Chamath Palihapitiya: US needs to let hedge funds, billionaires fail during coronavirus pandemic
Chamath Palihapitiya, founder and CEO of investment firm Social Capital, said the U.S. shouldn't be bailing out billionaires and hedge funds during the coronavirus pandemic and should help on the general public.
.""What we've done is disproportionately prop up poor performing CEOs and boards, and you have to wash these people out.""Just to be clear on who we are talking about. We're talking about a hedge fund that serves a bunch of billionaire family offices, who cares? They don't get the summer in the Hamptons?" he said. "These are the people that purport to be the most sophisticated investors in the world."
Palihapitiya also said he was concerned that the Federal Reserve's plans to support to economy duringis going to have consequences.The Fed earlier in the day announced a slew of new moves aimed at getting another$2.3 trillion of financinginto businesses and governments, including its Main Street business lending program and market interventions. The Fed said its loans will be geared toward businesses with up to 10,000 employees and less than $2.5 billion in revenues for 2019. Programs would total up to $2.3 trillion and include the Payroll Protection Program and other measures aimed at getting money to small businesses and bolstering municipal finances with a $500 billion lending program, it added.
But Palihapitiya said it would have been better to just give more money to Americans."I'm not disagreeing with what the Fed has to do. What I'm saying is it's creating a landmine, and it's creating a bill that will have to come due," he said. "It would be better for Fed to have given half a million to every man, woman and child in the United States," he added.
The new measures add to an already aggressive strategy by the Fed to keep markets functioning and support the economy, which has been hit by public health measures aimed at slowing the coronavirus spread. Read more: CNBC »
The Fed is the enabler. Bark at the right tree. I hope there is a historical class action lawsuit against the CEO and Board of IBM and every other firm that managed to justify this wealth transfer. abouttime Buybacks: Ruining your balance sheet to give money to people who do not want to be shareholders. It is a triumph of PR to have convinced the remaining shareholders this is good for them.
Amdalleq 11 years too late. would love to hear the do-do birds in the comments here explain to me why buybacks are worse than dividends There is nothing wrong w/ buybacks when funds are available. They actually can benefit employees who participate in company discount stock purchase programs via increasing share value. Especially retiring workers. & employees who purchase Co stock R “invested” in their work.
Irrational exuberance. Huge unemployment. This will effect Starbucks & amazon. You’re judging companies and economy based on a return to normalcy. No customers, slow rehiring at best, bankruptcies. Fall virus return. This will be years. major recession coming&market is up?! 💯 Bitcoin 🌹 CNBC: gets dunked on in round 1, brings Chamath back on the show and attempts to return fire after. chamath:
I think people should concentrate on fact that these companies borrowed cheap money to do their buy backs. Use if profits is fine, what they did is add debt! Now they get to pay back that debt with our tax dollars. Nothing about this is difficult to understand. Taking on debt to buy back shares essentially gifts shareholders at the expense of the company's long-term well-being. It is incongruous with good corporate stewardship.
chamath Chamath for president!!! So glad to see this message getting out!!! Hear hear US is 70% consumer driven, yet 98% of the conversation & funds are for the corps. The same capitalist who argue agst stdnt. loan cancellations are the 1st ones on line for the Fed/ govt bailout programs. Is sending “some” Americans $1,200 versus giving the “Haves” billions fair?
'When you already know the answer to the audience's question' - 🙌🏀🗑️ chamath about AAPL buybacks with ScottWapnerCNBC ScottWapnerCNBC wake up buddy. U know u can't argue with chamath . Great interview! I would recommend all to view this. Enjoy! BurggrabenH What’s lack in modern CEO’s is wisdom. That class isn’t offered at Harvard anymore.
Well said chamath None of this changes until fiat currency disappears. Money that can be created effortlessly will be created effortlessly in times of systemic crisis thereby incentivizing imprudence. I blame the fed . The CEOs took rational decisions. Buy back roe stock at 10% and borrow for ten years at 2%.. that's returning share holder value.. the fed broke pricing so artificially low yield. Yield Price is risk. Fed broken that loop completely..
As a 25 year apple user, I can tell they are overrated. The mac pro will be a disaster. Maybe other things will be OK, but they've had a lot of screw ups in products here and there. Apply Contingent Convertible (CoCo) or bail-in mechanism to all corporates. Then if stock depreciates to a distressed level let it bankrupt. Capitalism must be efficient and debt of listed Cos regulated with automated triggers. chamath
BITFD Again.Well Said chamath for President Thanks. Does anyone know if data is available on what percent of employees have been ultimately laid off from public companies that have filed for bankruptcy? Not really. Buyback is tax savings for some. But i do agree it produces some retarded analysis of buyback fake growth like apple.
It's becoming clear to me that the next bull cycle will not be fueled by fomo but by those angry with the government and the inherent structural deficiencies which contribute to wealth inequality. They are beginning to see it's a rigged game. Bitcoin KitKat mom The_Real_Fly How is it incompetence? It’s a very consciously self-serving practice that works brilliantly. The incentive structure is the problem here, not incompetence.
I’m sure Chamath knows things we don’t know. He’s a real genuine guy. As far I know he should write a book. Don't agree w/ lot of the stuff chamath said in his previous interview but absolutely agree with lot of the stuff he said in today's interview regarding buybacks & companies like $IBM which had pure trash management team lead by Rometty. Squandered its lead,won't exist in 10 yrs
Round 2 ThomasKertapati hgooders More “rules” aren’t needed. How about if you disagree with the direction of the company as a shareholder, you sell the stock. None of these buybacks were done in secret. the new hero of america Chamath is 💯🎯 Save for the rainy days. Invest in people/tech/future... Don't chase buybacks at mkt height! During mkt trough, you will have plenty of ammunition for survival! These are what modern CEOs are lacking. Pathetic and miserable facts!
I wanna work for your company chamath ☺️ I feel like Scott may not be your biggest fan!! chamath Great interview chamath! Was it me or was the interviewer extremely dense?!? 💪 Incompetent, or maybe just incentivized by short-term gains knowing there's a bailout if needed. It's time. Biden better appoint chamath to the treasury.
Owned Scott making an ass of himself again, Chamath 2024 Awesome chamath, totally echo your sentiments! OMG Scott getting dunked ON. I agree that buybacks reward shareholders without any improvement in the underlying business and reduces rewards to employees who. as consumers, can help grow the economy and are not sellers of the company’s stock.
but what I think chamath is missing is that if the stock is trading below intrinsic business value and has excess cash then it is reasonable to buyback some stock no? Scott doesn't seem to understand the importance of saving for rainy days. What a stellar response and rebuttal by chamath! Patrici051661
I think chamath is right but I would say buybacks are not inherently wrong or right. In IBM case it is done wrongly and in apple case it is done right , in retrospect. IBM cannot allocate the capital better then buyback and higher dividends, apple can. Different tech sectors. Chamath gonna Chamath. Some more notes from his many podcast interviews
chamath loved the way you handled the relentless baiting. 👍 DiMartinoBooth I get the feel you'll like Chamath's response. lol chamath well-stated! They say that, somewhere right now, Scott is still holding on. Apple is the biggest tax cheat in the history of capitalism. They offshore most of the profits and use the US to do all their deductions. They also use slave labor in China to produce their products. I wouldnt just said... Tim Cook cheats the tax payers and buys back shares.
Only thing he got wrong is the CEOs aren't incompetent. They're very competent. At looting the companies they're temporarily in charge of in control frauds. Chamath is absolutely right. When stock crashes anyway, burning cash is exactly what a buyback is. It's a poor use of resources regardless. 35% tax cuts, artificially low int rates, dereg of externalities. Trickle down (aka socialism for the 5%) fails again. Time for trickle-up.
C'MON POOKIE LET'S BURN THIS MOTHERFUCKER DOWN Not sure I understand the logic of mass BK reorgs. If BK is the solution for big co's, why not for small co's, letting them start over with no debt? How would the banks handle this? How would credit markets survive? Wouldn't new lenders insist on staff cuts at surviving co's?
Look AnandWrites, your rich CNBC-still-accepted cousin is on TV Completley spot on. Buybacks have destroyed the middle class, helped insiders dump their positions with less slippage, & burned companies balance sheets. No company that bought back stock should be allowed to get bailed out gentlemanwalkin This guy has some insight about what’s wrong with Branson business 😉?
Haha, the Owner class lets one of theirs be the social pressure release valve and the sheep get ecstatic. Even want him to be President! Such low standard for picking a leader. As a reminder, you are only fit for trickle down economics and herd immunity. Airlines all pay dividends/buy back shares because the industry is mature and they can't invest excess capital above their hurdle rate— but investors likely can. It's just returning capital to shareholders who can use it more effectively.
Wapner didn't prove Chamath's point. They are both saying that responsible buybacks are ok. Wapner was objecting to the fact that all buybacks are bad. Chamath is a hypocrite and clearly a beneficiary of the system. Funny how he dodged the question on him raising his SPAC using capital from the same money a week ago he spat on. hypocrite
CHAMATH is 1000% CORRECT. He’s a guy, I would LOVE to work for! 'It's totally broken!' It really is Chamath. I would add that most of these same companies did not even give cost of living size raises to employees during this 11 years of growth. Apple the good child was nicer, IBM...not so nice. Jeez. What a joke. Why do they bother with this obviously clueless person who only know how to sing his book and poorly at that.
nice try Scott clown face Wapner! 100% with this! You don’t have to make it variable it is variable they can change it any quarter they want. I love everyone saying ScottWapnerCNBC got owned 😂 He is such a great interviewer. Allowed chamath to explain his point of view and then puts his views to the test ie Apple buyback and Branson bailout. I think the answers to those questions was much more telling.
Apparently, do as I say not as a I do. I am certainly supportive of changing the tax code if you want to change the excessive behavior around buybacks. Don’t understand chamath calling people who do buybacks “morons” when he takes part in the practice as well. Excellent Each person chose an example to validate their perspective. Let’s look at the top 250 companies to see who is correct. Did Facebook or any of Social Capital’s companies ever repurchase stocks? Regardless the outlier mentality is used to make a point.
Um, CliffordAsness, EconomPic apparently someone 👇🏻 I would call it incompetence of the bd of directors for allowing incentive programs that don’t enhance overall co long term health. VoteThemAllOut2020 TermLimitsNow This guy desires his own daily segment at a minimum. chamath shares some simple principles on investing that everyone should really consider.
This dude is good. Another metric is the typical life of a CEO now a days is 5 years. They get rich becuase of the glitterati payscale including stock options because of the buyback pumping and can bolt before a big downturn tide out event reveals the structure also weakness. Fascinating conversation.
☝🏻 He ain’t lying. Not one ☝🏾 lie was told. In the 8 days following a buyback announcement executives on average sold five times as much stock as they had on an ordinary day -The Atlantic Ugh! Missed the entire thing. Hopefully; it’ll be up on YouTube for our viewing. chamath 2 : 0 Scott SOCIAL engineering.... this is garbage. Promoting socialism in disguise is so beneath you and your channel.
Is there the whole interview somewhere, the link showed me the old one. This was used for Scott to redeem himself. He didn't. All he has done is proven he doesnt understand economics Wapner & 1% friends vs Chamath = don't go there man Great job Scott!! Love these conversations !! One of my favorite guest
scott spent all week working on that 😆 This guy needs to go have drinks with the Pharma Bro (Shkreli). They'd hit it off spectacularly. Example, the top 4 airlines bought back $38 billion of their stock in the last 5 years. The only reason for the buybacks is to prop up their per share profit. Then there bonuses increase by the millions. No buybacks....shore up your finances...tired of bailing u out
Not just a growing strain of incompetence, it is incompetence and frankly corporate negligence of duty. While I did not like the throw them to the Pandemic opinion previously championed, I do agree buybacks generally are not good, I also don’t like shorting b/c it rewards deception too much✌️ chamath - I have so much admiration for your inspiring segment on HalftimeReport with ScottWapnerCNBC You are a brilliant explainer and we see your profound humanity and business acumen. Thank you - you did right by our country and citizens. Please run for President.
Only clowns of CNBC need to be explained basics of right and wrong. CP's analogy with the two sons is amazingly nonsensical. Does the guy understand that a stock buyback is not the same as burning money in one's backyard? How is he taken seriously? I wish the host had pressured him more on that. CP sounds like a populist politician - all talk.
