#CNBC U.S. shouldn't bail out hedge funds, billionaires during coronavirus pandemic: Chamath Palihap
- Thread starter ajacobson
- Start date
How can they get bail out if their incomes is ABOVE the maximum threshold to get a bail out ???
Yet, I do understand if some mail room clerk making minimum wage salary that lost his/her job at one of those firms during the lockdown...
That mail room clerk deserves a bail out.
There was someone (I can't remember his name) that makes millions every year for some financial institution and he was asked that question on Bloomberg...he replied...he doesn't qualified for a bail out but some of his low wage employees do qualified because they're not able to come to work nor work at home.
wrbtrader
Yet, I do understand if some mail room clerk making minimum wage salary that lost his/her job at one of those firms during the lockdown...
That mail room clerk deserves a bail out.
There was someone (I can't remember his name) that makes millions every year for some financial institution and he was asked that question on Bloomberg...he replied...he doesn't qualified for a bail out but some of his low wage employees do qualified because they're not able to come to work nor work at home.
wrbtrader
The word bailout is used loosely here. It is the indirect monetary boost that these richer people (who own stocks, high yield bonds, etc) get via government aid. Look at the benefits the big companies get.
Imagine taking unlimited risk + over-leveraging and when things go against them , the government bails them out. Free money.
That's behind a paywall, what's he doing with real-estate?
I've seen companies go under (not get a bail out) and depending upon their location or niche...
Thousands of jobs lost by the average person that works at those companies including pensions wiped out. Simply, a CEO or board of directors aren't the only ones working there.
Further, there's a ripple impact too. They provide critical financial support to other industry groups. Take the financial their support away...they then react via taking way support of those other industry groups (e.g. endowment funds to support universities, health care for private research like cancer and so many others).
Glad I'm not in the position to decide which company gets a bail out and which companies does not get bail out.
Yeah, I figure the phrase was being used loosely by him when he named particular industry groups (e.g. airlines). In another earlier speech...he identified pharmaceutical companies not deserving assistance.
Let them all fail. Airlines, Pharmaceuticals, Post Office, Car Makers, Cellular Industry, Hotel Conglomerates and many more. Their failure would make the 2 - 3 trillion dollar stimulus package look like chump change.
Ironically, a large number of people are complaining about their job losses...I'm willing to bet many work at the above industry groups that a select few (with money) state those industry groups do not deserve a bail out...until they realize not having any of the above around will impact their own personal life.
By the way, the title is about Hedge Funds but the speaker also named Airlines in the rant and he's named other industry groups in prior rants. That's my point, who decides which industry group gets a bail out and which ones do not...glad its not his decision.
wrbtrader
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Aren't they the same ones that associated the Coronavirus with the Corona Beer ???
wrbtrader
Still can't find out what he said about real-estate, but this is interesting:
Virgin Galactic's Chamath Palihapitiya: Bitcoin Could Go to $1 Million, Everybody Should Own Some
Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment strategy, predicting that bitcoin’s price could reach a million dollars. He further suggested that everybody should have 1% of their assets in bitcoin since it is “a fantastic hedge.”
Bitcoin’s Price Could Reach $1 Million
Chamath Palihapitiya, the chairman of Virgin Galactic and founder of investment firm Social Capital, recently discussed bitcoin and how to invest during the current financial crisis. In a podcast interview published last week with Morgan Creek Digital co-founder Anthony Pompliano, Palihapitiya was asked about his bitcoin investment strategy. Responding to questions about whether he had bought, sold or changed the bitcoin allocation in his portfolio in any way, the venture capitalist revealed:
Virgin Galactic's Chamath Palihapitiya: Bitcoin Could Go to $1 Million, Everybody Should Own Some
Virgin Galactic Chairman Chamath Palihapitiya has shared his bitcoin investment strategy, predicting that bitcoin’s price could reach a million dollars. He further suggested that everybody should have 1% of their assets in bitcoin since it is “a fantastic hedge.”
Bitcoin’s Price Could Reach $1 Million
Chamath Palihapitiya, the chairman of Virgin Galactic and founder of investment firm Social Capital, recently discussed bitcoin and how to invest during the current financial crisis. In a podcast interview published last week with Morgan Creek Digital co-founder Anthony Pompliano, Palihapitiya was asked about his bitcoin investment strategy. Responding to questions about whether he had bought, sold or changed the bitcoin allocation in his portfolio in any way, the venture capitalist revealed: