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"Who Cares? Let 'Em Get Wiped Out": Stunning CNBC Anchor, Venture Capitalist Says Let Hedge Funds Fail and Save Main Street

Originally published at http://www.commondreams.org/news/2020/04/10/who-cares-let-em-get-wiped-out-stunning-cnbc-anchor-venture-capitalist-says-let

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God bless that man. “You have to wash these people out.”

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As Richard Wolff points out, there is a fundamental vulnerability in the capitalist system itself when in just the first two decades of this new century we have three serious economic downturns: 2000, Dot-Com bubble bust, 2008-9 subprime mortgage collapse and now the collapse triggered but not caused by the virus. High time we let the system of capitalism get wiped out.

Take a watch:

Richard D. Wolff Interview: How the COVID-19 Crisis Is Reshaping Our Economy

~https://www.youtube.com/watch?v=KUp9O_CQENI&feature=emb_rel_pause

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He sounds like a good prospect for a cabinet position, but I watched the whole interview and it doesn’t include what’s quoted above…

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Venture capitalist Chamath Palihapitiya speaks from," both sides of his mouth". That concerns me. How can he be a Venture Capitalist one day and the next …make a statement like that? Actions speak louder than words. I don’t trust the guy. Capitalism has no morals or ethics and this guy doesn’t have any either.
Mr. Phillips
Canada
Retired, healthy and isolated

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I’m not going to hold my breath. Joe doesn’t even know who Wolff is. And the people in the Democratic Party that do consider him a worse pariah than Bernie Sanders.
Wolff has been telling us for years that we should have been regionalizing or localizing our economies as, one day, something was going to happen that would interrupt the long supply chains of food and consumer goods that we have come to rely on to maintain our comfortable 21st century lifestyles.
He must feel like Cassandra now.

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well, that’ll be a short career as go-to source for propaganda cesspit CNBC.

risk? that’s for the peasants.

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This guy is missing the sweet upshot this outbreak provides for hedge fund investors.

They can slowly write off losses over many years as their funds recover and save on capital gains taxes.

Heads they win, tails you lose, suckas.

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I very much agree. But simply because someone speaks from both sides of their mouth, that doesn’t mean that everything they say is shit. Well, then again, one might say: There’s shit. There’s bad shit. Then again, there’s really good shit! Yes, one should ALWAYS pay attention to WHY people say what they say. But what they say and their motive for saying it are two different things. And when insiders who know a LOT about what’s going on speak about it, one should not immediately discard what they’re saying, just because they may well be self-motivated to say it.

Chamath quoted Churchill. And what Churchill said was some really good shit. Even Trump has said some really good shit. Fake news? Absolutely fake! The MSM has been a surrogate for Empire for eons. The MSM was HIGHLY complicit in the push to invade Iraq. Trump campaigned on the plight of Main St. He was spot on. Trump has said that he could murder someone in Manhattan in broad daylight and get away with it. He should know. He and so many of his ilk have gotten away with broad daylight murder for decades. Clearly, Trump doesn’t say such things in order to enlighten Americans. The only reason Trump says ANYTHING is to prop up Trump. In fact, Trump is a breath of fresh air. Unlike politicians and businessmen who have adhered to the dictate ‘what happens in the family stays in the family’, Trump and Chamath both openly talk about the family’s dirty little secrets. They may have well stripped off their clothes to impress us with their ‘manliness’, but they have also smacked us in the face with the fact that the emperor, indeed, has no clothes. We need to listen carefully to what such creatures say.

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Well, he just made his last appearance on any MSM program.

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I wish that CD would exercise a bit more care in formulating a headline. Nowhere in the posted interview is the headline quote spoken. Such carelessness can readily be interpreted as an exercise in sensationalism in order to boost ratings. I would hope that CD has not stooped that low.

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I can’t even listen to lying trump anymore. It insults my preference for truthful communication.

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I share your feeling. Perhaps I’ve just been around the block too many times to not be as reactive to it as it sounds like you are. I mentioned Churchill’s ‘good shit’. And even the thought of him made me wanna hurl. The man was a true imperialist psychopath.