Chalmath speaks for the masses TimesUp ScottWapnerCNBC Need more examples? How about $BA? How about $GE? $M? We could go on and on and on with this game! I get the entire freaking market, and you get $AAPL! Play the full clip. He had a good point that you’re trying to obfuscate by the IBM/AAPL example
what in the fu*k does ScottWapnerCNBC not get about this? Scott, please ask me. 99% of all corp used the GOP tax cut and low cost borrowing to buyback shares. They did not save, expand, invest, hire. NOW 100% of those 99% want a bailout/handout. No damn way. You really lost it Nice to have a dose of reality with chamath on 👏🏻👏🏻👏🏻👏🏻
I’ll give him this. He’s a master deflector/redirector and spin master. It’s like watching his version of a Bond movie with product placements every other frame. Only in this version, an United Airlines plane is in flames behind the Virgin Air plane his James Bond is boarding. The problem with the US is that there is a whole ecosystem of markets that needs to be fed too and they are used to being at the trough first. It’s an endemic system with lobbyists et al and if this exogenous shock can’t change the system, not sure what will.... chamath
I cant believe companies werent saving for a once-in-a-century event and didnt foresee that the government would shut down the economy.....😂 Wow. This goes against every single host on CNBC, including jimcramer, for the last 3 years. You all have been stammering for, and cheering about, buybacks since the tax plan went into effect. Excellent interview.
Chamath with another TKO. Chamath is so right!!!! Schooled Chamath, smartest guy in the room, at least in his mind. Provocative thoughts certainly, but not much deep thinking (e.g., direct payments only don’t help preserve US business infrastructure if people can’t go out to spend the delivered money). Less airtime for this guy, please.
Much rather my companies buy back their stock than mergers... the time and money on failed mergers is staggering. Chamath Palihapitiya is one of the few money mangers who really gets it. He should be strongly considered for th for the Federal Reserve -- the modern bastion of group think today. Chamath is so right and very clear in his arguments. if we want to have better run companies, Wall Street FEDS and Treasury need to follow his advice. It will reduce the wealth gap between the rich and poor. This gap keeps widening so much that nations will fall into the crevice.
Pretty smart guy, should be leader of a country, hopefully usa but hard to happen in a democracy with many idiots voting From his background he must be under a rock. Exactly the scrutiny companies are under right now. Fantastic insights today. These Journalist even have business degree in economics or finance? Idiots. Socialist mentality. People have to get back to work. You can’t keep printing money. National debt is over $3T. How are these Socialist planning to pay for this? Higher taxes on EVERYONE! Nothing is free!
Palihapitiya is a lunatic. Why would ANYONE want a company to hold onto an investors cash if they can’t use it in a productive business opportunity? Stop the madness and stupidity on corporate stock buybacks! Give investors back their money!!!! Great discussion. This should be a weekly feature. chamath legendary
Facts The SoCal CEO is a moron! Hard to listen to this clown! He is love with himself. So many studies on buybacks do not support his claim! Just ask Cliff Asness!!! The voice in the wilderness chamath - in my opinion more right than wrong across a wide array of issues this Guy is a hypocrite Chamath dunks on Scott Wapner! Crushed it
This guy is full of crap and you should stop having him on your show It’s ok for Richard Branson but not US airlines This guy is all talk doesn’t want to upset his friend but is happy for the US to lose shame on this 🤡 shouldn’t be allowed in TV!! I was liking this guy until he couldn’t answer if Richard branson should get bailed out. What a fraud...
Rating draw!! Great job chamath chamath should run CNBC. B.S. Scott is making him choke.. chamath is trying to be a politician and a Wall Street guy.. future trump? I agree. Buybacks raise stock prices, and are a result of CEO and others incentive packages (raising stock price). But, ultimately as an inventor, I want you to invest the money for future returns, or if in excess, pay me a dividend.
Guy needs a board to his head. Student loans ? That’s stupid give it to mortgage holders not some brats who went to school it’s not a necessity to go to college - pay uppunks. I worked 3 Fuvking jobs to pay em off Can we just please give chamath a weekly show on cnbc? The dude is a gentleman and a scholar and is always spitting out knowledge when he goes on the show. Give him the show.
Billionaire is out of touch with reality CP is just brilliant - thanks for bringing him on CNBC He is killing it. He is also 100% right in that assistance payments should be made directly to individuals, not to businesses via banks. Bankruptcy process only removes the large investors. The bankruptcy What he's saying makes sense if we're talking about letting just a handful of companies fail...but at this point, entire industries are at risk of being wiped out and to pretend like that isn't going to handicap our economy for decades is just asinine.
MaryJMarketing I'm tired of the airlines whining every few years for a bailout. Nationalize the airlines. Those who argue that big companies should be bailed out also must argue to bail out gamblers losing everything in casinos. BOTH try to make money by gambling. If you bail out one of them who failed you have to bail out the other too. Otherwise your logic is flawed.
Those who argue that big financial companies should be bailed out also have to argue to bail out gamblers losing everything in casinos. BOTH try to make money by gambling. If you bail out one who failed you have to bail out the other too. Otherwise your logic is flawed. I’d like to know how many 401Ks own these stocks
Air travel isn’t so essential. The gov prop ups show that ticket prices should be much higher. Let stocks go to zero, will cause higher ticket prices, less travel, and the next pandemic will spread much slower. Yep He is right n right Go chamath!! As taxpayers we are bailing any companies will have to sign paper work where govt can get money back after 1 or 2 yrs . Any large companies like all these airlines, they give govt for bailout stocks share
I agree 100% with Chamath! Right now we’re at War with the invisible enemy! The medics need their supplies give them $1Trillion! Then WeThePeople need monthly survival allowance $1T Nobody is flying, taking cruises, staying in Hotels! They’ll survive if people survive! EatTheRich The entire interview is fantastic, highly recommend. Chamath is for the American people and he stands up for them in this interview
Bravo, Palihapitiya! It's time to put an end to these parasitic corporations. They're bleeding us dry, and giving NOTHING in return. Chamath Palihapitiya 👍👍👍👍 let them fail. If you're a for-profit company that can't make your business model work without extensive government subsidies, you deserve to fail.
I owned a business during the 2008/09 meltdown and never got a bailout or any help from anyone. I busted my A$$ to keep the doors open and made it through by the skin of my teeth. Most of my competitors didn’t make it. Thanks for sharing. Chamath dropping the truth. These rich speculators need to get washed out.
Chamath is a fucking hero. How can I like this forever He’s right Misssbitcoin Yes!! So we’re bailing out the airline industry, and also the debt riddled jet manufacturers? Because they are both bad at business? Sounds like this is working well. trains? tripletdoogan Hmmm ... while sympathetic to this point of view I don’t want to go through a Great Depression where only the very rich will get by. So I choose bailouts and hope we ban excessive leverage that exposes society more than the speculators who use it.
He is right This clown and the circus outfit known as CNBC are a joke! Misssbitcoin You dont stimulate the economy by propping up the stock market. You stimulate the economy by giving the people money to spend the rich companies deserve more time on earth. So do rich people in term of this force majeure?
I don’t think airlines should fall it’ll create a monopoly... and if anybody thinks airline tickets are expensive now wait until airliners go bankrupt. 2007: Too big to fail. 2020: Let them fail. If u ask me Mr Buffet is selling airlines for that reason, because he doesn’t think it’s the right thing to do. And he won’t accept to be part of this or profit from it.
I’m doing my homework, and research, in order to trade the market based on capitalism, and how that type of economy should work, and based on my data these stocks are to be shorted and I have the right to trade in a fair market, I’m losing money because it is not free anymore All there is to it is to save the rank of the country’s economy in the world. If ur not doing well ur just not doing well live with it and get ur stuff together, they say don’t fight the fed, I say short short short short
If these companies fail, like the airlines their assets will always be there for someone else to buy later, and restart business,this is how the game is short the hell out of all bailed out companies. This rally is a bubble that will burst big. Damn fucking right EatTheRich Jaffer22915438 That considers someone stating basic economics (that bad businesses should be allowed to fail) newsworthy shows just how far gone the American economic “system” is. The Fed has effectively instituted the infinite socialisation of poor corporate governance via QE.
profgalloway Ouch!!! Jaffer22915438 I agree. No more Bob Rubin trades. Nothing shows the deep faults in this market more than the presenters faux amazement, as if prudent corporate governance and risk awareness is an alien concept. Bail outs must prioritise the employee, how else does the real economy benefit?
Is this guy the lead LTTE member? He is simply angry because he was short the market and is losing his ass with the V recovery. cecilianastasja EconomistaFlait Cacha wn encontré filete la respuesta del loco, la entrevista completa está acá Los gringos se están agarrando a palos por como gastar la plata para la crisis
The fact that Trump was saying that the price of oil needed to be higher should have set off red flags to everyone. The Russians thank him for his continued support. Who cares love it, another side of BernieSanders this_vid The airlines & other big companies chose to use their money to buyback their stocks & pay big bonuses to execs, didn’t think of saving for a rainy day or a black swan event like covid-19. They reap the rewards but wont take the losses. Let them fail! It’s a free market!
Absolutely, if they had made poor capital allocation decisions. At the end of the day it’s people’s 401k and company pensions The gov should get a stake for loans. No freebies They bought back stock instead of paying for their planes it’s their fault Wow... it's almost like.... capitalism So it begins..the virus was man made and now we start moving the money around.Going to find every last one of the the responsible parties..then...
Billionaire CEOs of hedge funds are not the same as airlines. Airlines have employees with families, CEO of hedge funds will use the bailout money, our tax money, to buy more diamonds and condos for their girlfriends, bailing airlines is to maintain the viability of the company They're too dumb and selfish to succeed!
Get this man back on your show! CEO’s shouldn’t be getting ridiculous pay. Times like this prove it I’ll go to Vegas every weekend and gamble with the whales if I’m guaranteed my losses will be covered by the house... What he’s saying and obviously this guy doesn’t get is that Wall Street is a giant casino, and if you gamble, there has to be a downside. The airlines spent 3 billion stock buybacks to boost their value per share. Well had they had some liquidity or cash on hand, no help needed.
I’m with him let them get wiped out. Protect main street before Wall street Preach! These major airlines are part of Star, Skyteam and Oneworld alliances. Basically you bail out DL, UA or AA you are bailing out BA, Lufthansa and Air France and countless others. Airlines are fundamentally intellectually deceitful.
when can we talk about socialized capitalism? Too many companies and their boards bought stock, no rainy day fund. Need a rainy day fund law! ChamathPalihapitiya is right! SenateGOP HouseGOP THIS WAS NEVER A HOAX. NEVER! 'Bout time! SocializeTheLosses, PrivatizeTheProfit? No thanks. No more CorporateSocialism
He's was on 🔥 Love it! The void will be filled He's right! This talking head speaks of 'the morality' of the situation? How is it moral to make people pay for this bailout in 30 years? Chamath is correct... as he usually is. These guys on the networks have been smelling their own farts for too long...
I watched it when it aired, so glad you posted this for those who missed it. chamath is spot on, he made valid points and I commend him for bringing it up. The bigger issue is, how do you fix it? These companies are pressured by the blackrock’s of the world. Answer: you can’t This guy gets it. We don’t have free market capitalism anymore. We have crony capitalism.
Let them get 'wiped out.' 'On mainstreet today people are getting wiped out, rich CEO's are not, Boards aren't, Hedge funds are not, people wonder how are they going to make payments.' I don't care either. 💺✈ ChamathPalihapitiya great and down to earth answers. 👍 Amen! chamath What type of capitalism is it, if we constantly bail companies out. How is anyone going to learn.
He’s right. Never knew who chamath was; but sound like someone who speaks like a genius! YES! And that’s on fucking PERIOD. Cool I'd ask Chamath if he is shorting their stocks. I don't know if he is, but if so, his words may not be so noble. liverserjun freentglty gleesonrebello you guys might find this interesting
Is CNBC suggesting we turn to socialism for companies? This guy makes complete sense on one hand and then on the other I feel like we should bail them out... Completely agree, and shame on you CNBC to question this as some horrific thought. We all knew that 2020 would be continuing of a global slowdown and no one prepared for it. These shutdowns just exposed those who fail to prepare and now are begging to be let off the hook.
Thank god he is finally speaking up for the common American sick of billion dollar BAILOUTS carlquintanilla jimcramer GuyAdami chamath why is it that some companies saved responsibly (MSFT, AAPL, BMY) and so many didn’t? The narrative “it’s not their fault” is accurate -BUT- shouldn’t biz governance drive continuity plans, i.e “cash-on-hand” for event disruption?
chamath sweats more talent on a 20 minute jog than Scott Wapner has ever had ... it's almost like Scott has no concept of how markets are supposed to work! So Mr. Palihapitiya is saying billionaires don't deserve to be bailed out especially when we're not bailing out the average American who actually can't afford being laid off. But that CNBC anchor still can't understand 'why?!
This guy doing the interview needs to do some research and stop trying to look good in front of the camera. He looks like a complete idiot. Probably owns airline stocks and is in his own shallow world bragging to his idiot friends about his cakewalk job. wow, and the host even tries to vilify the company employees in question, trying to show that letting stocks fall hurts the regular person. what a tool.....
DownloaderBot download Since when was it the job of Gov. to just support the incumbents in whatever industry. Airlines have folded before for lesser reasons and no bailout provided. The planes will still be there and will be scooped up along with the workforce by the next operator who wants try . He’s probably buying the fulcrum security to profit in the event of bankruptcy.
