Edward Conard Argues for Income Inequality in ‘Unintended Consequences’

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.