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Started By
Message
Billionaire investor says government should have helped consumers instead of companies
Posted on 7/9/20 at 2:02 am
Posted on 7/9/20 at 2:02 am
quote:
Billionaire investor Chamath Palihapitiya blasted the US Treasury and Federal Reserve for bailing out industries and boosting financial markets instead of helping households in a Yahoo Finance interview on Tuesday.
"We gave hundreds of billions of dollars in all kinds of random ways," the Social Capital CEO, Virgin Galactic chairman, and co-owner of the Golden State Warriors said.
"It's largely gonna go to waste and it distorts the market," he added.
quote:
In a bid to offset the economic damage wreaked by the coronavirus pandemic, the Treasury made grants and loans to airlines, cruise lines, and other distressed companies.
Meanwhile, the Fed has pumped liquidity into the financial system to shore up lending and even purchased bonds issued by individual companies.
"It makes it very hard to be anything except long the market," Palihapitiya said.
"Would I love to be isolating certain things that I think are not set up for success, or trying to buy cheap things? Sure, but it's not possible right now," he continued.
quote:
Palihapitiya argued US authorities should have focused on getting cash into people's pockets instead of helping businesses, as consumer spending accounts for the bulk of gross domestic product.
If people received more money than they needed to live, they would buy products and services and transfer the excess cash to businesses, who would pass it on to their suppliers and so on, galvanizing economic growth, he added.
"We did what we've been doing for the last 40 years, which is this top-down idea that trickle-down economics work," Palihapitiya said. "It doesn't work anymore."
"It's just a failed idea, a failed concept that's had its day," he added.
Billionaire investor Chamath Palihapitiya blasts the Fed and Treasury for spending billions to help companies instead of consumers
25
Posted on 7/9/20 at 2:12 am to rickgrimes
Guess this “billionaire investor” didn’t actually read up on ppp loan regulations
And ignores the fact that we massively juiced unemployment
The idea that consumers didn’t get anything is fricking ludicrous
And ignores the fact that we massively juiced unemployment
The idea that consumers didn’t get anything is fricking ludicrous
Posted on 7/9/20 at 2:20 am to HailHailtoMichigan!
Didn't get NEAR as much as the companies so get outta here with that shite
Posted on 7/9/20 at 2:20 am to rickgrimes
He’s spot-on.
I say any company over a certain size should have been given nothing. Let the small businesses and individuals gain the advantage over the multinational devils.
I say any company over a certain size should have been given nothing. Let the small businesses and individuals gain the advantage over the multinational devils.
Posted on 7/9/20 at 2:23 am to rickgrimes
Government at every level has been just about as useless as humanly possible these past 4 months.
Thank God I was essential service boyz
Thank God I was essential service boyz
Posted on 7/9/20 at 2:33 am to HailHailtoMichigan!
quote:
HailHailtoMichigan!
I'm pretty sure one of these days we will see a video on Twitter of you in California in a Trump shirt losing your shite in a bad way in public. Jesus Christ have you been brain washed or what?
Posted on 7/9/20 at 2:43 am to rickgrimes
While everyone is arguing over $600 unemployment payments for the middle class, mask vs. no mask, left vs. right, and BLM vs. ALM, these multi-millionaires and billionaires are taking full advantage and ensuring they stay rich while the majority of Americans sink deeper and deeper into poverty and debt. And the sad part is we tolerate it.
Posted on 7/9/20 at 2:47 am to rickgrimes
He must’ve missed out on the bailouts
Posted on 7/9/20 at 2:52 am to hikingfan
quote:
I'm pretty sure one of these days we will see a video on Twitter of you in California in a Trump shirt losing your shite in a bad way in public. Jesus Christ have you been brain washed or what?
Lol it is truly mind boggling how anyone can be a ‘fan’ of any politician at this point.
Posted on 7/9/20 at 3:08 am to sand mountainDvalues
quote:
Thank God I was essential service boyz
Do you think being essential services kept the company you work for or own afloat?
We got PPP money and it truly saved us because customers with open accounts slowed down paying us but we knew it was going to happen and thus we had to slow down on spending/purchasing.