No.. not the airlines.. they should get $9 bil .. you know, since they have bought $ 10 bil of their own stock over the last 10 yrs.. we should help these execs and millionnaire shareholders. ‘Cause.. you know, we’re all against socialism.. Easy For him to say let Airlines fail he’s probably has two private jets
save_the_tweet please truth Why do you invite such people who talk any thing. Being successful does not mean they can say anything and get away with that. Need this guy as economic advisor to replace Kudlow, finally someone talking some sense Are you actually going to listen to the people and see that letting them fail is a good thing? Or are you going to listen to your corporate sponsors and continue your pro rich propaganda?
Scott, 'fail' is prejudicial, instead use the phrase 'take advantage of Ch 11 reorganization'. You can think about the situation better if you look at it this way. He’s absolutely right.... capitalism only works when the guys on the high wire work without a net Chamath confuses hedge funds equity with the business itself. It makes business sense to allow airlines not to fail. It can damage GDP for a much longer time than the virus can survive.
Don’t use my tax mony to save this incompetent CEO’s let them fail” should have saved money for this tipe of emergency!!!! Instead of taking bonuses!!!! Scott’s apparently been living under a rock for last 12 years or so. It’s called letting markets work. Price discovery. Excesses getting punished. Bad behavior getting punished. The market will work it out if you let it. Kicking the can down the road is not the answer.
🥰😍😘 Good. Let them fail capitalism He is right Scott is right : airlines are in trouble because of the abrupt indefinite shutdown caused by Covid19 pandemic. Therefore a bailout is a legitimate proposition. It's nice to see the anarchists are still up and about Chamath 100% right Listen 👂 Heyy ScottWapnerCNBC, you kept cutting chamath off. That was incredibly rude.
Jay Powell 👇👇👇 Chamath is ma man, ma nigga Apple has cash to survive, the could have saved for a rainy day Chamath is 100% right. Let them fail. Ever hear of “too big to fail” They know they’ll get bailed out by the government, so they continue to leverage themselves to unbelievable heights. chamath
I agree, especially if his point is the companies will continue after an orderly bankruptcy. We have mitigated the cleansing affects of recessions for too long. End bailouts Chamath for president! This is gold. The CNBC anchor looks so confused! There is nothing wrong with the Bankruptcy law in America, it has worked for decades perfectly fine. Let capitalism work, let entrepreneurs buy these poorly managed companies for pennies on the dollar!
He is right!! Screw the corporate...! To hell with the airlines Yea this is why young ppl no longer believe in capitalism because we no longer have capitalism or democracy we are now living in a oligarchy. And this is the reason Americans no longer test the media is because of idiot journalists (stenographer to the elites) like this.
The government has intervened in the economy so much that if a business fails now it could hardly be considered the result of free market capitalism. By his logic, no involuntary closing , no stay at home orders, and let the chips fall where they may Then you follow up with hysterical “Mr Blunderful” crying, wining - basically arguing to get bailed out - agree with Chef Marcus - game to Chamath
skwijeratne Curious why does your News anchor sounds more like a lawyer for those investors rather than like, you know, a journalist? What a twit. What’s going on right now is not the airlines fault and neither is it the fault of the millions of shareholders, some of whom are hard working families with invested retirement funds.
This anchor screams 'Shill for Billionaires' at every point during this interview. 'Won't someone please think of the poor billionaires!?' What an absolute disgrace. OK. Now we have both sides. Something in the middle would force the airlines to liquidate their buybacks from the tax breaks and then be a backstop, like the feds are to the states.
jimcramer EstulinDaniel coasttocoastam I read on a financial website that American,Delta,United & Southwest spent 39 Billion on stock buybacks over the past 5 yrs & are now 'suggesting' 29 Billion in bailout money (Boeing spent 43 Billion in stock buybacks over last 10 yrs & may need 50 Billion to stay afloat) cnbc
whereisTilman 👀👀 LandrysInc Why do so many of these naysayers watch CNBC? They obviously have no money. Capitalism—the strong businesses survive they are doing it right—the weak perish-no more bailouts to billionaires-junk bonds -or hedge funds with taxpayers money 💰💵👿 Love your logic explicitly Why is Scott Wapner so shocked and argumentative. Chamath is absolutely right!
The answer is very biased. It assumes the main street got wiped out even with the CARES act, that is not true. The CARES act pretty much makes everybody whole. Some people even get more money being unemployed than employed. SMB get free money. Airlines deserve a piece of the pie. Agree. Agreed Airlines Delta UnltedAirlines americanairlnes AlaskaAir Boeing ✈️ AirlinesFail Bankruptcy StrongSurvive💰NoMoreBailouts
In the long run more get hurt if you don’t lend money to them that needs to be paid back. A real domino effect shareholders, employees, suppliers etc. Makes sense. I am certainly no expert but his reasoning seems sound. Vote in 2020 I have a family member who works at an airport. They are flying hundreds of empty flights or flights with a handful of passengers. Why are we giving them money?
Did the CNBC host even listen to or understand Chamath's reasoning? The host kept repeating his 'point' of 'who deserves...' using a forceful and emotional tone, hoping to stir up listeners' emotion to agree with him. He never explained or reasoned anything; need a better host. The anchor is so disingenuous. Palihapitiya says that you 'deserve' what you get when you choose to take on risky assets, because that's how that game works. Anchor jumps on 'deserves' and ignores everything else 🙄
If you are truly capitalist you should agree with him. Please let them fail Chamath Palihapitiya is on point. Billionaires are the only ones who ever get bailed out. Guess who bails them out? The average American citizen who is already drowning in medical and other debt put on them so these billionaires can continue to be wealthy beyond their needs
Government workers aren't laid off and take no hit on their pensions. Fauci's pension is safe. Private sector retirees? Social Security I guess, with very low limits on benefits. Maybe in addition to paying W2 for 2019 we can pay fake pension based on old S&P valuation? Clueless. I will be cheering for Social Capital to fail
I thought that’s how capitalism works? Or should we just let companies do whatever they want because they’re “too big to fail” letthemfail This entitled bro hasn't a clue how regular people save for retirement. They don't own companies they work for: counter to every bit of financial wisdom. Institutions he thinks are sophisticated to take the hit are holding savings of millions of regular folks.
Airlines don’t fail they file for bankruptcy protection 👺👺👺 In last one week, the stock price is inflated/controlled by Fed and Treasury, not the reality. Why have 'Put' option? why have 'Sell Short' if reality got nothing to do with stock price? They should come up with a new rule that only 'Buy' tab should be enabled, not 'Sell'.
Moonalice The fact that cruises 🚢 got 💰 and the 🏤 post office got nothing says it all to me about what our government has become. This guy should vote for Bernie Sanders with Maduro as his VP. What a jerk.If I was the airlines I would block his ass from flying. Bailouts = Corporate Socialism on the back of the American Tax Payer. Let Capitalism work as it is suppose to. You folks wont be happy until the pitchforks come out. Until then you'll screw over the tax payer as much as possible.
joroele Boom! Told like a boss Airlines are not going bust due to natural disaster, it’s due to stock repurchase programs that destroyed their balance sheets. ScottWapnerCNBC chamath I don’t agree with chamath often but he is 100% right here. Chamath just saying it like it is. 🔥 Last time I checked, didn’t United and countless other airlines go through chapter 11 many times over in the last 30 years? Yet, they are still around. Why does every industry need tax payer bailouts?
YES!!! the true capitalist reply!!!! If we wanted airlines that could never fail we would nationalize them. The airlines can sell their stock. They mismanaged their corporation and the CEOs and the airline owners deserve to take a bath! The shareholders must take responsibility. Next time to choose better CEOs.
Well, after we got rid of the premise that the airlines were needed as a logistical reserve for the US Air Force, and took on as canon that they were 'just' a capitalist exercise - why not? YES Who is this clown of a host ? Why does CNBC suck so much. good for Chamath Palihapitiya and F that news anchor hahaha
That’d be an idea if it weren’t for the gov’t mandated shutdown of business. Either leave it up to the business to survive the situation without gov’t interference or don’t. You don’t get the power to shutdown someone’s livelihood without responsibility in a time of emergency. These crisis ARE NOT created by the POOR and the POOR is getting affected the MOST.
Esp united. They have the worst staff and QoS. Capitalism suggests they should fall and do not deserve a govt-issued lifeline. Market share should go to better servicing airlines like SouthwestAir JetBlue Moonalice Did you see the CNBC broadcaster twitter page? He basically cried that Twitter is mean and ran away.
Chamath 🤦🏻♂️ I like this guy It is refreshing to hear the truth I want them all to crash and burn. 🤔 😂😂 Love it!!! Someone stand out to the dark purposes of conventional media such as these, that only spread fear to people instead of legitimate information! Take that!! Airlines are awful businesses with horrible and shady sales tactics! Maybe let them fail so a new and exciting one can have an opportunity to grow
Lol . You seem awfully proud of your clueless host to continue posting this a day later. I suppose any press, truly is, good press. Who cared when Carl Icahn bought more than 20% of TWA's stock in 1985, and then preceded to take TWA private, enriching himself with a $469 million payment. At the same time, TWA got laden with $540 million in debt. It went bankrupt, he got richer. Just business right CNBC.
I couldn’t agree with Chamanth more - great points. Bailouts are the biggest scams and transfer of wealth. Capitalism until something hits you then you want socialism and its safety net, and the average guy is left holding the bag! Natural disasters are a reality, plan well. Bravo chamath agree with you.. average america getting screwed while hedge funds, VCs, and fat ceos lining up their pockets with taxpayer’s dollars!! Enough is enough ..
This “financial network” doesn’t understand capitalism? 😱 well, not that I’ve watch much of this station but now I’ll go show this video and tell as many people as possible what horseshit they peddle. Great answer by guest chamath , terrible interviewer Scott If you’re a shitty manager, you should be fired. It’s obvious these companies don’t know how a balance sheet works, so let them fail. The ones with good management will prosper and if they believe a company deserves to succeed will buy them.
Let me translate this dude on the phone: give the tax money back to the PEOPLE, NOT the billionaires, NOT to the stock market Tycoons! Those rich folks can be wiped out instead of the poor. Right now the poor ARE being wiped out quit being bailoutcucks to cronyism. Let ALL failing companies FAIL. Obviously bailing out the companies in 08’ didn’t do ANYTHING to teach the market a valuable lesson much less the management teams that mismanaged their companies. This is why the poor hate the rich.
Hatred buffet style ... Hmmmmm... interesting idea Did you not talk with him before the interview...ScottWapnerCNBC was caught a tad off guard there hahaha chamath is overhyped. He got lucky working in tech and early at Facebook. That doesn’t equal genius or even “qualified” to opine about the airline industry and bankruptcy laws for such large companies. You throw “billionaire” out there and suddenly these people are worshiped.
Speaking the Truth These koolaid talk show hosts are part of the problem! More people should know Guess CNBC needed a 'socialist Canadian' to explain to American audiences how Capitalism works 😆 This anchor clearly doesn’t understand that we have to PAY for this stuff. That’s money we don’t have later for jobs, recovery etc
Great interview Scott...👏🏻👏🏻👏🏻 This anchor is pathetic lmfao y’all are corporate tools. Sad. 🙏 Spot on Well said. Chapter 11 protects workers and the executives. It’s just the common shareholders wiped out. If you haven’t sold your airline stocks yet. That’s on you and no one else. Similar to owning BaytexEnergy If you still own them that’s your own stupidity
Airline employees and their pensions get wipes out in bankruptcy. I know because it happened to my and my airline partners. Horrible guest .... I bet ScottWapnerCNBC loves that over a long weekend the world is gonna watch him whine like a child over and over again. btw four weeks ago chamath said recessions would not happen anymore...wrong
Without question airlines should be given support and but absolutely not for Boeing; their troubles began well in advance of this crisis. WSJ The point is Big Fund Managers should NOT be bailed out. Corps will go on w new equity. This is what free market capitalism is all abt. Bailing out big funds & shareholders are Market Socialism. Don’t they fear & hate Socialism? Lol
ScottWapnerCNBC he made you look foolish. All thise years on cnbc and you didn’t know people who own stocks sometimes lose money. Bruh someone get this man his own tv show. Finally someone with the balls to speak the truth on MSM. 💪🏻 Sounds good..... that white man needs to shut up and let mister chamath palihapitiya talk
His right ScottWapnerCNBC - chamath is right - airlines should be allowed to be restructured- equity flushed, bondholders exchange bonds for 100%equity ownership- why should politicians care which investor group owns? This isn’t failing, its changing ownership most employees are come to work for their daily livings & growth,dont let rich bitches or morons work for fun at work....every single employee is important.
I need to hear this exchange every day as a reminder that sanity exists. This system is not working. It’s broken and wins for the lucky (NOT the greatest skilled) few. If you burned your cash on buybacks (airlines) when times were good, then you deserve to be wiped out. 👍🏽 Someone actually comprehends the circumstances. Understands the corruption taking place with the proposed bailout scheme.
