generation – The Life and Times of Ben Weinberg

Greed Is Not Good

“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.

Paying It Forward

Over the course of a lifetime, you can acquire knowledge, resources, and perspective from having lived longer and experienced more than perhaps your peers and more so than those people younger than yourself. Hopefully, although this is not always the case, you will have gained ideas, maturity, and wisdom, which you can impart on those who will come after you. Now while I am not directly referencing mentorship or being a mentor to others, I encourage those who have the knowledge and skills handed down to them or learned through their own efforts to pass that wisdom down to the next generation.

While ‘paying it forward’ may have gone out of style, it has been a part of human history since the early days of man. All great works in this world could be lost if it was not for oral or written recordings so that the knowledge could be passed on to those younger and curious to learn from those who came before them. Teachers, professors, coaches, and mentors play a valuable role in our society because they are entrusted with the high responsibility on passing on their mastery of different subjects on to the next generation. While these are not perfect people, they take it upon themselves to pass on their teachings to those younger and more inexperienced in the hopes that they will take their learnings to improve the world in some way.

However, you do not need to be a teacher or a professor to pass on your knowledge or your skills to younger peers or students. Everybody should take it upon themselves to ‘pay it forward’ in some way by imparting your hard-earned knowledge on to others whether they are family members, friends, mentees, or work colleagues. Part of paying it forward is realizing that you will not be around forever and if you bottle up all of your wisdom, experiences, and overall knowledge inside your mind then it will be truly lost with your passing.

You can be sure that one way to leave an impact, make your mark, and have a legacy is to teach others what you were taught while adding your own perspectives on what you have learned so that you can add your own context to the subjects you have mastered. Nobody is perfect but it is better to share that knowledge with an apprentice or a student than to let it go to waste and be lost to the ether.

From Socrates to Plato and Robespierre to Napoleon, both knowledge and wisdom has been passed down from one generation to the next. In order to progress and advance in your professional life, you’ll sometimes need to reach out on your own to those older and more experienced than you in your field of work. Guilds, trade apprenticeships, and mentoring programs do a lot of the good work in terms of paying it forward, but these opportunities don’t always come around for the average person.

If you see someone who you can help out either professionally or personally and you want to take them under your wing to see how they progress, that’s the best way of paying it forward. Instead of just choosing anyone to help, focus on those people who are interested in your line of work or have the same kind of personal life as you did. You will want to help those folks who are willing to listen, to learn, and to actually implement the advice that you give them. Sometimes, it’s best to let that person reach out to you when they are looking for help but you may have to take the initiative if you don’t have anyone reaching out.

As I discussed in a previous post, mentorship goes both ways but paying it forward is something you should do out of the good of your own heart and out of a desire to leave the world better than when you found it by positively impacting someone’s life. All of us have a lot of experience, knowledge, and skills to share and there are many people out there who don’t or won’t have access to the same resources as we did.

Of course, first, you’ll have to find who that person is who you want to help but remember to not be too selective or wait forever to make your impact. If you have been working hard over the years and decades to build up your knowledge, you should not let it all go to waste by keeping it to yourself. When no one sets the example of paying it forward, it can create a negative ripple effect whereas that kind of useful information or life experience won’t be passed down to those who need it the most.

You may not see the rewards of your efforts in sharing your knowledge or expertise right away but over the years and decades of you helping others, you will definitely see the results whether its’ in the neighborhood, the community, the country, or the world. Everybody has something to contribute to the overall society and even more so when you are able to help others do the same in their own way. ‘Paying it forward’ may not be requirement in living a good life but it will certainly leave an impact on yourself and those who you assist and help during the course of your life.

Self-Sufficiency

Self-sufficiency: “Able to supply one’s own or its’ own needs without external assistance.” (Noun – Dictionary.com)

Overlooked and misunderstood by many, the concept of self-sufficiency is important for realizing one’s potential as a person and for achieving true independence and maturity. Especially for those of us including myself whom are going through the 20’s, this is a period in our lives where we must rely on ourselves first for our success and prosperity before we reach out to others for help. I believe that it’s natural to ask for the mental and emotional support from your friends and family but there comes a time in a man and woman’s life where they must strike it out on their own and attempt to realize their self-sufficiency.

For different people, being self-sufficient could mean different things. It could be paying off your student loans or enrolling in a trade school to learn skills in order to become more employable. For others, it could be owning/renting your first apartment (without roommates), shopping and/or growing your own food, and changing a flat tire / getting your oil changed. Millennials are often criticized as the ‘Peter Pan’ generation considering that we come back to live with our parents after college in order to save money. I can’t say that this is a good trend but it is mostly due to a tough economy and a lack of good job opportunities, especially for those who were affected by the ‘Great Recession’ of 2007-2009 and still are to this day.

Rather than being discouraged and dismayed by the recent economic troubles affecting our generation, it is important to realize the opportunities that are out there. For realizing opportunities and achieving self-sufficiency in different areas, the Internet is perhaps the greatest tool out there for changing your future. We are quite lucky in that it is incredibly easy and free to access an almost infinite amount of information, both educational and informative, that can change our course in life if you are able to do the research and put the work in.

I can honestly say that learning self-sufficiency is vital in this day and age. Being able to take care of your body, your mind, your apartment/house, your car are all-important to be a fully functioning adult. In addition, managing and developing your finances, having healthy relationships, working successfully with co-workers, clients, and bosses are all steps on the path to self-sufficiency.

Most people stumble into ‘adulthood’ and will fail to become self-sufficient in their lives and suffer negative emotional and psychical health as a result. Resolve to yourself that you will take the steps necessary to become a mature adult who can take care of business and be able to function in society.

A lot of the problems and maladies of society originate from a lack of self-sufficiency and a heavy reliance on others (friends, family, and neighbors) to help them out continuously. I mentioned before that mental, emotional support from others including friends and family is necessary and even should be encouraged. However, don’t rely on others as a crutch because the people in your life won’t be there forever. They love you and want you to succeed in life but it is your job to make it happen. Your family and friends can’t hold your hand and walk you through every problem and setback you will experience. It is a common fact of wisdom that life will beat you down and keep you there if you let it. Achieving self-sufficiency in the necessary areas of life will make you happier, stronger, more resilient, and a better person overall.

Once you become self—sufficient and confident in your abilities, it is natural that you might want to share this with another person such as a wife, husband, and children. That is a reflection of your realization that you have become a full adult and can handle the responsibilities of helping future generations to become self-sufficient as well. Even if you do not marry or have kids, it’s possible to impact others and lead them down the road to self-sufficiency as well. Mentoring young people, being a leader in the community, and encouraging others to succeed can help lead others down the path of self-sufficiency as well.

After achieving self-sufficiency in your life, you can truly focus on the hobbies and interests that challenge and stimulate you. Human beings thrive in life when we conquer both internal and external challenges. Learning an instrument, studying a foreign language, dedicating yourself to a project at work or at home, or achieving mastery in different subjects are all great ways to keep yourself stimulated and happy.

People become unhappy when all they do is consume and don’t do anything to make themselves better. When all you do is watch TV and films but don’t know how to make them, or eat at fine restaurants but don’t know how to cook the food itself, and listen to music without knowing how to play an instrument or how its’ actually produced. Becoming self-sufficient is a result of handling the struggles and challenges of life with confidence and resolve.

In addition, having hobbies and interests in the pursuit of continuous knowledge and wisdom is extremely important to becoming a whole person. Anxiety, depression, and other issues manifest themselves when people can’t take care of themselves mentally, physically, and emotionally. Don’t be one of those people. Work hard to become a mature and capable adult in our society. I promise that you won’t regret it.