The vast majority of people really have no clue how businesses operate and think because the doors are open that they are flush with cash.
Posted on 7/9/20 at 3:10 am to rickgrimes
I think they need to do some sort of bankruptcy forgiveness for individuals and businesses. Something along the lines of, if you declare bankruptcy due to the Covid nonsense then it is removed from your credit history.
Posted on 7/9/20 at 3:25 am to rickgrimes
That’s all fine and dandy.
But if the government forces me to close I expect reimbursement. Not subsidy or welfare. Just reimbursement
But if the government forces me to close I expect reimbursement. Not subsidy or welfare. Just reimbursement
Posted on 7/9/20 at 4:36 am to rickgrimes
How much did the billionaire personally give to consumers?
Surely he gave a lot feeling as strongly as he does.
Surely he gave a lot feeling as strongly as he does.
Posted on 7/9/20 at 5:45 am to CenlaLowell
quote:
Didn't get NEAR as much as the companies so get outta here with that shite
More than half of CARES went to one of the following: direct payments, unemployment, or employment protection.
And 90% of what businesses did get, were loans not direct cash payments. The only portion that was forgivable are those associated with payroll costs contingent on not laying off/furloughing until after September.
This post was edited on 7/9/20 at 5:51 am
Posted on 7/9/20 at 5:45 am to rickgrimes
This post was edited on 7/9/20 at 5:46 am
Posted on 7/9/20 at 5:51 am to rickgrimes
Jesus. It’s not a “bailout” when the government forces your business to close over something completely unrelated to you or what you offer.
It’s no coincidence he uses that terminology. As for the rest, he can eat a dick. That “bailout” is the only reason my wife had a job to go back too.
Further, everything was closed except Walmart and Amazon so not hard to imagine who would have gotten the bulk of those direct payments.
This is the type of shite I read and think “if this guy can become a billionaire then I can become a trillionaire. Just dumb shite all the way around.
It’s no coincidence he uses that terminology. As for the rest, he can eat a dick. That “bailout” is the only reason my wife had a job to go back too.
Further, everything was closed except Walmart and Amazon so not hard to imagine who would have gotten the bulk of those direct payments.
This is the type of shite I read and think “if this guy can become a billionaire then I can become a trillionaire. Just dumb shite all the way around.
This post was edited on 7/9/20 at 5:54 am
Posted on 7/9/20 at 5:52 am to blowmeauburn
Lots of stupid in this thread.
Posted on 7/9/20 at 5:54 am to rickgrimes
quote:
We did what we've been doing for the last 40 years, which is this top-down idea that trickle-down economics work," Palihapitiya said. "It doesn't work anymore." "It's just a failed idea, a failed concept that's had its day," he added.
What’s the evidence that this hasn’t worked? Coming out from the carter administration and his trickle up economy and transitioning into the trickle down has led to economic booms.
By what objective measure has our economy gotten worse since 1980?
Posted on 7/9/20 at 5:56 am to TigreB77
quote:
While everyone is arguing over $600 unemployment payments for the middle class, mask vs. no mask, left vs. right, and BLM vs. ALM, these multi-millionaires and billionaires are taking full advantage and ensuring they stay rich while the majority of Americans sink deeper and deeper into poverty and debt. And the sad part is we tolerate it.
Maybe, just maybe, we shouldn’t let government get so big and powerful that they can choose winners and losers?
Posted on 7/9/20 at 6:15 am to ForeverEllisHugh
quote:
He’s spot-on.
No he’s not.
You put all the cash into consumers pockets, that only results in a boost to consumer products and business. For the most part these industries did fine (groceries, home improvement, electronics, etc). The only way the consumer to actually enrich themselves would be to simply pocket the cash which would defeat the purpose.
Meanwhile, things like professional services and construction that rely on businesses to businesses transactions would have been hit by a freeze in cash flow. Without PPP, which while it has a ton of problems, certainly allowed for cash flow and ultimately caused consumers to not have a shock to their income, along with unemployment.
Did we waste money? Yes probably so. Were the program’s poorly planned? Yeah in some ways. But saying trickledown economics doesn’t work is simply foolish
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