Oh so chamath is the villain here LOL. Don’t even .. One way Capitalism He mentions blackrock and so on.. doesnt blackrock manage funds that hold airline stocks, where most likely your state or teachers pension fund have shares on? Is not as simple as he likes to believe.. I’ve been through airline bankruptcy and 20% employee reductions after 9/11. He is wrong. Airlines would furlough 70% of their staff and pensions and work rules get reduced. Grants are saving employees job ! stupid comment
CNBC supports corporate socialism The Airlines will go on. Management & Employees will still have their jobs. Shareholders should pay the price. That’s what free market capitalism is all about. Equity is not risk free. It’s almost like Scott and the rest of the folks at CNBC are just discovering now what should actually happen if capitalism was in practice
Scott seems to have trouble grasping some pretty basic economic concepts. It is no wonder his viewers are so confused. Then we will have no airlines. This guy needs to be careful. Airlines are a critical industry. They will generate much more revenue because of lower barriers of entry. What an idiot. Guess I shouldn’t own airline stocks or really any publicly traded company
voice of reason...good for him!!!!! This is what should be done!!! CronyNBC does not understand basic economics. Unrefutably yes! Airlines go into bankruptcy all the time..way before coronavirus. Chamath is absurd. Individual case of Ch. 7/11 not an industry wide POV collapse of the global aviation industry. This is $2trillion sector.Would implode the millions of contracts 100k's firms that work the industry have with each other globally. All the debt/equity/muni-gov debt
Good for him. He’s absolutely right. Amazing, Chamath used to work for me way back, and he always had no filter and just said EXACTLY the right thing. this guy fucking rules I’m in favor of letting CNBC fail What a disaster 😂😂 Check the whole interview, you will find something Interesting 🤔 Best shit I’ve seen all week 🔥
Sure, NO National security manufactures ...Brilliant!! Do Cha Math KING Let them fail if they can't make it on their own. Any service that has a strong demand will come back and probably with smarter management. What business survives a shutdown & pandemic, seriously That is harsh Liberal establishment doesn’t care about working people. Both sides prioritize CEO’s and Billionaires. Please stop falling for their BS year after year
Of course, like the guillotine, we could just abandon flying. TooSpecializedToFail It'll end up being the same folks running the new airlines. Doesn't really matter if you bankrupt them or not. ScottWapnerCNBC: On point. Get Amtrak $$ If you’re going to live by the sword, you die by the sword. It’s only fair.
ScottWapnerCNBC wanted capitalism....he got capitalism It’s cute how the reporter feels he can actually keep up and hope to corner him but at the end looks completely outwitted I agree with chamath. Systemic bias to 'bailing out' all categories investors (angel, venture, hedge...). Send money directly to employees instead and let the investors work through the disruption.
Best podcast of the week: chamath on APompliano ”Corporations not advancing humanity should be disqualified from being able to run to the government.' Did they earn that? or steal it from everybody and if they did throw them in jail Ace_McCollum Baller What the Fed has done over the past week is obscene.
Artificially propping up the equity in businesses reduces the equity risk premium assumption, drives valuations higher, and encourages higher levels of risk taking. Increasingly repeating these cycles will lead to catastrophic failure. LeChatNoire4 Since they don’t need a bail out, this makes sense. Note that is arguing semantics and chamath is arguing policy.
What a breath of fresh air and a much needed perspective how to move forward. Spot on! federalreserve USTreasury realDonaldTrump SpeakerPelosi senatemajldr entire gop dnc handed out $2.3Trillion Friday to bail out junk holders for a 39 S&P point gain while 20 MM people got unemployed in 4 weeks in no pay. Let this sink in - 39 S&P points $2.3T
Socialism for the rich. Those collecting the most reward are supposed to be taking on the risk - it's how they justify 10-15% returns. When the risk comes, they take it. So make them take it. NoMoneyForCruiseShipCompanies AtomicmutantMB He’s not wrong FibLines He’s right CNBC is anti small investor. They suffer from TDS and therefore can’t be trusted. They pushed us to sell sell sell...and now they are still pushing us to wait for another leg down. It’s a horror show.
prisonculture He is 100% right. Capitalism should be accepted in good times and in bad times .. can’t have capitalism when it’s good and socialism for elites when it’s bad especially off the backs of working Americans.. This was an interesting interview! Yeah!! The moment he said no, I thought the host choked
He's sort of ignorant as to how Bankruptcy and Business Assets are divvied up, but I agree with the sentiment. 1. Lien Creditors; 2. Unsecured; 3. Equity holders of whatever's left. Employees are the first to go. Pensions usually are ordered into conservatorship. Been there. Big dick energy... I love it!!!! I wish Bernie had this attitude
Lmao the only person who got wiped out was your boy RainforestMoon Agreed. No one needs billionaires except billionaires. Don't just EatTheRich - TaxTheRich FIRST. Absolutely!! 👏🏻👏🏻🔝INTERVIEW! He's absolutely right. He is brilliant Donnaantoniadis lyhoutpheng Did your host just call this shit a natural disaster I cannot take these folks seriously my god
My hero!!!! DownloaderBot Halle-fuckin-lujah!!!! Thank you .chamath More like this. Make that anchor argue for UBI again. 'Why does anybody deserve to get wiped out?' was music to my ears. Is it possible these companies have been ignoring the adage 'have 3 to 6 months operating expenses on hand at all times'?
Amen! The Federal Government should not fund $MILLION Bonuses for Wall Street Executives. ScottWapnerCNBC while you're so busy being offended by what chamath was saying about reckless billionaires... prisonculture hell yeah this is beautiful.. thank you for sharing this mastery with us neal_katyal If its ok for regular folk to go bankrupt as a result of this crisis or crushing medical debt, why should we bail out billionaires. Answer....because they pull the levers of power!
reminder: bitcoin is schmuck insurance - chamath Think Scott wet his draws during this interview... Facial movements: Priceless Mr. Palihapitaya is 100% correct. Amen to that! This is amazing lol “What we’ve done is disproportionately prop up poor-performing CEOs and boards, and you have to wash these people out.” Trump is such a poor-performing CEO. He got rich by embazzling contractors, defrauding citizens through Trump University, other scams, dodged inheritance tax.
musicforcougars This anchor is embarrassing. He wants an airline bailout but he's not going to whine for Medicare for All or a jobs guarantee because it's only immoral when hedge funds lose money. BEST guest ever on CNBC and SO right... He’s right. Bail out people, not corporations. this_vid He knows the Squad..
There is no market anymore. It’s fake now. Provocative but I have to agree another disproportionate bailout . Everything I learned about capitalism is not evident in our economic actions. Fair or not fair... mcuban He is 100% correct we don’t need to bail out over levered bettors who’s bets went wrong that’s the game it does not matter that the virus causes it everyone knows the game they are playing “wipe them out”
Love this! xrp_hodl_ When you let someone else play with your money because you want to pretend you have enough bad things happen. Hedge funds by definition and regulation are intended to be high risk investments ONLY available to high net worth individuals. So if someone worth $10M loses $1M in a hedge fund, who cares? Zero real impact. Also, don’t privatize profits and socialize losses.
Spot on. We have a fake economy that’s completely out of touch. That’s how we ended up with Trump. They never really understood. I think is only right that they get wiped out. After all, all the money rich people made comes fromstealing time, resources , money and life from their employees Neo Liberal Outlets like BBG and CNBC have greatly widened the equality gap in this country...of course they bailouts.
Love it This anchor doesn’t understand that we have to pay this money back. Or spending it now will prevent us from spending on more important things in the future. That’s why we don’t need to backstop shareholders and bondholders indefinitely yelvington Except that there are 401(k)'s and IRA's using those same funds. So, letting them get wiped out kills off the average American worker's hopes for retirement.
Awesome chamath 👏 triketora That was great! cnbc are you going to invite chamath back? If we let them get wiped out now, the next time a pandemic or disaster comes along, they won't be caught so absolutely flat footed, and they won't get wiped out. If you want to play capitalism, play it properly. Poorly prepared companies can fail. Too big to fail is a lie.
dgrtgooner will love this idea Dear CNBC, could your hosts please listen to your guests and let them finish before cutting them off? We watch for their views, not yours. Thank you 🙏🏻 I disagreed with Chamath's prior comments about recessions... 'but then you go and do something like this... and totally redeem yourself!'
Hero’s are created everyday. So true rigged capitalism socialism for rich and not for rest of us I was telling my cousin yesterday that the billionaires are terrified they will be poor. They can get retrained for another job. Not to mention that unlike regular people, billionaires have experts employed to safeguard their wealth, this is why Trump has survived 6 bankruptcies. So yeah, don't worry about the 1% they can manage.
Billionaires won't get wiped out anyway. At worst the ones on the 'margins' will be multi-millionaires after. Allow me to get my tiny violin. Should any poor retirees be affected, we can bail those out. America should not be socializing corporate losses. We have spent almost $6 Trillion already just to prop up the stock market. That’s almost $40,000 from every American family. We could be providing financial stability for every family for the next year for that amount.
yes. airline investor particularly $UAL investors DESERVE to get wiped out while $UAL was breaking guitars and beating people up, instead of speaking up like owners, these investors were saying 'buy airlines b/c where else are customers going to go'. rcbregman kan je je vast in vinden TruthMatters 👍👍👍
More_Knwledge Sakhile_M_ I think I'm in love. The Big Line does not forgive blasphemy such as this. Burn the heretic. This. Is. Porn. America tends to insulate & rescue the wealthy making excuses, bailing them out for their poor judgement & risky behavior but revel in the opportunity to critique working class & poor Americans and expect them to foot the bill for every disaster political, financial or natural!
groworpay Can you interview him again? I want to hear more of what he has to say. It's nice to hear the truth on tv for a change. It really is amazing how much the host is strenuously advocating for incredibly wealthy people who do nothing for the economy to not lose a modest fraction of their wealth knowing it has nothing to do with the average person.
I agree with chamath. INJECT IT INTO MY VEINS WHOCARES It’s extremely sad that people have lost their jobs but these billionaires and hedge funds also do provide a lot of financial support and employment indirectly through their investments in companies etc. Chamath Palihapitiya be like... It’s called Capitalism. It’s how it works. It’s not like we won’t have airlines in the future. We’ll have airlines run with an eye towards longterm fiscal sustainability/responsibility rather than short-term investor gains.
Sounds good to me! MacFinn44 soledadobrien KeithOlbermann maddow RexChapman ChrisWarcraft this needs to go viral. greg_doucette check that out. I just remembered our convo about letting companies fail instead of being bailed out when I listened to this clip damn right I’ve watched this 20 times duh
Is this the same guy who was shamelessly pumping $spce for months? I agree, let Apollo and Blackstone fail. Teachers' pension funds invest in private equity. Public schools better prepare for colossal budget cuts. Bail out company, not the billionaires or CEO. They need to pay back, not at the expense of the workers. QE only helps rich to be richer.
What a disgusting bias this 'reporter' is showing... Finally we know, for certain, CNBC is Stooooopid. Another prove that the Noisier you are, ... 🙉🙉🙉🙉🙉 This guy is so dumb. Remember how he said there wouldnt be a recession ever again a few months ago? gotdamnrick tap into chamath Chamath nails it.
That dude Chamath is an idiot. Most companies that are getting helped would lose their business and all the employees with it if they didn’t get assistance. Chamath is trying to be cute and is that kid that acts smarter than everyone. On this he’s an idiot. eiaine Interviewer: uhh duhh derp derp I don’t know if it was intentional or not, but cnbc is showing a very short portion. There is so much more in this interview, they should make the full Interview available. It is essential watching. chamath
Socialize their losses, privatize their profits. That’s what they did with the banks in 2008 also. Let Nature take its course. Bailouts for any companies or employees is pretty dumb and counter evolutionary. If gains are privatized, then losses should not be socialized. If you buy a triple levered ETF, and it goes up, then great. You get to keep the money. But if it goes down, that's your problem. You don't put that on somebody else. It's just a simple question of fairness.
It’s a rigged game It has to do with risk and reward. If the CEO is making big bucks when the stock goes up, then obviously the CEO should get wiped out if the stock goes down. Why should gains be privatized, while losses are socialized? It's not fair. The people who deserve to get wiped out are the people who don't produce any value. And why do they deserve to get wiped out? Because that's the free market working. These people took a risk, and they are paying for it. Paying for their risk is giving welfare checks to gamblers.
