Greed — Does fattening one's pockets really shrivel one's soul?

Yet the tendency to do just that, while elevating the status of wealth for its own sake, seems to have seeped deeply into the consciousness of some, not only on Wall Street, but possibly even on your street. Russell Belk, the N. Eldon Tanner Professor at the University of Utah School of Business, said materialism is not necessarily the same as greed but is a motivating force that ties into it. "At the highest levels of materialism, people believe that having things is the greatest source of pleasure and not having them is the greatest source of pain in life."

Yet studies show that, for those whose basic physiological needs have been met, acquiring material possessions does little to provide happiness. In Belk's research on materialism, he found materialistic people are possessive, ungenerous and tend to envy the possessions of others. He examined how strongly they agree or disagreed with several statements, including:

• "I would rather buy something I need than borrow it from someone else."

• "Renting or leasing a car is more appealing to me than owning one."

• "I enjoy sharing what I have."

• "It makes sense to buy a lawn mower with a neighbor and share it."

• "I am bothered when I see people who buy anything they want."

• "When friends have things I cannot afford, it bothers me."

• "I don't seem to get what is coming to me."

In his book, "The High Price of Materialism," psychologist Tim Kasser examines what happens when the desire to attain wealth and accumulate possessions become the focus of people's lives. He cites a series of studies, including those by Belk, that all show people who strongly value the pursuit of wealth and possessions report lower levels of psychological well-being than those who are less concerned with them.

Kasser has come to the conclusion that materialism becomes a primary motivator for some "who have a history of not having their needs well met. Thus, one reason these values are associated with a low quality of life is that they are symptoms or signs that some need remains unfulfilled." In fact, he writes, materialism leads people "to organize their lives in ways that do a poor job of satisfying their needs, and thus contribute even more to people's misery."

Many, he said, "tend to watch a lot of television," comparing themselves and their lifestyles with the fantasy characters portrayed on TV, and feeling they come up short. "This dissatisfaction with the material realm of their lives 'spills over' into their overall sense of satisfaction with their entire life."

Such a mind-set reinforces the moral dangers inherent in avarice outlined by Catholic theologian/poet Thomas Merton's stark portrayal of one possessed of it: "I have what you have not. I am what you are not. I have taken what you have failed to take . . . therefore, you suffer and I am happy, you are despised and I am praised, you die and I live; you are nothing and I am something."

Or, in bumper-sticker lexicon, "He who dies with the most toys, wins."