Greed is Good (Wall Street Movie Review)
In this video, we are going to talk about the idea that Greed is Good. Watch now!
VIDEO SUMMARY
The most famous business movie
In 1987, a movie came out that changed the business world forever. That movie was Wall Street starring Michael Douglas and Charlie Sheen and directed by Oliver Stone. The movie was very successful, and Michael Douglas won an Academy Award for his role as Gordon Gekko. If you have not seen this movie, you should. Gordon Gekko is the villain of the movie. He is a very powerful deal maker on Wall Street who is driven by money. He is most famous for one line where he stands up at a stockholder meeting and says, “Greed is Good.”
Gordon Gekko: a controversial character
I think it is important to talk about this idea. This movie was so good that it is still making an impact on our culture almost 30 years later. People still talk about Gordon Gekko, because the character was so vivid. Unfortunately, this character has become how most people think about business. Gordon Gekko stands for the ruthless businessman.
Let us talk about how this affects you. If you work in accounting or finance, this stereotype impacts how people look at you. People have a lot of negative ideas about money. I have seen this happen a lot. Even someone who is just starting out in business school, might feel conflicted about money. Your fear is driven by the idea that you might become a money hungry villain. It is more than Gordon Gekko. You see it in TV shows all the time, where the villain is a ruthless business person.
Why the movie works
I want to talk about what is actually going on here, and I am going to be very blunt. The reason why the villain of Gordon Gekko was so compelling, was that people can relate. There is a little bit of Gordon Gekko in all of us. So when he says “Greed is Good,” you are secretly thinking to yourself, “You know what? He is right.” We all want more money. We want a raise at work. We want a better car, or a bigger house. And we want to provide for our families. The reason why Gordon Gekko is such a powerful character is because you can relate.
The reason this is important, is if you want to be successful, you need a healthy relationship with money. If you equate success with being a villain, you will feel shame about getting more money. Greed is a part of all of us. People are always shaming themselves for wanting a better life, and that creates all kinds of money problems.
The benefits of greed
It is helpful to break down the phrase “Greed is good.” What does that really mean? Greed is a really loaded word, because greed is one of the seven deadly sins. Let us replace greed with another word: Progress. When you really get into accounting and finance, the goal is creating value. Money is just the metric we use to find out if things are working. Business’ are trying to solve a problem in the marketplace. We are trying to raise the standard of living for everyone. Instead of saying greed is good, try saying progress is good.
Let me explain it a different way. Imagine you were to take a snapshot of the world right now. Right now, businesses around the world create a certain amount of value. Let us call that global GDP. Most people would agree that the world today has problems we want to improve. Business’ tackle those problems and make all of our lives better. In the process, they make more money and generate a larger global GDP. Progress is good, and that is what business is all about.
The problem with greed
What is the problem then? The problem is people hate to change. Economic progress means change, which creates pain for people. Progress means a factory has to close down and people lose their jobs. It might mean you have to learn a new skill or a new piece of software. People hate to change. You have a situation where people are making money, and other people are feeling pain. That is the real conflict. People blame that conflict on money, but it is merely a side effect of the progress we all want. Progress is going to require us to change.
Resolve the conflict, generate wealth
I challenge everybody to try and resolve this conflict, because only then can you truly be effective with money. We need a new Gordon Gekko. Someone who says, “Greed is good” but also has compassion for those feeling economic pain. I do not believe these have to be two separate things.
To resolve this conflict, I want you to try something. When you are by yourself, try saying out loud, “Greed is good.” And just see what you feel. Do you feel shame? Why are you feeling that? Why do you feel bad to say you want progress? If you are really honest, you will find you are feeling shame because you are afraid people will think you are the villain in the movie Wall Street. You are afraid people will not like you. It has nothing to do with compassion or fairness for others, or acting ethically. It is purely your own low self-esteem and your desperation to get other people to like you. You feel like you are not enough and you need other people’s validation. This is a conflict you have to resolve, because low self-esteem is keeping you from making more money. It requires that you accept that part of yourself and realize that money can be a tool for good. You can create tremendous value for the world. You do not have to identify as a villain, you can identify as a hero.
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Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.