have been right?
"Greed is good. Greed is right. Greed works. Greed clarifies, cuts through and captures the very essence of the evolutionary spirit. Greed, in all of it's forms, for life, for money, for love, for knowledge - has marked the upward surge of mankind and greed, mark my words, will not only cure Teldar paper but also that other
malfunctioning corporation known as the United States of America." -Gordon Gekko (Michael Douglas) from Wall Street, 1987
Considering the current mess on Wall Street this
is not exactly a 'feel good' diatribe from a 'feel
good' character from over 20 years ago but there's
a point here. Greed, for lack of a better word, has already begun to save the real estate market in several places across our country and ultimately will do so in every city and town in America. In California where home prices have plummeted 40% or more, home sales in units have actually increased at least in part because of greed. Yes, we would all use different identifiers here (free markets, capitalism, opportunity) but the bottom line is that Mr. Gekko had it right in one sense.
When the markets get down far enough that opportunity is present, greed takes over. Recent buyers in California are not making purchases because they're feeling altruistic. They buying for investment and personal opportunity. They're buying because the free market is working. In fact when prices fall to that tipping point in many other markets in our country, homes will begin to sell again with regularity. If we updated GG's infamous speech with the words free markets, I can almost hear that booming voice calling out the housing mess in Today's New World Of Real Estate.......
"Free markets are good. Free markets are right. Free markets work. Free markets clarify, cut through and capture the very essence of the evolutionary spirit........"
QUESTIONS? COMMENTS? DONATIONS? Greg@GregCooper.com
SIDE NOTE: Michael Douglass has been asked to resurrect the Gordon Gekko character for a sequel to 1987's classic picture and he's considering it. Douglass has been asked repeatedly about the current mess on Wall Street with one reporter actually questioning him in character. Douglass' reply: "I'm not Gordon. He's simply a character I played 20 years ago and if you would pay half as much attention to nuclear proliferation as Wall Street, we'd be in a much better world."