Was Midas too overwhelmed by the possibilities of his riches that he lost his moral values?
I believe he was because he was quick to decide on his wish. He didn't put time into considering the aftermath of his decision and thus ruined him. He lost his ability to touch his loved ones and even eat or drink. Its a wonder he fixed his decision as fast as he did, otherwise he would've gone pretty badly dehydrated and died. There's also the consideration that the value of gold would decline as it would be the new standard for material if it expanded as much as he could've. To make such a wish to begin with, his moral values must've already been corrupt, although the fact that he cried for his family meant that he did care about them which means he wasn't utterly overpowered by greed.
Midas just couldn't pass up the opportunity, but if he were more wise, and considered what would've been a right choice, he surely would've bettered the world around him instead of destroy it for himself.
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