Free Market - Them's the breaks. jenshmueller you got similar sentiments with chamath on not propping up underperforming boards and ceo's? If average jo gets wiped out so can they This is the best thing that’s ever aired on CNBC neal_katyal That would be true capitalism! Let the markets decided. Pay to play. Love that capitalism. 🤛🏻
I don’t think I’ve ever agreed more with an interview. These are public markets. Risk-Reward. That’s what keep things in balance. Not irresponsible junk bond issuances by PE firms, bailed out when sh*t hits the fan (and losses covered by Main St). STOP SOCIALIZING MARKETS. Agree 100% Very interesting point
Funny how business hates government until they need a bailout. Intelligence,, how refreshing, how rare. And apparently, how bewildering to some. Without a bailout on key industries, demand on credit will plummet in the coming years. This affects every lender in the country and around the world. At least go study those bailouts in 07-08 in depth, and then ask yourself what would happen to aggregate demand without bailouts.
Chamath is 100% right. Corporate Marxism will bring social Marxism and wipe us all out. Oh and those Hampton trips read about the bolsheviks. They seemed nice raygibbs1 Yes Oh, I like him. 8bitSmurf How the Fuk S&P 500 is up +2.10% when there is over 10 million applied for unemployment?! Agree! Risk has consequences. Junk bonds perpetuated by PE firms should not be back-stopped. No downside encourages riskier debt issuances for higher returns. Irresponsible! LET THESE COMPANIES FAIL AND RESTRUCTURE. In the end, Main St suffers. STOP SOCIALIZING PUBLIC MARKETS!
Give every american a million dollar bcos noone deserves to be not a millionaire . U want to interview Chamath , get him someone who has the ability to interview him . This is a joke Big corporate treat stock market is like gambling in Las Vegas.... 100% support on Chamath point Right on... neal_katyal Bailing out a hedge fund is like giving taxpayer money to a gambler who just lost his friend's money at the casino.
...are you going to post the self-centered crying billionaires' videos too? OR, are you too chicken, and mere supplicants ? Somehow the stimulus never reaches the bottom rung. However the second and third home markets boom!! Interesting!! eiaine God CNBC tilts the hell out of me. Homeboy is 100% right.
Truth great interview!! StimulusBill This is what happens when these guys get access to nearly free money. They have to invest it somewhere. So they invested in the market and a bunch of hard assets and then they all go up in value because limited supply. So yes it's time to let it burn & get valuations back in line
Preach!!! vixcontango ' Let the hedge funds get wiped out who cares!!!' Hedggies: 🤬🤬🤬 We need to bail out the companies so the public can just buy stock in the companies and make free money📈🚀💪 Like this guy! shouldn't? lmao America has failed it's people. the real workers are the PEOPLE!!! ever wonder the economy keep failing? lobbyists are your leech. they are dogs who way there tails when you give them money and will turn their back against humanity for money. covid19 COVIDIOTS
But Hedge Funds are bringing in Billions. neal_katyal No need to bail out equity holders. The planes, ships, factories, stores won’t go away. Let the debt holders own them an bring them back or sell them. Bailing out is generally giving money disproportionately to the privileged Really well said 👏 HERO ALERT chamath wins TODAY 💜
This guy is cool But why? Are they any lesser US citizens? Don’t they pay their share of taxes or carry out other duties as any other US citizen? It is totally irrational and brainchild of some deranged brains. Because they are billionaires, they contribute more to economy. Treat them as human. It’s too bad the billionaires pull the strings though, and they will likely get bailed out again, just like in 2008-2009.
Great interview w/ Chamath! I’ve conveyed the same. Capitalists line up to get their rescue billions. Meanwhile, the consumer waits, and waits for $1,200. They shouldn’t be doing any bailouts Martin Luther King Jr. once said, America’s economic system is based on Socialism for corporations and the rich, and cutthroat Capitalism for the poor. Chamath Palihapitiya is suggesting that we flip the script.
I still can’t believe I flew on Airtran which used to be Valujet, talk about inter-temporal deception. Beautiful Post the whole interview. Wtf Brilliant!! He's right and we are all suckers in the game. If a company can't survive a couple months after supposedly the largest economic boom ever. Let them go bankrupt or taken over by others. On the back of the tax payer, no more. Shit has to stop!!
Fully agree with chamath , governments should spend on the 99%, not the 1% who are already rich enough to manage their finances. Why bail out Billionaires? Support the people who have lost their jobs, and spend on finding a cure and fighting the disease.... You have to admit, chamath doesn’t pull any punches, even when it’s unpopular.
Actually I thought this was a disturbing interview. It seemed C views all of Wall Street as a bunch of Hedge funds investing their own money and the general public as a bunch of boobs who don’t have any investments and who the Federal Government needs to send money. Absolutely, should let the free market forces work its way out. I think it should also include the too big to fail as well because they are getting even bigger and more dangerous.
If your company goes under I have one thing to say. Pick yourself up by your bootstraps, risk taker. chamath is right. The people who get wiped out can afford it. 👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻 Wapner gets his socialistic balls cut off He is right. Just wait until workers simply decide not to go back to work. Payback billionaires.
Even better, remove the corporate veil. Make directors personally liable. It's absurd that you won't put the whole interview in front of the paywall shameless FakeNews Yup! US government shut down the economy and destroyed thousands of businesses. Can’t do that without covering a small portion of the cost. Which will ultimately be paid by those paying most of the taxes
He's specifically talking about zombie companies which are propped up and should've gone bankrupt over a decade ago. I dont watch CNBC much, is ScottWapnerCNBC always this inept? AMEN neal_katyal If they are so important than the government should run them after this many failures Central Bank Truths: The CB's are Not Omnipotent. The CB's Fiat Debt Based System was designed to Centralize Wealth & Power for the Elites. The CB's do not serve the Citizens, but the Bank's Shareholders/Elites.
1.1m views. lovely jubbly It's a global economy. All connected. Even the Joe with a couple shellings has his part to play. neal_katyal He's right. Equity is at risk - they get the highest returns to take the risk so should suffer the downside as well. There are no rules that say 'except in the case of a pandemic because thats just no FAAIIIIRRRRR!
Anchor Scott Wapner starts to get angry at Chamath Palihapitiya around the one-minute mark. By the end of the second minute, Wapner is strident that it is 'immoral' not to bail out companies in the event of a natural disaster. neal_katyal I'm in agreement. No one is making me whole for my losses. neal_katyal Finally someone gets it. Read , listen.
Amen.. neal_katyal FINALLY....someone saying it!!! The very *concept* of a public bailout of a hedge fund seems completely absurd. neal_katyal hell yea he is right. ckkoch3 Yup. Fuck em. 'So they don't get to summer in the Hamptons. Who cares?' Saying what everyone wishes rich people could hear Bernie Sanders - 'Socialism for the rich, capitalism for the poor'
My man! Absolute king neal_katyal Absolutely neal_katyal Like music to my ears. neal_katyal Well now, who would you choose to save: a Hedge Fund Manager or a Nurse? 🙄 Time to reward those who REALLY matter. neal_katyal Eat the Rich. Chamath P. Is 💯 💯 correct on all fronts. “Incredulous White Guy” 🤡🤡🥱🥱🙄🙄😖🤨
Did this host weep for the Lehman bros boys carrying their things down the street in a box in 08? Man up snowflakes. The shareholder owes you nothing. Executives work for shareholders and it’s time they act like it or take their medicine. SusanMileyWV Come on Susan completely join the dark side - you are so close
He’s right. The underperforming CEO’s should be wiped out. The company will stand. It will adapt and find a better leader. Nature does it all the time. neal_katyal That’s also what Trump said about everyone who gets sick. neal_katyal Chamath is fabulous. “Bailout Billionaires” like... just say it slowly. Bailout. Billionaires. Again... Bail-out. Billion-aires. BAIL-OUT BILLION-AIRES? As in like BILLIONAIRE? Like you have a BILLION? yeah I don’t get it.🤔
Eat the rich Some people care about the 'free market' until the free market doesn't care about them. 🤔 They're always the first to beg for Corporate Socialism. 😵 He speaks the truth. ✊ Please post the full interview!!! Chamath is a hero!!! The best interview in forever on CNBC please post it all. Bernie has been saying this the whole time .. chamath said it with more details. Bravo for saying it like it is
Fucking love it! Mans was stumped. Went back to hair and makeup. Said break that shit out, this is who I am now 🤡 This is how you talk about a progressive agenda. You don’t cater to moderate or right wing talking points at all. Whenever they ask you, “Are you really willing to [insert hyperbole here]?” —You kick up your feet, put your hands behind your head, and say “Damn right.”
This is glorious. JoeDiBango Yeah, I'm fine with that too. If giant multinationals go under, it only eliminates competition for new business. We have insane monopolies. We need to bring back small business. This is the best CNBC content I've seen in a long time. This dude owns brosninja There is socialism for the rich and bootstraps for everyone else.
Anazing and spot on interview today with chamath . But you guys REALLY need to bring back profgalloway . I'm on board with that. They can pull themselves up by their bootstraps. Some people care about 'free market' until it's not free market. 😆👎 Spot on Yep, this is what PeterSchiff has been saying as well. Agreed. Let the companies restructure with chapter 11 bankruptcy.
Man I LOVE this TRUTH TELLER!! medit8now I agree with Chsmath. chamath AMEN 👏 And that will take million's of jobs....if big corporate falls ....we all fall.... Chamath has walked in more shoes than those cnbc dudes, clearly. he knows what’s waiting for the 95% in the nxt year. the hedge fund dudes have squirreled their $ and are calling in from their comfortable bunkers, just a phone call away from 1st in line.
🙌🏼 Love Chamath. He is 100% right. The lazy as pension funds who pay the hedge funds 2% for just investing their money. The hedge funds couldn't operate a toaster little own any company they control or own. Middle men and scammers. ❤️❤️❤️ Let the billionaires burn. Throw them in jail and seize their assets
None of them should be bailed out, we’ve been bailing them out for FAR TOO LONG. The American people deserve a bailout not billionaires, their companies and their buddies on Wall Street. Clearly this guy is short. I’m a regular guy. I don’t speculate aside from a few grand here and there. My life savings have taken the form of broad market etfs and stock incentives where I work. We are not the billionaires.
💯 He’s absolutely right! ProgressiveCDN Seize all billionaire wealth and exile them into the Sun Before any company gets any bailout cash, they should have to sell all the stock they bought back first. Who cares what the price is. If its low now, tough shit. The average investor took it in the shorts, so should these guys.
Jeez Scott are you like a registered republican but vote democratic .... you are ALL OVER THE PLACE ... you must be a billionaire Scott the i*iot either a) doesn’t have a clue or b) a puppet in a bad disguise. You choose Milions of retirees rely on dividends for retirement income. But, who cares. Man should be tarred & feathered.
He's right! what a legend! matthewstoller That’s absurd. Letting hedge fund speculators lose their entire investment? What is he, some kind of capitalist? He's right. Why should public money bail out corporations? It’s capitalism for the public and socialism for the corporations? Give me a break! If you bail them out then public should own them
i agree with chamath. What is missed and he didn't make clear: the billionaires getting wiped out only means they will become just millionaires. Debt is a large part of the problem. If companies didnt have debt they could absorb work stoppages. Companies get greedy and borrow money to expand beyond their own capital, banks make interest and fees and now tax payers pay for the losses.
Please put the whole interview in front of the paywall! That's right Yes. Because giving the masses their crumbs makes way more sense than giving loans to businesses that will provide and create jobs. bailout everyone, nobody work anymore, have one big party and receive checks and lets party Hell yeah Chamath nails it again...
Way to go Chamath and THANK YOU!!! I’m sorry, but why was the entire show spent on Chamath? shilling for the billionaires. It’s about time a rational and logical person said, “let them be wiped out”. That is accountability. That is capitalism. When you squeeze too much performance out of an engine, it will be ruined unless managed well. Everyone must save for a rainy day.
He’s right. Did you hear that Scaramucci ? We do need to differentiate between workers, shareholders, and companies. Could not an airline emerge from Ch 11? Absolutely. Bye bitches. Yikes. Sure, eat the rich, but I don't wish ill upon them. He is right on target. The corporations and billionaires don’t care when laying off millions of people. They do it every day of the year to reduce costs and increase their profit margins. So why should people care if they are wiped out ?
The ones that deserve to be wiped out, will only get richer in this scenario Host tried to become an open ended philosopher in the middle 😂 This gives me flashes of 2008... how tf is this not on the front page of every news outlet. Biggest con going on right in front of yours... ScottWapnerCNBC wants to help his billionaire buddies
Thank you chamath . ScottWapnerCNBC looked pretty bad in this interview. LeftSentThis Who is he 😍😍 Capitalism has been on life support for a decade, today the plug was pulled. In my opinion if you’re in favor of huge bailouts to huge companies then you’re definitely not pro-capitalism. Lol, that newscaster has the stench of shit all over his mouth.
jessefelder chamath is dead on target. Wake up CNBC. YES!!!!! This CAPITALISM...... Strongest of the fitest. He’s right. Amen CHAMATH!!!! What’s inmoral is to spend most of your free cash flow on buybacks and go cry to the government for a bailout later. That’s what’s immoral. Employees are getting wiped out irregardless of the companies getting bailed out
this_vid Hell, fucking, yeah The host sounds like he is about to whine and cry 😍 hello, I love the words that are streaming out of this man. That’s right Big facts right here Wall Street and Republicans hate socialism until it's corporate socialism. this_vid por favor They already left after they sold their stock.
