the pyramid, you get into the ‘self-fulfillment’ needs category of achieving our potential, reaching our set goals, and becoming the best version of ourselves through self-actualization. This category is tricky, but we may feel that we need to be fulfilled that way; how hard are you willing to work to achieve that and how much do you really want to achieve it?
I would argue that our basic needs of food, drink, shelter, warmth, etc. are real needs but our psychological or self-fulfillment needs are different in that while each of us need them in our life, they are really ‘wants’ that you have to earn and to work for. Our basic needs are not given to us either, but they are of such urgency that we will do almost anything to have them guaranteed and it often subsumes our other ‘needs’ like love, friendship, or career goals.
What we need to live is our number one priority. Everything after that is supplementary in life. What we want Is important but it’s clear that our wants are endless at times and we need to prioritize with our limited time and/or money what matters to us most to achieve or to have. Being able to prioritize while understanding this internal battle is key to being a fully formed individual capable of holding our wants at bay while getting our needs taken care of.
Lastly, it is important to distinguish between short-term needs and long-term needs. Short-term needs should always take priority over long-term needs, but you can work towards both at the same time. You can hunt for food and still have companionship with a loved one at the same time. You can watch your vegetables grow while you’re studying for your next course exam or replying to emails. However, if your immediate needs are unmet or neglected, your long-term needs will have to take a backseat because they are just not as critical as what short-term needs are in terms of daily occurrence. You need to eat and drink water a lot more than you need to see your family and friends as an adult. I’m sure you would love to see them every day but it’s more likely you would see them once a week or a month or maybe less if you’re really busy.
Your immediate needs can be balanced with long-term needs, however, if you can’t cook for yourself, make money to support yourself, or be able to clean and take care of yourself physically, not many or very few of your long-term needs can be met after. As an adult, you need to take care of the daily details before you can reach your lifelong dreams and goals. What we need vs. what we want is a constant battle taking place in our mind. If we don’t pay attention to how to win this battle by trusting in our innate knowledge of what we are capable of doing to achieve them one by one and what are healthy priorities to focus on, you won’t be able to get very far in life with either your needs or your wants.