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Billionaire: Fed Robbing Poor to Pay Rich

By freak80 following x   2013 Sep 19, 2:55am 2,776 views   6 comments   watch   sfw   quote     share    


http://www.cnbc.com/id/101046937

Reporter and Editor Why the Fed 'blew it': Druckenmiller Thursday, 19 Sep 2013 | 7:04 AM ET CNBC's Steve Liesman reports there were three reasons the Fed decided to delay tapering its bond-buying program. And Stanley Druckenmiller, Duquesne Capital Management former chairman, and Jimmy Dunne, Sandler O'Neill, weigh in on how the Fed's policy will likely impact the market. "The big money was betting that they were going to taper," Druckenmiller said, and the Fed missed a "freebie," he added.

1   dublin hillz   ignore (0)   2013 Sep 19, 3:05am   ↑ like (0)   ↓ dislike (0)   quote        

Druckenmiller, whose net worth is estimated at more than $2 billion, said that the implication of the Fed's policy is that the rich will spend their wealth and create jobs—essentially betting on "trickle-down economics."

"I mean, maybe this trickle-down monetary policy that gives money to billionaires and hopefully we go spend it is going to work," he said. "But it hasn't worked for five years."

I think they don't understand the fundamental truth. Investors hate spending money because they think in terms of opportunity costs. New money such as professional sports players like to spend to flaunt their wealth while a rich investor is not into conspicuous consumption relative to their financial means. That's why it "hasn't worked for 5 years."

2   freak80   ignore (4)   2013 Sep 19, 5:01am   ↑ like (1)   ↓ dislike (0)   quote        

donjumpsuit says

I would rather have unemployeed people in the position to contribute to something like rebuilding bridges or infrastructure, or perhaps building high
speed rails or roads the recharge electric vehicles, or perhaps building something for space travel or just innovation in the physical sciences in general than sitting around collecting welfare while the rich just use the cheap
money to make investments and make more money, instead of using the money to build companies and hire people.

So would I. But that would require giving up our State Religion: Reaganism

3   Honest Abe   ignore (10)   2013 Sep 19, 8:34am   ↑ like (1)   ↓ dislike (0)   quote        

I would rather the Fed just crank it into hyperdrive and distribute $250,000 per person (regardless of age). Family of four = $1M dollars.

That surely would jumpstart the economy and give the government the funds it needs to continue the war effort(s).
Problem solved.

4   mell   ignore (2)   2013 Sep 19, 8:53am   ↑ like (1)   ↓ dislike (0)   quote        

Honest Abe says

I would rather the Fed just crank it into hyperdrive and distribute $250,000 per person (regardless of age). Family of four = $1M dollars.

That surely would jumpstart the economy and give the government the funds it needs to continue the war effort(s).

Problem solved.

I have long argued for a personal printing press at least per family. Why not, the economy can only benefit, right?

5   dublin hillz   ignore (0)   2013 Sep 19, 8:54am   ↑ like (0)   ↓ dislike (0)   quote        

mell says

Honest Abe says



I would rather the Fed just crank it into hyperdrive and distribute $250,000 per person (regardless of age). Family of four = $1M dollars.


That surely would jumpstart the economy and give the government the funds it needs to continue the war effort(s).


Problem solved.


I have long argued for a personal printing press at least per family. Why not, the economy can only benefit, right?

Yes, that way the downtrodden masses in bay area can fight back against google employees that gentrify them out of their neighborhoods.

6   hllnwlz   ignore (0)   2013 Sep 20, 1:01am   ↑ like (0)   ↓ dislike (0)   quote        

The saddest thing about this thread is that I can't tell who's being sarcastic and who isn't.

Malinvestment.

Inflation, i.e. destruction of the value of money.

Massive misallocation of capital.

However, this is a reflection of our society: always looking for easy answers and oblivious to the consequences of adopting them, though they are historically very clear.





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