Fuck yeah. That's right. Businessmen who fail at business should face the consequences of failing at business My hero! He’s right. 100% legend shit IF The Truth HURTS... GOOD!!! Thank you chamath! 👍 Bravo, Chamath. This interview... Speculators aren't people The question to be asked is how does the economy get hurt if essential service as this goes under? People can’t travel, further dragging recovery. All airlines would likely go under, not all would re-start.
Wapner sounds like a cry baby! hell yeah fucking right this whips ass aoc krystalball esaagar dpakman FACT: The Fed bailed out all the hedge funds that made leveraged bets. They needed to fail. Where's the lesson? So, they will continue to make bad bets until the greedy bastards break the Fed. There's no recourse for doing it.
thechristopher0 Why should the American taxpayer take the brunt? Unless we the people get a ridiculously good deal with warrants, oversight, etc. then absolutely should let these companies die RHCap2014 Hey ScottWapnerCNBC You’re right, no one deserves to be wiped out.… Anyway, I’ve never saved a dime in my life and I’m leverage to the hilt on credit. It appears you have a pretty good job, can I DMU for some cash?
The actual free market Doesn’t capitalism involve risk they can pull themselves up by their boot straps wouldn’t a bailout be the opposite of capitalism or socialism 👏👏👏👏 jessefelder yup, let them get wiped out. They are risk assets, they get paid to take risk. Why should they get paid on bets when they both win and lose the bet? Is that capitalism?
Let the free market reign? 👑 If I go ears deep into debt and am a lousy money manager nobody is going to bail me out. Let them fail! He’s not wrong C N B C - the cult of the market Hey CNBC, notice this is the only tweet on your feed with more than 100 likes ? A revolution is brewing, we have had about enough, plan accordingly
based This is a beautiful, beautiful thing. Fuck yeah, let the hedge funds drop. or any other time. It's like bailing out gamblers. Chamath P. 🙌🏽thank you, keep speaking up The interviewer is clueless about capitalism and how it works. He is 100% right. This bail out is ridiculous. And it is a bailout. Wow! Who is this guy? I totally agree. Who care? Let them lose their money. Average Americans are losing so they can too. & this clip again highlights how dumb our cable news hosts are
jessefelder Hell yeee. Stop bailing out the Crooks Please.. this is 🤮🤮🤮🤮🤮 sick. That jornalist omg Government should save the poor billionaires and the 'invisible hand of the market/capitalism' will save the people. The best economic system in the Universe. jessefelder LET THE MARKET CLEAR. jessefelder
Love this guy chamath Bail them out? Of what the jacuzzi? Interviewer couldn't grasp it It’s capitalism when the markets are up & billionaires are making money— it’s socialism when the government bails them out—they are the first ones to call for help —they don’t deserve the help 👿👿💰💵 Let them sell the shares that they bought back while draining the surplus cash they had...
GO CHAMATH...CNBC, Wapner etc.. needed to hear the TRUTH! Chamath is 100% correct...To take it a step furthe, not only to we have Zombie Companies, we now have a ZOMBIE SOCIALIST ECONOMY being RUN/RULED by an UN-ELECTED Company-THE FED, who cant be audited, or truly questioned! Damn who’s this CEO, he is my kind of guy. We need more of these CEO. And why is that anchor POS?
Blackstone doesnt care what happens to frontline workers, they dont care what happens to people, invisible hand, competition, save pennies, bootstraps, they'll be OK he's right and you know it EatTheRich This guy is on to something Is this on VCBrags yet? hell yeah! he’s right Chamath is right on the money. As Peter Lynch would say we are now watering the weeds...... an absolute no-no. Some companies have gotten fat, debt-ridden and poorly run.... and worst of all accepted the risks yet now expect that risk to be 'looked after'
So are you going to pay me the difference in my now underwater mortgage when i try to sell my house? why do I get to be 'wiped' out, mr. big brain anchorman? The host’s head was about to explode. His reaction makes him look like an asshole. “They don’t get to summer in the Hampton’s, who cares?!” HALLULUJAHHHH
MustafaSKarim mobarhoush cnbc please have this guy on more. hell, give him his own show your money has no value to gold they have destroyed america the eagle has been plucked get ready youve seen nothin yet! congres the last 4 presidents are guilty of treason. read learn .daniel 5 5 gods turn boys TLDM dot org i ws there get ur azz ready
That was the biggest load of crap On CNBC i ever heard. And that’s quite load. CNBC ppl ain't stupid don't even blame the Covid crisis why huge hedge/mutual funds, big companies are failing. They deserve & should be allowed to fail. 2) wealth just occurred before their eyes only to be duped by the Coronavirus. They’ll take an interest once hyperinflation sets in and their dollars are worth ZERO.
he’s right 1) Fantastic Chamath!! Way to tell it like it is. Finally someone who understands capitalism and free markets. Most Americans don’t even bother to understand simple economics, let alone lame CNBC “market reporters”. Americans will understand how the biggest transformation of What a wild conversation.
Please retweet the shit outta this post This guy rules! You should fire your lame host though, what a rube This guy is die on point. Yes. Do not prop up or bailout these companies. realDonaldTrump Good, this is good. Normal People : Do a good job, make money. Do a bad job, get fired. Main Equity Holders : Do a good job, make millions. Do a bad job, get bailed out and make millions. This is all a racket.
BennyR11 Hi could you please tweet the “why” behind the “what” here please? TommyG I’d like your thoughts too........... The wealthy class take on massive risk & reap the expected returns of that risk. They argue they’re smart & earned that money. However, when they make MASSIVE mistakes eg the 2008 housing bubble & 2020 stock buyback crisis, it’s “you have to help us. We’re too big to fail.”
Also, the losses are tax deductible and can be carried forward 20 plus years. Depending on the amount, they could eliminate future tax liabilities for years. In fact, could eliminate the two previous years' tax liabilities as well. Love this... Man managing billions advocating wiping equity holders out. Man managing nothing advocating bailing out equity holders. Who is right? Before you answer, AAL went through a pre-packaged bankruptcy in 2011... Everything was fine!
End Corporate Welfare This dude fuckin whips Won’t someone PLEASE think of the billionaires in this trying time 😢 obviously Surprised allowed this on tv. Someone with common sense. why in the hell is it appropriate for the interviewer to talk over and get so rude and clearly personal? let the guest answer a fucking question without biting his head off. he's speaking truth. enough protecting billionaires on wall street. fuck it
Only rich people hire people. Show me a poor person who hires someone. We need companies and the wealthy to still have money to spend so they can hire people. Econ 101. Unless you are a socialist (I mean an idiot). realwillmeade You are an idiot! The managers of these companies threw their money away buying stock when they should’ve been saving for a rainy day! What’s even worse is when they put money in their company’s stock and fire employees! Then the gov and fed bail them out. Let those managers fail
I really hope cnbc was not expecting anyone to sympathize with billionaires US economy is made by capitalists for capitalists. Aka billionaires and millionaires. Everything revolves around them. Incidentally the masses get slightly benefited in the form of employment and welfare. Nobody is going to change the rules.
Put this in my veins King THIS Ponzi system protects it's shill by brrrrrrrrrrrrrrrrrrrrrrr CNBC is the most ignorant media outlet ever. “Why?” Because that’s how it works. Does this guy think we won’t have airplanes and airliners anymore if we let some weak hands fail? Heck yeah. He’s right, mariolopezt1 Billionaires don’t need a bailout, they have plenty of assets and cayman island rainy day fund to thrive off. It’s the average joes that need help, the normal people, the 94%, the frontline essential workers.
Holy shit this guy is awesome. Wow, for once I agree with this nasty little prawn...... a deer in a set pf headlights just alluded to Scott My man💯💯 TheranosPRGuy the Virgin 'you would just let the airlines fail' vs The Chad 'yes.' He’s spot on. The wealthy are not hurting, everyone else is and that’s the case he is making imo. Is anyone disputing his facts that in bankruptcy, the richer investors get wiped out? If so, I am ok with that.
I thought this guy was going to start crying 😢 What an interview. Absolutely fantastic. Correct I agree with chamath 100% Logic is so solid! Who is the ignorant white dude? Absolutely live it 😂 The interviewee will never be asked back on the channel ever again. The masters don't like that and the interviewer will also be punished for not shutting him down and say 'oops, seems we like we have a connection issue, let's get back to picking these best stocks to buy now!'
Correct. Take care of the poor, the needy, and those in the worst shape. But without these billionaires, who will offer us illegal and predatory loans? Who will my tax dollars ultimately go to? Did Chamath renounce his wealth and give it all away? ScottWapnerCNBC how do you not understand this? Seriously?
He's correct! Go Chamath! Although, it might be a while before you are invited back to CNBC. Chamath is right in wanting the money to get to all Americans and not just bailing out poorly managed companies and careless investors. Fukkin' a. Agree 100% with Chamath!! Lol he's right Disagree; this event was out of their control
yessitswes as Riffs_Man would say, “this guy fucks” DonnyCrypto Man... Im loving this guy !! 👋.⤵️ GO VIRAL NOW⤵️ Request at : WhiteHouse to GIVE THE APPLICANTS FOR FEDERAL & STATE CORONA VIRUS BENEFITS......F E M A CREDIT CARDS with $1000 limits until checks start going out. Controls on same are much better now. Write the WHouse❗ BiddleCal
Hell yes. It's simple: No human deserves to go without food and shelter. And no human is entitled to huge sums of wealth. Rich people becoming less rich should be the last of our concerns. Hey y'all, if you're into this thread, get your hands on 'Goliath' by matthewstoller, follow him as well. CarpeNoctom i cant like this enough
LOOK AMERICA WHO WE ARE BAILING OUT TrumpIsTheWORSTPresidentEVER TrumpCrimeFamily Agree MORE OF THIS GUY!! What a system ....Heads they win tails we loose. One of these days the average joe will be sick of taking it in the cheeks.. Till then apparently it’s keep the party going. He is right on the money
That's fine, but put that remark in context - chamath wants to cherry pick the beneficiaries of govt assistance every bit as much as the clowns in DC. FreeMarkets Capitalism this anchor sounds quite uneducated the way he framing his questions. Then you have kevinolearytv speaking utter b.s. he should remember that the people 'at home on the couch' are the same people that made him a billionaire. As an immigrant I think he should be all for helping Americans as a thank you for everything America has done for him.
Awesome HAHA 'don't employees own stocks' ... how out of touch these millionaires on TV are with main street folks still surprises me. 'Immoral to let anybody get wiped out' Funny how that didn't apply to healthcare when Medicare for All was proposed cuz that was 'too expensive.' But Hedgefund shareholders? God forbid they lose their weekend at the Hamptons.
He should replace Biden with this guy. Right on! He'd have my vote. The host is dense is AF. I hope somebody had his babies. This guy could become president. Chamath is right. Never bailout failure -this is America. There are bankruptcy laws In place. This is what separates productive class vs non-productive class. Bailouts and stimulus packages only enrich incompetence of the selective few
Im down with it Palihapitiya’s argument is the best of capitalism. Finally people are woke to this bullshit and won’t allow this to continue , you wanna enjoy the good times ? Well also enjoy the bad times and don’t expect a bailout when the house wins it’s on you not the taxpayers to bail your sorry ass out again and again
👊💥 chamath hell yeah Play this video on my deathbed This man needs to run for President right now. Seriously, just do it. For a Twitter feed that's luck to get 50 likes....this story is at 11,000 and climbing. The Billionaire class should start getting real nervous because if they don't spend money to help the Middle Class now, they may be Middle Class next year.
My favorite part is CNBC guy’s question, “this is like a natural disaster, why does anyone deserve to be wiped out?” Astonishing that he doesn’t understand what happens to most of us in natural disasters. He just can’t comprehend why the uber wealthy should have to take risk. I am with him, we focus more on the larger cash holders to bail out each time instead of the people who never had the cash in the first place. An investment is not guaranteed nor insured. Plus airlines, really, the one business we need who could care less about its passengers.
Wow this rules Quick question. How does one 'wipe out' a billionaire? Has that ever happened in history? I agree Socialism for the rich, capitalism for average worker this guy is clueless.. Maybe instead of spending the last decade funnelling money to big investors via stock buy backs these companies should have set some money aside for the inevitable crash?
