Warren Buffett, Gordon Gecko, The Credit Crisis, and Ethics

I have always found movies to be problematic. They are fun to watch, when they aren't too stupid, disturbing, or perverse. I never saw the beginning of Wall Street, but I have seen the end. In that famous scene from the movie, Michael Douglas, playing the character of Gordon Gecko, stands in front of a meeting of stock holders for an airline. Gecko/Douglas hopes to buy, rebuild, break apart, and sell the company for a healthy profit, not just for himself, but also for the investors, many of which see heart-felt value in keeping the company together. He tells them, "Greed, for lack of a better word, is good. Greed works." I was reminded of this when Stephen Schiff wrote today about writing a sequel to Wall Street, especially since he thinks that we have learned our lesson; Mr Schiff ends the article with this: 

Greed good? Not even Gordon Gekko would say so now.  

Not so fast, people! Look at the greatest of corporate raiders, and see that at least the language is still greed-centric. Warren Buffett said in an op-ed for The New York Times on 10/16/2008 that we should "be greedy when others are fearful".

Buffett is a master of the hedge fund, and he's telling everyone to look for opportunities in American companies. Yet. it is interesting how he breaks this down: be greedy now! Buffett may know Gordon Gecko's character, and like Gecko, he wants to make money for himself... and for others, too. The problem is this: money makes you feel powerful, because it is powerful. Buffett is not foolish, but his choice of words betrays a heart that feels no sympathy for the safety seekers. The strange thing about this whole process? It's that all of the safety seekers may have lost some value in their house, but they are in the best position now to actually grow. In my opinion, Mr. Buffett is wrong. Greed when others are fearful is not the solution; it's independence from the mainstream investors and a desire to balance risk and ethics. I pray, "God, please give people like Buffett a closer watch on their words." It's at least one factor in making people act with grace, integrity, and understanding.