Venture Capital CEO Dumbfounds CNBC Anchor by Saying Billionaires and Hedge Funds Don't Deserve a Ba

[JoeOtterbein]

Mediaite

By Reed RichardsonApr 9th, 2020, 8:01 pm

Former Facebook exec Chamath Palihapitiya dumbfounded a CNBC anchor on Thursday when he argued that billionaires, hedge funds, and mismanaged corporations, like airline companies, don’t deserve any federal bailout or stimulus money.

Speaking with Scott Wapner, host of the Fast Money Halftime Report, the Social Capital CEO unapologetically brushed off concerns for Wall Street’s financial giants, comparing their relative discomfort to the real economic pain being suffered by unemployed workers.

“Lastly, let me ask you one last question,” Wapner said. “I think we all agree that more money for Main Street is needed. Maybe not in spite of the money to all of these companies or whatever that make up the economy as well, hat more money is needed everywhere, perhaps. Are you, you keep saying ‘propping up zombie companies.’ Are you arguing to let airlines fail?”

“Yes,” was Palihapitiya’s curt answer.

snip

more fun at link

[LonePirate]

1. Here's tweeted video clip of most of the discussion.

Link to tweet

[underpants]

3. There is no morality in capitalism

Excellent performance and opinion by that guy.

[Progressive Jones]

4. Yet, capitalism is not "intrinsically moral", as many Wall Streeters like to claim.

There are good people, but not enough. Not even close to enough.

[underpants]

5. I forgot the no but you picked up on what I meant.

Thanks.

[I_UndergroundPanther]

2. He's totally correct

They don't need bailouts and if badly managed they need to fail.
Finally the truth.

[Grasswire2]

6. I saw that.

Surprising on many levels!

[7wo7rees]

7. Found some insights from a podcast last week

https://podcastnotes.org/recode-decode/chamath-palihapitiya-kara-swisher-investing/

After the pandemic wanes, what will change?

Working from home will become the norm
Hard tech will be a winner
Software will not be a winner because cheaper, better, faster will no longer apply
The airline industry will be remade– its already finished
There will be a renewed push to overhaul the healthcare industry
E-learning’s moment has arrived


Economic fallout of the crisis will be expansive:

Credit markets have seized up
Commercial real estate is uncertain – i.e., if people were more productive at home, why pay for commercial real estate?
Restaurant or big mall infrastructure won’t be the same
The Federal Reserve is backing every form of credit now, so it means the US government is now backing every creditor or business and that is a socialist regime
Massive implication – there will be so much government debt even on the state and local level, that corporate taxes will go up