💯% spot on You love to see it. Mmm, you can smell it in the air *chef's kiss* mwah If this is the *most* the ruling class are willing to concede then we are most definitely fucked 🤬🤦🏻♂️ I'm into it. Wapner showed his true self. He's more worried about his billionaire and multi millionaire buddies than anything else
- Saving a company and wiping out existing equity are NOT mutually exclusive. Companies can file Ch 11 or issue warrants - Given that equity ownership is concentrated in top 1%, direct main street stimulus is more beneficial and less burdensome on tax payer overall! chamath It’s called the free market! Companies, hedge funds can’t have it when times are good then not let the free market take its course when times turn sour and they didn’t prepare! Let them fall otherwise debt laden balance sheets funding buybacks will continue bc FED will rescuethem
Love this guy. Finally someone making sense. I owned a small company for 20 yrs. I always had 6 months reserve to get through lean times. How? By not paying myself a lot of money and by leaving profits in the bank. Why can't big companies do better? Once again shows it believes in socialism for the rich and powerful and Ayn Rand capitalism for everyone else. Let the airlines fail!
ClawBack remember clawback regulations That’s right Amen. Hell yeah this guy rules! “Why” why doesn’t this host understand true capitalism? I loved this arrogant anchor being out in his place. It doesn't matter. So long as the American are still asleep and oblivious to what's going on, the bail outs will continue. We need a REVOLUTION !!
I wonder what Karen thinks about his attitude? Chamath is right, I don't get why it's so hard for the talking thumb hosting the show to understand this. I came. DonnyCrypto He couldn’t be more right (1/2) I think both parties are misguided here. Point 1: The rules of capitalism are Darwinian and they should be. The biggest crime against the U.S. and its citizens was bailing out the banks in the Great Financial Crisis of 2008-2009...
It's not the US decision it's the Fed...wake up to who's really in control. China rules the world cc NachoRgz mau_rodriguez77 AntonioVillamil Me recuerda a alguien 👇☺ He's right. Capitalism is about risk and rewards, but the super rich in this society reap all the rewards while being insulated from risk. Meanwhile much of the working class has the burden of socialism (high taxes) with none of the rewards (healthcare, robust social safety net).
Agreed. Noone cares about the tons of people who have no job, food, housing, healthcare this month and moving forwards. F the rich! LennaLeprena DAMN! I love that! Hell yeah! Airlines are essential services, virgingalactic is speculative, fraudulent and nonessential. chamath is a snake-oil salesman making an ironic and hypocritical statement.
This interviewer did a fantastic job showing us how he is not using his own thoughts. He clearly fumbles whatever his objective actually is and allows Chamath to absolutely murder it. This should be retweeted over and over and over again until the American populace has it memorized and ingrained in their psyche.
phbarratt Hope people wake up to the fact that they’ve been supporting these grossly rich companies for decades. Ordinary people convinced to vote for Governments that do not act in their best interest but in the interest of large companies. Hey CNBC, perhaps a massive corporation should hve a little cash stored away for a few months of hard times?
Oh they’ll be coming for you chamath, they don’t like to hear that Guy is making a ton of sense. DownloaderBot GregMannarino Commenter clearly unfamiliar with the floodplain analogy used to describe the 'moral hazard' of discretionary economic planning. Either that our he's trying to bait it out. That is precisely the dilemma.
ggreenwald why isn't chamath running for president? devreal I have to agree with Chamath. Let them fall. If they didn't plan for a catastrophe, it's their own fault. They should have been making plans with their tax cut money. In fact, let them take all their money from stock buybacks & figure out a way to claw back from the depths.
Glorious The basic justification for equity owning all reward of profit is that they assume all risk of losses If they do not assume risk of losses, why should they get profits? Fuck them. Nationalize or let them fail. No fucking bailouts. 'Why do anybody deserve to get wiped out?' Investors do. They took on the risk; it's called capitalism. Yet, the host is advocating for privatized profits, socialized losses.
BREAKING NEWS, FINALLY SOMEONE SMART I don’t trust CEOs, but I like the sound of this guy. I agrre💯💯☝🏼 Is it just me or can anyone else see a civil war on the horizon in the US? CNBC host shocked to find out the definition of 'shareholder equity.' He's absolutely correct. I love this guy. those ceos should 1200 just like the rest of us and have to figure it out ijs
“Don’t these people own stocks where they work?!” L-M-A-O Yeah I own 3% of this company who has 20,000 employees. Fuck outta here. Over 70% of employment comes from small businesses. over 80% of the GDP comes from small to mid-size businesses. We really need to focus on reality again. Let's not waste any time, money or resources on those who don't pull their weight.
Like Eastwood said in Unforgiven, 'Deserves got nothin to do with it.' Let em fail, who cares. SocialistBoomer Easily the best segment I've ever seen on this network! 😍 I don’t think Scott was clueless, he probably did it on purpose to get that reaction from Palihapithiya. It's positively anti-capitalist to bail corporations out. They took the risks, they didn't prepare for a rainy day, they need to deal with the consequences. Let the airlines go bankrupt. Let someone buy the planes and start over. Let the market work. Love this interview.
100% correct Good for him to speak up on this. The billionaires think they're privileged and better than the rest of us. Time for a RealityCheck BrunoAmato_1 I like this guy Chamath. jimmy_dore must watch TrumpNewsPolls The man is right. He’s right when he says “those are the rules of the game”. They want all the upside when times are good but none of the down side when times are bad. You don’t get it both ways.
I agree with you Chamath Chamath talking sense for a change එළ කොල්ලෙක් TrumpNewsPolls Finally, someone says it how it is. Who is this king? I'm with Chamath! Why do these tv types pledge undying love to capitalism when they clearly do not understand how it’s supposed to function? therealprweaver America in one picture (Credit Benjamin Dixon for the image).
WallStreetTape BrunoAmato_1 It’s amazing how it’s survival of the fittest for everyone else but not the rich. NatRemedieCoach All of sudden the rules of capitalism don't apply to the rich when they need welfare?! Let them get wiped out. Giving vast some of monies to bunisses, financial institutions will not solve Covid19 economic collapse. FederalReserve & Tresaury are acting like firefighters trying to extinguish a volcano. There is not a liquidity issue in financial market, banks have plenty of cash.
absolute king Who is going to pay the taxes then Yeah... I’m cool with that CNBC loves socialism as long as its billionaires and hedge funds getting government assistance! BrunoAmato_1 The auto companies and airlines upper echelon — and there are thousands — need to take a hit and fore pop go bonuses, stock options, and other perks. It is well within their grasp to turn their companies around without bailouts and cuts to hourly and mid level employees.
BrunoAmato_1 The best that could happen is to wipe out those greedy corporations. Wish it would wipe out the corrupt Koch’s. We need small companies not mega monopolies Let's vote for that guy instead of biden This is a food bank line in San Antonio, Texas just in case anyone is worried that the govt isn’t doing enough for billionaires, corporations, CEOs and wealthy investors.
Hell yeah dude America is awakening. Time for the working class, labour force that prop up the entire economy to not bear the full hoard of losses whenever a crisis hits. Another great show today Judge ScottWapnerCNBC chamath made many great points. Some perhaps controversial but we can all agree that after the crisis is over our Country must address the huge debt we are creating and establish new rules for Corporate Governance and ETFs
👍 Thanks this rules Why didn't billion-dollar companies and their owners just save up 3 to 6 months of expenses in case something like this happened. Maybe they should have bought fewer yachts and less avocado toast. The taxpayers shouldn't be subsidizing their poor decisions. At least he gets it. Inject this into my fucking vains.
this guy says it's ok if people get wiped out of all their money - FYI many equity owners are not only PE and speculators they are 401(k) owners and individual owners that get wiped too - the guy is myopic True they dk t care if they destroy Main St 401ks by shorting stocks Totally agree we need a clear out of Hedge Funds + over leveraged Hedge Funds
LibtardJesus1 And the fossil fuel industry has plenty of wealth accumulated to keep them going. There is no reason to subsidize them while cutting healthcare, nutrition and education support for the most vulnerable Americans. So. Damn. Accurate. Loved watching Chamath be a champion of the people today
DMBakes Not being the queen of economics, I think I agree, but there's probably a lot of issues involved that I don't comprehend. My overall thought on money is if you have enough to pay your bills, that's all you really need. America is the worst face of capitalism! Those fucking ultra-rich they don't care about MainStreet! They all should be wiped out!
So just backup employees directly. Easy. But don’t let millionaires get socialism We don't need no stinkin' price discovery! Everybody's a winner! CNBC shills for Wall St and the Fed destroying the 'real' value of your 401k Lol this dude fucking rocks he's my new hero! cnbc dude is incredulous at the blasphemy! how will the poor hedge fund managers afford that third yacht and second mansion in the hamptons!
that's right He’s absolutely spot on. Problem is the President disagrees so policies that are being introduced today aren’t initiated to help the working class folks it’s all about the preservation of capital for the elite. Corps and billionaires should be held responsible to be financially prepared for downturns, lawsuits, etc. They should only be 'assisted' in an emergency that impacts the general public (since it's 'OUR government bailing them out)! And pay it back.
This guy is a comrade I bet ScottWapnerCNBC doesn’t understand capitalism Why Why Why does anyone deserve to lose money But why? 😂😂 SO GOOD. Bring him on every single day. chamath DonnyCrypto Natural disaster my a*** they were bankrupt before covid1984 patrickklepek Amen! Reallllll talk my man DonnyCrypto Hooray for Chamath Palihapitiya and economic sense!
That 'left wing' mainstream media defending billionaires over workers. Lol my man Palihapatiya is correct. Stop pumping the markets with all this QE Bazookas and put money into people’s hands when they need it most. Trickle up economics!! this_vid ggreenwald It’s capitalism. It’s economic Darwinism. Bailouts create zombie companies that needed to get wiped out for poor management. He’s on point and it’s what been said by critics for decades.
You love to hear it. Chamath is 100% correct. Yes in the short term it will hurt but it the long term it will be great. Based I’m surprised they didn’t try to cut him off mid sentence I like this guy! Chamath for President! I haven’t seen much of this host but I’m willing to bet he hasn’t gotten nearly as pissed on air about the millions who lost their jobs as he did about rich people losing some investment opportunities
Amen. Can this guy be president? wow more of this on yr channel please chamath is da goat Scotts a chump Stock are for the rich people. They will do anything to protect their interest! Government are run by the rich! Not sure about the common man, but most of the rich will be bailed out! Does anyone have any dought? stockmarket
Funny how in America we castigate average working folks for not dedicating some of their just-enough-to-survive wages to saving for a rainy day but we never expect the same from huge corporations owned by the rich. damn straight fuckers Yes. He's right, letting the companies go into bankruptcy will keep the employees hired, assets safe, and get restructured so those at the top can't give themselves another bonus like last time
king chick_in_kiev Burn the heretic! Is this not what capitalism is supposed to be? Absolutely agree we need to let the markets get wiped .. who is really doing the bailing here if it’s nobody’s fault? The future generations that aren’t even here yet to pay for this ... that’s unfair! Oops🤣 .... The investors and speculators took the risk and they can afford the loss! Protect the workers, not the investors.
This dude rules. This dude for President. Have to side with chamath on this one. Bailing out companies to preserve equities violates the basic principles of the stock market. All stock trade is based on competing bets re value; you need to accept risk. Money is better spent on workers instead of picking winners.
Investments have risks, why does the american public insist on reducing these investors risks? Free market capitalism my ass gop BTCsessions Why is it that no one goes Bankrupt or goes to jail anymore? No one wants to take responsibility for their actions and/or bad decisions. The 'market' now is just a vehicle where the Fed creates unlimited currency and gives it away to all the crony capitalists. End the Fed.
Cool 😎 I don't think his businesses don't benefit from the bailouts. Or perhaps he can confirm if his businesses will decline federal aid? Based Hell yeah, let them die Capitalism needs to be bailed out by Socialism about every 10 or so years. It’s communism for the corporations and the Uber rich. We are in essence serfs working for the richest one tenth of one percent.
this_vid AnandWrites Thoughts I completely agree with chamath ! The corporate elite only believe in free markets when it benefits them and are the first in line for handouts! Free market baby!! Let them burn 🔥🔥🔥 If the companies need bailing out, like Boeing, who has been rich with government contracts and got away with making planes that kill people but can't survive a month without income? Maybe they need to restructure, be owned by the government, or do get out of the air business
Yeah, he's right. not all heroes wear capes He's right! QuotedReplies EastLosBolts This the kind of socialism yall dont want to talk about cause giving a poor person food stamp is the conversation yall love to have! I wonder why. EmmaVigeland i like this guy The whole interview was gold. Cnbc guys were just being crushed with logic for 20 plus minutes
Bravo. alex CallumHebditch Look at this American news fella not getting it He’s not wrong Lol imagine thinking this makes ScottWapnerCNBC look good. PaulDeCristofo4 I'm down with that. They're already ahead. They have gilded bootstraps. Damn right. This guy rules Privatizing profits and socializing losses should stop now.
