“Demagoguery & Sophism 101” on CNBC

“Demagoguery & Sophism 101” on CNBC…”Is Greed Good?”Listen to Fred Smith, the President of the Competitive Enterprise Institute, explain how Mother Teresa was greedy to do good. He alludes to her altruism as a basis for Greed on Wall Street.

“(Greed or Self-Interest) is the only thing that drives mankind to make the world better for all,” Mr. Smith said. “You know, if you look at Mother Teresa – wonderful woman, very altruistic – but Mother Teresa didn’t bring hundreds of millions of people out of poverty in India. It was self-interest, it was the market, it was free enterprise, it was greed, if you will.”

These demagogues, like Mr. Smith, have no shame (remember Goldman Sachs CEO Lloyd Blankfein claiming that Wall Street banks do “God’s Work”?). Concerning which came first, Mother Teresa’s altruism or the free markets/ free enterprise, Mother Teresa’s self-sacrificing efforts catalyzed the markets to help. Wall Street does not have a history of doing good on its own: Wall Street tries to squeeze every last penny out of whichever asset is in front of it – it could be a semi-conductor corporation, an oil company, a donut shop, or your house. Wall Street doesn’t care what the asset is, as long as it can squeeze it dry.

We need more self-sacrificing people like Mother Teresa and less self-serving, greedy MFs, like Bernie Madoff.


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