Palihapitiya ain't no one's fool and he is able to lay down the law to trust fund socialist millennial morons like few are able to. What a man! These trust fund millennials, to NOT be flaming hypocrites, can hand over their trust funds to practical and functional folks who will actually do something useful in improving this world, such as myself or some of the folks around here... 100% on the page with Palihapitiya here... I didn't grow up in Sri Lanka, but did grow up in the bottom of the Australian pyramid. BTW, Australia is an awesome country! Even better than America, hi hi. Enjoy, Billionaire Silicon Valley VC Says "F**k You" To The "Rich Kids Who Want To Tear Down Capitalism" Alexander Pan via TheBrag.com https://www.zerohedge.com/personal-finance/silicon-valley-vc-billionaire-say... https://thebrag.com/nba-warriors-exec-slams-trust-fund-socialists/ Executive board member of the NBA’s Golden State Warriors and CEO of Social Capital, Chamath Palihapitiya has said “fuck you” to every rich millennial on a trust fund attacking capitalism and claiming they’re socialists. Appearing on the All-In Podcast alongside Jason Calacanis, David Sacks, and David Friedberg, the quartet got to discussing trust fund kids claiming to be socialists, specifically naming a recent New York Times article titled ‘The Rich Kids Who Want to Tear Down Capitalism’ as highly misguided since capitalism is exactly how those rich kids got to where they are now. https://thebrag.com/millennials-richest-generation-in-history/ https://www.nytimes.com/2020/11/27/style/trust-fund-activism-resouce-generat... Palihapitiya unleashed with a verbal beatdown to all those trust fund socialists. “Who’s right is it to say that that [capitalism] was wrong and all of the people that are employed by it and live within that mechanism?” says Palihapitiya. “All of a sudden 50,000 people virtue signal because they’re sitting in their warm homes in America telling everyone to fuck off, I find it kind of a joke.” The venture capitalist then used his childhood of living in poverty to really hammer home his point against trust fund socialists. “I would like you to go live where I was supposed to live before I immigrated,” continues Palihapitiya. “Come to Sri Lanka, you live in an outhouse, you sit there, you squat to go to the bathroom, there’s no fucking three-ply bamboo press-free toilet paper. “You literally clean yourself with your hand, you brush your teeth with coal, I remember we used to brush our teeth with fucking coal. We have a well for water. “You have all these people in these situations where all we wanted was just a chance to run the race and the people that were born with the silver spoon in their mouth, who had the chance to run the race, turns around and tells guys like me ‘no you can’t’, that fucking infuriates me.” Palihapitiya then signed off in the most straight-to-the-point way possible: “Honestly, fuck you.” If he had a handheld mic, he probably would’ve dropped it. Chamath concluded his perspective by quoting Walter E Williams: “Prior to capitalism, the way people amassed great wealth was by looting, plundering and enslaving their fellow man,” he said. “Capitalism made it possible to become wealthy by serving your fellow man.” Check out Palihapitiya ripping into trust fund socialists: http://www.youtube.com/watch?v=xPCA5fZ6cjY On Fri, Apr 10, 2020 at 03:29:51PM +1000, Zig the N.g wrote:
A strong pyramid requires a strong base, and that base must be kept strong, not leeched into oblivion by hedge funds. If you struggle to see this, look at the obvious:
The system of hedge fund leeching of the world, sucking the marrow of all nations and gutting the bulk of the pyramid (i.e. all but the top 1%), leaves you with a decimated world (Western world, in terms of e.g. manufacturing, jobs, middle class etc) which "owes" you half a quintillion dollars (literally - that's 500 -trillion- dollars), but since that world is decimated, there's a) no chance in hell that debt is EVER gonna be paid, and b) no motivation within the decimated population to even try.
"Let Them Fail" - Billionaire Explains To Gobsmacked CNBC Host How Capitalism Is Supposed To Work https://www.zerohedge.com/markets/let-them-fail-facebook-investor-explains-s...
.. In terms of drama, CNBC is usually pretty staid. But every once in a while, there's a fight, or a contentious interview, that really grabs people's attention. On Thursday, such a confrontation occurred during "the Halftime Report" as Scott "The Judge" Wapner interviewed early Facebook investor and uber-wealthy VC investor Chamath Palihapitiya.
Wapner brought up the question of the bailouts for main street and corporate America that the Trump Administration has packaged as part of its $2.2 trillion plan. Palihapitiya raised an issue with the program, arguing that the administration would be using taxpayer money to prop up "zombie companies."
Then Wapner asked: "Are you arguing to let airlines fail?
Palihapitiya, who was speaking on the phone, responded with a very assertive "Yes."
Wapner seemed blown away by this. Struggling to process the answer he had just been given, he followed-up, incredulously: "But how does that make sense in the broader scheme of the economy."
Then Palihapitiya went off.
"This is a lie that's been propagated by Wall Street. When a company fails, it does not fire its employees...it goes through a packaged bankruptcy...if anything, what happens is the employees end up owning more of the company. The people who get wiped out are the people who own the unsecured debt and the equity...but the employees don't get wiped out and the pensions don't get wiped out."
[...]
"And if a bunch of hedge funds get wiped out - what's the big deal? Let them fail. So they don't get the summer in the Hamptons - who cares."
Out in the real world, people say mean things about the rich all the time. But it doesn't happen quite as often on CNBC. In fact, sometimes CNBC's hosts seem downright confused when people don't seem to care about asset prices above all else - like that time Rick Santelli said we should all just go get infected and let grandma die to save the stock market. What's more, Wapner seemed almost personally insulted by Palihapitiya's response.
..
[Ah just -love- the sweet smell of rock solid smug certainty from a wealthy and principled Palihapitiya in da mornin' :D] [He be wipin' dey smiles off dey smug CNBC NPCs in da morning' :D :D] [Ohhhh, yeahhhh - you know you love it :D] [Very, very smug pic of Chamath Palihapitiya, billionaire, not attached.]
But but but ... muh hedge funds ???
Qants gone wild ... wif da rage! Hah hah!
Just rememba, muh one percentas, keep dey eye on dey ball - ball name Chi-na. As in "Chi" followed by "na" - kapish?
Did I mention China?
Japan To Spend Billions Relocating Production Out Of China https://www.zerohedge.com/economics/japan-spend-billions-relocating-producti...