Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (749247)	10/24/2013 6:18:38 PM
From: SilentZ	Read Replies (1) \| Respond to of 1573923

>No, instead they borrow. They max out their credit cards. They get subprime mortgages, then blame the banks for giving it to them in the first place. The banks didn't just give credit cards and subprime mortgages. They pushed and pushed and pushed and pushed them. >All of this is behavior which is encouraged by the left, because to them, saving is the enemy of their stimulus-based economics. (Keynes warned against "excessive saving," but the policies being practiced by the left seem to punish ANY saving.) Oh, that's total BS. Everybody should be saving. Sounds like you do. I'm working on it, but it's difficult given that I'm also trying to build a business. I'll admit to going to the extreme a bit here, but in 2009, two hedge fund guys named John Paulson and David Tepper made something like $4 billion each that year. We're not talking about you making $150K and socking away $25K of it. These guys probably spent something like $100 mil of it and used the rest to, well, just be richer. God knows how, but Bloomberg entered office in 2002 worth $5 billion and is leaving office worth $29 billion. That's just hoarding, which is not good. The key word is excessive. We had kind of an equilibrium going in the '50s and '60s where the types of people who were like you (hypothetically) making that $150K and saving 15-20% of it were, relative to the size of the economy, much larger relatively than those making $4 billion and saving 98% of it. It worked pretty well. But when our economy became more tilted towards the latter, it made our economy not work quite as well. No one (certainly not me) is not saying you should put away that $25K. I encourage and applaud it. Good Tench! Well done, well achieved. You were part of putting the Core i7 in the device on my lap that lets me squander my work day talking to you. Thank you. But to Paulson, who made his money literally paying Goldman Sachs to encouraging other to make bad life bets on mortgages and betting against them in 2008 just so he could have more money tied for #45 in the Forbes 400 in 2010 ahead of Abigail Johnson, who inherited all of her money, at #48? Well, fuck him with an ice scraper. -Z