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If this guy’s for real, it’s surprising that he managed to infiltrate the corporate MSM! Somebody at CNBC probably looked at a list of prospective “elite” guests, saw “multimillionaire,” and assuming because of that status that he didn’t need vetting, had him in. Either that, or maybe—just maybe—there’s an agent provocateur in the shadows of a major corporate outlet (the explanation I like the best, for both the drama and the irony!)
so right! some folks are beginning to understand that this catastrophe is not just another day in the office but a crack in the damn system that give us all the opportunity to turn this country around for the first time ever and meet the needs of the people who make this country run - the workers!
But if we don’t bail out hedge funds who will the continue the vulture capitalist predation and asset stripping of otherwise profitable companies that the world so clearly needs right now?
Wolff is definitely worth our time and consideration in this interview. Thanks for this!
With the bulk of the U.S. economy represented in small businesses, why then would the government’s primary concern be in supporting the large industrialists, while barely providing a lifeline to small businesses? In order to keep the U.S. economy viable the government’s primary concern should be in shoring up small businesses. Palihapitiya got this right.
Or certainly analyze more closely than we do. Nothing is going to change as long as Americans allow themselves to continue to pay for rich people’s transgressions.
Well professor…nuthing rong with yor speling at leest.
That “full interview” was from three weeks ago. This site won’t let me post links, but the full interview was posted by Rasti T. on Youtube yesterday.
The author incorrectly linked to a March 18 interview. CNBC didn’t post the full interview, of course, but you can find it on Youtube, posted by Rasti T.
That “full interview” is from 3 weeks ago. The actual CNBC interview was posted by Rasti T. on Youtube yesterday.
I will tell you how (based ONLY upon the quotes in this article). This guy is a genuine capitalist (bastard Latin for “money worshiper”), the first we have seen in quite some time. The bedrock principle of capitalism is that the monetary return on enterprise is that reward is in proportion to risk: If you want big bucks, you must take big risks, and if your bet loses, tough beans. Maybe you will be replaced with a more astute gambler, or at least a luckier one.
Like the three tinhorn horse-race gamblers in Guys and Dolls, a 1950 musical stage play, true capitalists keep playing against the odds in the hope of striking it rich–which one in a thousand does. It used to be one in a million, but there was so much whining by gamblers (capitalists) that they buggered the odds to the point that by 2008 anyone who wasn’t in on the fix could win.
The buggering was done by a coalition of winners (few), wannabees (many), and acolytes of the winners who swore an oath to stand behind the winners no matter what in return for a chance to be in on the fix until they either tanked or surpassed their mentors.
Since becoming a “winner” generally requires skullduggery of gargantuan proportions, it generally requires an absolute absence of scruples. Only time will tell whether Mr. Palihapitiya is the real deal or not.
It’s the times!
Right on, Sister. Adam Smith knew about them too, but he let his zeal for material progress sanctioned by Divine Providence in the “person” of his infamous “invisible hand” led him to believe he had discovered how to have our cake and eat it too in the form of competition, which he mistakenly believed would keep greed in check. Can’t be much wronger than that. And they called it “The Enlightenment.”
The thieves like him and the rest that have plundered our economy are spinning reality–again. What many don’t understand is that hedge funds and private equity firms get the MAJORITY of their funding from our savings in pension funds.* These funds are then leveraged up before being thrown in to Ponzi/Wall Street’s rigged markets. i.e. the hedge funds and private equity firms, and many corporations, have ALREADY plundered we, American, Main Street. “And it’s gone!”
A simple search can uncover not only articles and papers attesting as much, but many a book as well. It’s not a secret.
The US is so thoroughly saturated with Trickledown nonsense. A guy like this shocks us with common sense. Billionaires and CEOs don’t drive the economy. People buying grits, tires and wrinkle cream is what drives the economy. The capitalists are risking their capital all the time. That’s the way it’s supposed to work. Workers aren’t supposed to be risking their families. This guy is dead right!
I understand it’s inherent to Amerikan style capitalism. Prof Wolf and other honest economists say boom bust cycles don’t happen in other countries.
Interesting–citation please. Richard Wolff (sic) is indeed a master. As he has aged he has also relaxed the hard-line classical Socialism that propelled his illustrious career. But boom-bust cycles most certainly do exist in other countries and always have. See Charles P. Kindleberger, Manias, Panics, and Crashes (Basic Books, 1978). The late Professor Kindleberger was also a master in his field of Economic History.
