Jake Novak at CNBC does get one thing right in this very strange and I would say ill informed op-ed. Even though he says from the outset that he is actually for legalization he explains why legal pot will nonetheless contribute to income inequality. I think his concerns for the most part are not really concerns. At least not on a societal level.
Piketty rose out of nowhere like a rocket, propelled by the Obama administration and an #oldmedia which loved the narrative the French professor was selling.
In the last couple of weeks however, as people have read the book, the gravity of peer review has started to bring the rocket down nearly as fast as it went up.
The truth is people just don’t care so long as their 401ks and IRAs keep generally going up in “value.” The best friend Obama ever had and will ever have is the Fed which recklessly printed and inflated the stock market. Can you imagine where Obama would be today if the Dow was still hanging around 8000 or so? He probably wouldn’t be president, one way or another.
Like it or not Bitcoin is changing the world. A year ago very few people outside of wonky libertarian financial circles even knew what Bitcoin was. Now it is known by everyone, including and especially governments and central banks. They for the most part are not keen on the crypto-currency. And one can understand why. The central planners have no control over Bitcoin and that scares them to death. How are they supposed to manipulate monetary policy if everyone is using blockchain based virtual currencies?
“Have I become an instrument in some billionaire’s investment campaign?” he said, adding that he now regrets sending the letter. “I don’t want to be an unwitting pawn, and that is how I am feeling right now.”
This is some truly disgusting crony capitalism.
Government work can be very lucrative. But this is nothing. I’d love to see what one of Putin’s many palaces look like.
The “fairy dust” has kept things going for a long time. Will it continue to work? How long? It won’t work forever. Did it just stop working?
Next week will be fun.
The answer I believe is, yes, absolutely. Frankly I think that some people in Washington were hoping for a crash before now.That they haven’t gotten one has lead to significant consternation.
Surprise, Hank Paulson thinks the rabble, now empowered by new media, are counter productive to the great “debate” the country is having. Better to leave it to the Masters of the Universe like him.
What is under the stock market? Is the market reflecting an economy which is fundamentally strong?