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I hate it when people react to what they read
Do you know how this man made his money?
Do you know what his other political stands are?
Do you know how nuanced and detailed his understanding of the economy is?

The predominant media is not interested in your welfare.
This man has consistently shown his regard for the common man.

Plus I believe he is Canadian, so he won’t be receiving a position in the American Congress.

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Check at 1:19 into the CNBC Twitter video half way down the page. The quote itself is written just above the link to the video.

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Will do. Thanks!!!

Ughhh! I apologize to CD. I think I knead to go four a wok and heir my brane out. :frowning:

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Remember Robert McNamara? He knew the Vietnam War was unwinnable ( in the same way the wars in Afghanistan and Iraq are ) long before he made public statements, acknowledging what historians and serious research, was going to/continued to reveal.
McNamara confessed before receiving the last rites and absolution, so to speak. Not in private, and in the box, but to all Americans. Too late, or better late than never? That was the question a broken skeleton of a man, who once led the most powerful army in history and GM faced squarely, and eventually did the right thing. He probably died much better for it. Who knows?
Why didn’t McNamara tell LBJ this in 1967? He may have, but remember LBJ said, " I can’t end this war, my friends are making too much money off of it. " LBJ created longer casualty lists with other political decisions, based on public lies, than most POTUS liars. But that’s just business in America, it’s not personal. Right?
Mr. Palihapitiya is telling us something he’s probably known about for a lot longer than the Covid-19 pandemic jumped up and bit us like a rabid polecat. I believe him and think his cure is an honest assessment and remedy for these particular rabid polecats. Unfortunately, the country is in the hands of lots of rabid polecats.
Who are just like " LBJ’s friends ". And, who are propping up A Big Lie ( Liar? ) for money. Their own, not your hard-earned bucks, of course. If you think your role in all this is to play the part of cannon fodder, you’re on to something. What’s an alternative? Hell, I don’t know, I thought the stock market had gone bonkers at 23,000, the first time. Remember those good old days?
" The only real god in America is money ".
Malcolm X

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These boom bust cycles were always inherent in Capitalism which is why Trumans white paper which led to the Cold war was implemented as a solution. The difference between post WW2 and today are many but include.

The GI Bill post WW2 in the states along with a lot of other measures that saw more money go in the pockets of the working class.

The devastation of the industrial capacity of other nations due to the war leaving no real competitor to US industry.

The change in investing philosophy with speed trading via the internet and with the creation of these Hedge funds. The time was in the 1950 period if a person bought stock they hung on to that stock much of their lifetime. They looked at growth over the long term via sound business practices. Hedge fund managers do not look for this. They invest and pressure Companies to inflate stock prices then dump the stock and move on.

These boom bust cycles are going to happen with greater frequency and each one will be worse then the one before. If one goes way back through History there the concept of the Debt Jubilee. Those Societies recognized what happens when debt gets out of control. Capitalism tries to pretend this no longer the case.

As to that interview. It well worth watching. I especially like his point on Amazon and how they operate where all departments operations are carefully planned and structured from a central authority while at the same time Amazon claims a Government should not do this.

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Stock Markets. Hedge funds. Venture capitalism. Investment capitalism. All are names describing one reality-gambling. Those who trust the fruits of their own labor, sweat, and toil to these institutions are gaming. They hope they’ll make some more money than their work does. If companies go toes up, well, that’s the risk of gambling. And the house always wins. In this case, the house are the Elite Trust fund families, who have capital passed down for generations. They happily take the money of the hoi polloi to “invest”, while putting their own funds into off-shore tax shelters.
Ever hang with a rich person? Someone who appears to be normal but is a sociopath. They never pay for anything. It’s always an excuse. Oops, didn’t bring my wallet. Oops, my credit cards are at home. Oh, I’m in college and can’t afford to pay for a motel room. Meanwhile, they’re casing out the joint, seeing what you have and how they can get their hands on it. The late Anthony Bourdain wrote a chapter about these people in his book Medium Raw. The chapter title is The Rich Eat Differently from the rest of us. Takes place over the Christmas holidays on St Barths, the epicenter of evil rich people…

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