Edward Conard Argues for Income Inequality in 'Unintended Consequences'

Thursday, May 10, 2012

In 1987, Wall Street came to be personified by the Oliver Stone film of the same name, and by Michael Douglas’s Gordon Gekko. "The point is, ladies and gentlemen, that greed, for lack of a better word, is good," Gekko famously preached. "Greed, in all of its forms, greed for life, greed for money, for love, knowledge, has marked the upward surge of mankind and greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."

Today, the Occupy Wall Street Movement seems to be fighting against this same idea, that greed has allowed wealth to become too concentrated in the hands of too few Americans. How, exactly, does the one percent feel about that? Edward Conard, former managing director of Bain Capital, offers his opinion in his new book, "Unintended Consequences: Why Everything You've Been Told about the Economy is Wrong." Conard argues that income inequality benefits the economy, and that a run on the banks caused the financial crisis, rather than irresponsible lending. 


Edward Conard

Produced by:

Jillian Weinberger

Comments [4]

Thomas from Bellingham, WA

A former director of Mitt Romney's investment firm arguing that inequality is grand and that great men are great because they are better than you. Was this book commissioned by the Obama campaign?

May. 10 2012 01:09 PM
Vito Danelli from Darien, CT

John, I enjoyed the questions that you asked Edward Conard. I just love the Frank Luntz-concocted term "risk takers". I wonder if Conard considered AIG to be "risk takers"? If so, does Conard think there are "risk takers" that are "too big to fail" like AIG?

May. 10 2012 12:12 PM
Ladyingreen from Bellevue, WA

Concrad stated that now we are investinging in other non-material goods like education, WHERE? Has he personally invested in education? Private for profit edcuation? Conrad is in essence arguing for nothing but unlimited wealth by the few. Conracd is the embodiment of a super citizen. I am very concerned about are the rights of super citizens. These super citizens increasingly have rights without personal responsibility and these super citizen rights have been growing since the founding of this nation. Now the super citizens have international rights, they do not even need to be bound by land or the borders or laws of this country or any country. Conservatives are so fricking concerned about morality and an oppressive government yet are blind to the coercion these by these super citizens

May. 10 2012 10:16 AM

No need to go back to feudal Kings and princes saying "we're taking care of you, don't worry, we've got everything control".
Pick any Obama speech and you hear exactly the same thing. The difference is that our President took an oath to the US Constitution.

The "conventional wisdom" and "progressive narrative" says the "Occupy Wall Street Movement seems to be fighting against" greed while it completely ignores the criminal aftermath of the May Day mess which does not fit the "conventional wisdom" and "progressive narrative" as constructed by the media.

May. 10 2012 09:38 AM

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