Chamath Palihapitiya’s now widely discussed remarks being interviewed by CNBC’s Scott Wapner and other guests did more to shift the dominant Corporate Caliphate-captured mass media paradigms about what constitutes a crisis for the economy of U.S. clock punchers and wage slaves as opposed to what constitutes a crisis for the economy of trans national speculators and investor class who may or may not choose to live most of the year within the United States.
Given how Mr Palihapitiya deepens our boob-tube addicted body politic’s knowledge of vital issues that affect our lives even more than this knowledge affects the Lifestyles of the Rich and Blameless suggests that Mr Palihapitiya would’ve been that rare billionaire welcome to have joined the Democratic Party Primary race for President. Where only candidate Elizabeth Warren even tried to deepen public awareness of our laws and arbitrary enforcement of them when it comes to suite crime compared to street crime. She may never use the phrase “Political Economy,” then again neither did the labeled Social Democrat Bernie Sanders speak much of Political Economy and regrettably among Sanders many gifts, educating boob tube-fed masses was not among them. Nor was deepening the discussion of a body politic normally excluded from corporate-captured news and public affairs broadcast media.
What does it say that Chamath Palihapitiya’s young life’s story and that of his immigrant parents seeking sanctuary in Canada is not as familiar a part of North American households as warmed over Old School myths about Horace Greeley and pulling oneself up by their boot-straps through hard work?
“Venture capitalist Chamath Palihapitiya stunned CNBC anchor Scott Wapner and generated widespread applause on social media by declaring in a television interview Thursday that the U.S. government should let hedge funds and billionaire CEOs “get wiped out” by the coronavirus-induced economic collapse and instead focus its attention on rescuing Main Street.”
*"When Wapner, seemingly incredulous at what he was hearing, asked Palihapitiya why he would support the collapse of large companies, the Social Capital CEO said “this is a lie that’s been purported by Wall Street.” *
“When a company fails, it does not fire their employees, it goes through a packaged bankruptcy,” said Palihapitiya. “If anything what happens is the people who have the pensions inside the companies, the employees of these companies, end up owning more of the company. The people that get wiped out are the speculators that own the unsecured tranches of debt or the folks that own the equity. And by the way, those are the rules of the game. That’s right. These are the people that purport to be the most sophisticated investors in the world. They deserve to get wiped out.”
“Why does anybody ‘deserve,’ using your word, to get wiped out from a crisis created like this?” replied Wapner.
“Just be clear, like, who are we talking about?” said Palihapitiya, himself a billionaire. “A hedge fund that serves a bunch of billionaire family offices? Who cares? Let 'em get wiped out. Who cares? They don’t get to summer in the Hamptons? Who cares!”
Mr Palihapitiya knows of what he speaks. Reports are that his Silicon Valley investment firm dba Social Capital considered bringing aboard Bill and former candidate Hillary Rodham Clinton’s son-in-law Marc Mezvinsky as Vice Chairman. Mezvinsky of course, while his mother-in-law was Secretary of State in the Obama-Biden cabinet of apex Wall Street investors and privatizers built his unregulated hedge fund dba Eaglevale Partners on speculation over whether the EU and most exposed lender to Greece in Germany’s Deutsche Bank would bail out the economically failing EU southern tier state Greece while Italy, Spain, Portugal (and up north and out to sea Ireland) also teetered on the brink of Free Trading and unfettering of global capital’s bank secreting economic collapse.
At this point my admiration for what billionaire boot-strapper Palihapitiya said on CNBC in the company of the Corporate Caliphate (including the call-in from MSNBC owner Bill Gates) exceeds any cynicism over the gaming young entrepreneurial wizard’s Silicon Valley investment bona fides.
Anybody speaking up knowledgeably and passionately on behalf of corporate-captured mass media’s disenfranchised majority of citizen clock-puncher Wage Slaves who’ve endured half a century now of Wage Stag-flation and Food Stamp Nation, along with the normalization of homelessness once the Cold War’s concerns for keeping up appearances in the ideological game of economic coercion for global hearts & minds turned into the Washington partners of Robber Baron Auction and Holding Company Cartelier and Real Estate Financialization Rentiers LLP is rated AAA OK in my book.
Mitch Ritter\Paradigm Sifters, Shifters and Song Chasers
Lay-Low Studios, Ore-Wa
Media Discussion List
Arthur Anderson died after the Enron scandal, and it had almost no effect on the accounting industry. Most of its employees just went to work for one of its competitors. Only the partners got shafted, as they deserved. Similarly, if one or two large funds or brokerages died from incompetence, it wouldn’t really damage the financial sector much.