Greed: It's not just corporate 'fat cats'

Greed is good.

– Gordon Gecko, the movie "Wall Street" (1987)

Condemning corporate greed is smart politics when everyday Americans have financial struggles. No wonder it's back in vogue on Capitol Hill.

But today's political denunciations are probably not based on moral outrage. They're just part of a ploy to justify a business-unfriendly tax-and-regulate agenda that will be pushed next year. A $25 billion bailout is chump change compared to what that agenda will cost.

Lots of business bigwigs deserve criticism, but they shouldn't be singled out for scorn while omitting others who are also conspicuous consumers. Nor should all business leaders be derided.

Dumping the private jets that flew automaker executives to Washington – to plead poverty and ask for billions – is the right symbolic move. But lawmakers attacked the private planes with a zeal that seemed to condemn use of those jets even by companies that are not seeking a handout.

As a Time magazine article put it, "What really ticks us off is not that the Detroit Three flew private on a begging mission. It's that we have to fly commercial, and they don't."

So if flying high is wrong for everyone in these tough times, then what about the private jets used by movie stars and rock stars and other celebrities, especially at a time when ticket prices for movies and concerts have reached all-time highs?

Madonna and her latest boy toy were flying on a private jet last week. Britney Spears still flies private. So do the Jonas Brothers. Stars flying private jets are the rule, not the exception. Julia Roberts. George Clooney. Johnny Depp. All the network TV anchors. Many own their own jets, such as Tom Cruise, Bono, Angelina Jolie, Harrison Ford, Oprah Winfrey, The Rolling Stones, Mel Gibson and John Travolta. And let's not leave out Rush Limbaugh.

They pass on the costs, just as businesses pass theirs on to consumers.

An online check shows you'll pay as much as $500 to see Tina Turner sing and gyrate. Over $2,000 for Celine Dion. Cher for $987. Ringside seats for Britney for $2,350. Elton John for $517. Toby Keith is a bargain at $214.

Sure, it's steep. But how else will these folks be able to buy primo tickets at the BCS national championship game (now listed as high as $2,421 – but scalpers will push that higher)? How else can Jack Nicholson keep his $5,075 per game courtside tickets to the Lakers?

Prices like these make today's record-high $10 movie tickets seem like a bargain. But no recent congressional hearing has been convened over the high cost of entertainment.

Perhaps the most prominent Oscar-winning high-flyer who escapes congressional wrath is Al Gore. His lavish Nashville mansion uses 12 times the electricity of an average American home. He flies worldwide by private jet and arrives at events via SUV.

Of course, the liberal left claims to pay "carbon offsets" that are akin to medieval indulgences – and with equally questionable effectiveness.

Multi-million-dollar corporate executives have no money advantage over America's sports and entertainment celebrities, yet they are singled out for criticism. Why are stars never tabbed as "fat cats" like businessmen are? A celebrity's extravagances are praised on "Lifestyles of the Rich and Famous." A business leader's are condemned – because the double standard advances an anti-business political agenda.

Golden parachutes for executives parallel the golden retirement plans of auto union workers. Both are legacy costs that drag down the once-proud Detroit automakers. The reorganizations made possible by a bankruptcy court could fix those, whereas a federal bailout could prevent reforms.

How about politicians themselves? When governors assemble to ask Uncle Sam for billions, their fellow politicians don't condemn them for greed. At least California Gov. Arnold Schwarzenegger (Mr. Celebrity himself!) told reporters: "The federal government shouldn't give us a penny until we straighten out our mess and we can live within our means."

Most governors want to protect elaborate structures of big government and big social programs. Even the vaunted infrastructure spending they seek is filled with political feather-bedding that makes every project cost far more than it should.

The unfortunate fact is, our leaders reflect us, the people who elected them. And we "regular people" are not exempt from greedy behavior.

Those who lied to get home mortgages were a major factor in the housing collapse that started our economic woes. The demand for "free" government services is huge; almost half of America's health care now is paid through government. Then there are housing subsidies, food stamps, college loans and more. It's very different from earlier generations.

And should greed be mentioned as a reason why Americans buy $60 billion of lottery tickets each year, hoping to strike it rich? The Heritage Foundation's Stuart Butler notes that households earning less than $13,000 nevertheless spend 9 percent of their income on lottery tickets. Is that greed – or stupidity?

Jack Whittaker, who won the $315 million Powerball jackpot in 2002, was happy to give away millions. But he still couldn't meet the demands that overwhelmed him. "Since I won the lottery, I think there is no control for greed," he said. "If you have something, there's always someone else that wants it. I wish I'd torn that ticket up."

President-elect Barack Obama has repeatedly condemned greed on Wall Street and in Washington. So have other politicians, especially those who favor more taxing and regulation of business. And, yes, there was something obscene about senators condemning free-spending corporate executives in a year when the federal deficit will hit $1 trillion. But blame is deserved far beyond the confines of Wall Street and Capitol Hill.

The bailout fever that infects Washington, D.C., is more than a political problem. It's a sign of the times in America. To change the country, we have to do more than change our office-holders. We've got to change our culture.