Sunday, March 29, 2009

The Wall Street Greed

Merriam Webster Dictionary defines greed as "a selfish and excessive desire for more of something (as money) than is needed."

In his Oscar-winning performance in the 1987 film "Wall Street", Michael Douglas portrays a Wall Street financier who tells stockholders

“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, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper [a fictitious company], but that other malfunctioning corporation called the U.S.A.”

And that's how the Wall Street story goes. People were fed the idea that making fast money is good.

People were instructed to invest in their 401K plan to have a better retirement. This always cracks me up about the U.S. way of life. I roll my eyes when I see people obsessively buy and sell stocks in the name of investing in their future retirement. I think retirement is way overrated here.

This greed mentality has not only affected the work force, who are working for "a better future retirement," but it also influenced the younger generation when it comes to choosing a college major. Check a few universities randomly, and I'm certain the finance and economy classes are filled with Wall Street financier wannabes. Walk to an engineering school and the majority of students is very international.

Nations like India and China are investing in the younger generation to be the scientific leaders of the future. They benefit most from the outsourcing of America because of corporate American greed.

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