Well said.... pity the interviewer has no idea equities have risk. if you own equities you are taking a risk. Chamath makes a great point in that the companies do not vanish, they are only reorganized. airlines are doing nothing that another set of responsible executives could do in their place. Imagine the government saying we don't think is this a good fit for us right now. Let's talk in 18 months Lmao akindolu pelumiy
Fuck ya. These companies have been doing massive share buy backs, instead of preparing for war. Sink or swim. chamath is totally right!! This is CNBC Dem=Liberal hate propaganda. Yes chamath Trillions of dollars in stimulus because of the virus that went straight to billionaires but paycheck to paycheck people that lost their jobs to this are getting $30k bills for treatment and $1200 of sucks to be you money, keep clutching those pearls you subhuman
Damn right. Capitalists are always talking about how “the market will correct itself” and the “survival of the fittest” and “competition”. Well too bad. Lots of “persons” are screwed. They become corporate socialists when it’s convenient for them and they can feed their greed. This has always been the problem with CNBC. They are far too close to the CEOs and investors and often lose perspective.
AustinFrerick Open the windows for them instead HHorsley I got a bit of a man crush on Chamath at the moment. We all know how the money printing ends, yet here we are anyway... End crony capitalism. Wow, someone that talks sense, and naturally, because CNBC is clueless, he argues for the .001 percenters to be protected. He doesnt have a clue about bankruptcy.
Hell yes. The interviewer is fixated on who “deserves” to get wiped out. Truth is, bad things happen to good people. But if you’re rich enough, our government will save you. Absolute legend! Holy shit bootlick much?!! Woohoo!!!!!! Do it again!!!!!!!!!!!! BASED! My hero 💪🏾 We won't lose the planes. The airlines are not a public utility, we want to fly we dont need to. But you are suggesting we socialize the loss and privatize the profits. The managers maintain their options and we still have no leg room.
HELL YES!!!!! esaagar krystalball what's your take on this? Might be a good segment discussion on Rising ggreenwald CNBC doesn't get it. They're part of the problem. amen this_vid He’s right He’s not wrong. Bankruptcy court will do a better job protecting the employees of these companies than any bailout.
Says the guy who regrets FB but kept the money. Knows he did wrong but kept the money. Good intentions mean shit, walk the talk and give up your money.....ill wait. jorgeseto20 Awesome. jimmy_dore KyleKulinski 👆🏽for your analysis. Someone who actually understands! chamath Run for the presidency and help the generations to come survive by clearing our the mounting national deficit which is only bailing our the billionaires. - I am well aware that he can't become president, so don't me please.
I heard the investors/guests follow ip discussion was good too. Wish I could stream the whole show. And cnbc should furlough that parrot of tv presenter , siding with the hedge funds billionaires Hell yeah, isn't that the whole point of capitalism? katie_martin_fx Risk capital is called risk capital for no reason.
cc ArryinSeattle Don't worry, GOP will nationalize all his assets soon enough. How many Americans were bailed out during the great recession? Spot on - investors take risk with their investments. If they make millions when the economy is good, they deserve to lose millions when it isn't. Especially when they invest in a risky company. They shouldn't profit off risky decisions, but get bailouts when they fail.
Omg can this man run for president please? Walldo Tell them like it is Chamath!!! PEOPLE who made these irresponsible CEOs and Companies boo-koo bucks need to be wiped the hell out. PEOPLE ARE MORE IMPORTANT THAN CORPORATIONS! Rich folk are going to be just fine. DarcySiggelkow bob_fog This is the truth spoken in an arena that does not want to hear the truth. If Main Street only understood
This just in - anchor doesn’t understand capitalism. If you invest money you can lose it ! It isn’t a savings account or bonds or an annuity. Taxing my tax dollars and bailing out Private Equity is immoral and Socialism by spreading risk but not reward. Im in love The violin playing to this is so small that even dogs can’t hear it.
He is right !!👍👍 when you think the title is something people should be outraged about..... DownloaderBot Pl I saw that.🤔 and to be honest I don't know who deserves to be 'wiped out' but Definetly Yang and his supporters do not! We are willing to do thing right and some even to rectify wrong voting . I feel that expression in itself is not very Humanity First.YangWasRight
Did he just say, 'why does anyone deserve to get wiped out by a crisis created like this.....' CREATED? 🧐 Companies will reorganize, get acquired and be better capitalized next time. Why should those who take great risk investing in zombie companies get a government backstop? ScottWapnerCNBC try not lick the boot so hard next time
In this time of great need, who will stand up and help the Billionares!? will laugh when virgin galactic goes under I love how CNBC posts this and assumes Americans agree with them over Chamath. Often the same crowd that call’s for equity call for billionaire’s to pay for everything 🎯 It’s better than a guillotine?
ScottWapnerCNBC is so worried that billionaire airliners are going to loose a few. Have never heard you asking why all the airliners added a fee for people to get a seat, a stupid fare class that allows no cabin bag, this on top of a 25-30% increase in prices. Reminds me of this interview. People should speak up like this more often.
yashar Market is confident because the bailout money is flowing in. Has nothing to do with tying corporations over, but has everything to do with ‘never let a good crisis go to waste’. Fuck yea!! He’s right, this interviewer has no clue at all Chamath: 'Those are the rules of the game.' Nailed it 100% yesssssssss
chamath you’re the man & 100% right No one on earth who actually is struggling right now is thinking: 'oh, but what about my employee stock options?' Anyone in a position for that to be a concern is plenty wealthy Lmfao bootlicker host was stunned. Good Agreed. Let them figure it out like the lower 99% have to on a monthly basis.
ruhlsoftheroad As anyone who has actually been through a bankruptcy with a company knows, the employees all get the short end of the stick. Bailouts are for the employees and shareholders who suffer most. It would be nice if the folks at the top were penalized but they aren't. ruhlsoftheroad Yes!!!!!!!! EatTheRich
Yes. It should also be said that random circumstances sometimes reward shareholders. No one complains when they reap rewards 'through no fault of their own'. When they lose for the same reason, no reason to be bailed out. Can't subsidise lottery players. Damn right, tired of bailing them out with more of our resources and seeing no return. FuckWallStreet
ggreenwald Lmao the guy interviewing him is so bewildered at his response. No idea what to say Billionaires existence is immoral. They should be wiped out and destroyed. He was right. Billionaires should never exist. They deserve to be wiped out. A little late for this type of critique isn't it?! It's easy to say this in retrospect, after it's already passed and signed. SpeakerPelosi is whining about problems this bill has. How about saying NO and getting it right the first time?! The Democrats always just rollover.
Let them go, let them be replaced by honest companies who won't rely on bailouts and instead will focus on sustainability and workers rights over sole profit Real people are getting wiped out for the sake of profits every single day. Sad to see people only defending billionaire and millionaire profits vs actual human lives (lives that support the necessities of life not business nonsense lmaoooo)
Fuck ya Chamath is right of course but we do all know that bailing out the hedge funds and bad businesses and CEOs is the standard crisis playbook? This is not an accident or by mistake this is corruption to the core and in every western country 100% agree with this. Shareholders receive dividends when times are good. When times are hard, the shareholders should pay to keep it afloat. If they can't afford to do that, let it sink.
chillywillers The host makes me sick, he says it's immoral to allow market forces to weed out the greedy scumbags that couldn't prepare for this disaster? Wth Chamath is absolutely right He's 100% right. thanks chamath loving this message. Keep up the ✊ Want to bail out the airlines? Give every American a $1,000 travel voucher!!!
I agree with chamathpalihapitiya Hey who is this dude interviewing Chamath? Why does he love billionaires so much? dwightneptune Any funding should be for free equity and as a repayable loan at min 6% or go find cheaper money in the market. Supply and demand says you need money to live because you were dumb asses then it’s gonna cost you.
I want to subscribe to that man's newsletter. Many of the responses to this tweet are hilarious! A hedge fund is a limited partnership of investors that uses high risk methods, such as investing with borrowed money, in hopes of realizing large capital gains. No reason to bail them out and they are insulated from liability
WHY CANT PEOPLE UNDERSTAND THIS 👏🏼👏🏼👏🏼 therealtblake Chamath gets it. We shouldn't bail them out because they have been using all their extra cash till now to buy back their stocks instead of saving for down times. Best interview I’ve ever seen on your channel. Thank you for the great dialogue How short the market is Chamath ? Lend to Own Really? Let em crash ? No more of that. Wow.
Let them burn 🔥🔥🔥 Capitalism should take its course. The weak will just need to be bailed out again later. Wow, I didn’t expect to hear anybody speaking the truth on your network. capitalism is trash The self righteousness of the CNBC host who is clueless. Lol! Goddamn right these mega corps and mega rich pieces of shit deserve NOTHING
because at the end of this nonsense, people are going to be more in debt unless the trillion of dollars bailout is distributed among the people instead of corporation. The general public doesn't own the market A whopping 84 percent of all stocks owned by Americans belong to the wealthiest 10 percent of households.
Fuck the rich Also...employees don't post huge financial gains during the prosperous years when the OWNERSHIP class does. That's part of the 'risk/return' idea. Bailing out OWNERS when times are tough distorts that relationship. jgee I watched this live and bolted upright when I heard that. Also, the 'so they don't go to the Hampton's this summer'.... 😅
Zero price discovery, Bernanke playbook destroying capitalism/ideals of founding fathers. Wallst & leveraged corporates get REPO lines & Bonds/ CLO purchases. Main St. gets House/Car REPOSSESSED. Credit cards Cancelled! We the People..Wakeup ScottWapnerCNBC Let them fail. DonnyCrypto I mean, if it was actually comfortable to fly...
zachwhitten He also doesn’t support the airlines. He lost credibility by saying that. Finally a quality guest 💯 PeterSchiff QTRResearch Check out this clip. Finally some truth on this network. Please air more people like him he is absolutely right We love to see it There are not enough zero behind the number one to show my agreement.
Go off king My new hero: Chamath Palihapitiya chamath THANK YOU! THANK YOU! THANK YOU! Too bloody right. Just got absolutely undressed, reading news and arguing for a bunch of guys who wouldn't even spit on him lol Chamath speaks the truth! Let them get wiped out. “Unlike poor people, corporations are not punished for failing to save their money.”
shaunking I don’t know this man, but I’m so proud of him I would love to see them all bite it. Should be the case for any overleveraged biz....which would be most. Clear the debt, let the banks fail instead of adding more debt. washTHEMout He's right. Let them get wiped out. King shit 'How does anyone deserved to get wiped out?' Says a talking head on a network dedicated to capitalism. SMFH
He’s right as hell Hell yeah LET THEM FAIL! Those companies need new asset managers that don't exist solely to enrich themselves. agreed. bad business models should go out of business Yup. He’s right. We need to get a protest going. We need a movement on this bullshit. Fed now buying up junk bonds from doomed companies. Who is the anchor here? Get him out of there.
👍👍👍 Ok,this guy for president! ⚡️⚡️💥💥 hell yeah But you dont practice capitalism........... Social Capital gets it SociallyFucked Stalingrad_Poor This guy was an idiot before this and he’s an idiot now. The bond and credit markets were Exploding three weeks ago. If you can’t access credit markets, the whole economy seizes up. It has nothing to do with billionaires or hedge funds.
I vote for him for President chamath This country will fail without new leaders like Chamath entering public service. Chamath, please run!! He's right. I had 2000 shares of Delta and American. I was wiped out as a shareholder. No one cared about me. These guys restructure and continue to stay in business. One of the few that can do that.
I love how the host doesn’t get what he’s saying. Chamath is not arguing to not spend money to fight the crisis. He’s arguing to spend the money differently - in a more bottoms up approach. What the fuck you think OccupyWallStreet was all about. Of course they deserve to be wiped out! Thank you chamath You are so right. Folks on Main Street that have lost their jobs aren’t getting bailed out.
Agreed! They deserve worse actually I second this message.. Have been a big fan of ScottWapnerCNBC but thought he was off the mark on this one. Not mad just disappointed hell yeah, fuck those guys chamath is my new hero. 100% spot on here. The average person is in dire need of help yet will be waiting weeks or months if they get any help at all. My business saved in the good times...we don’t need any bailout. Why does the FED encourage short sighted leadership?
That's right. Great interview! On the money. chamath is a lone truth teller! These hedge funds are making billions in a RISK business. Those are the rules. Airlines should have been creating RainyDayFund because rain always comes. Bankruptcy! ScottWapnerCNBC got his butt handed to him today rightfully. This is capitalism.
Yeah I agree with Chamath, this is capitalism I am with this guy! Screw greedy Wall Street. That's right i love him realwillmeade Absolutely, if they're managed poorly they deserve to be wiped out. They're not in trouble because of virus they are in trouble because of poor risk management. Let something better grow out of their failure.
Well fucking said!! fuck yeah He's right Why do idiots get air time. Are we that dumb? Why do average Americans have to put away money for when things take a downturn but the big corporations can spend recklessly and rely on the tax payers to bail them out? Bullshit Smart dude from 2013 he owned upto 5% of all bitcoin...”The Chamath” has spoken
Creative Destruction from the TOP! Yes! I’m sick of privatizing profits and socializing losses for Wall Street. UVtho I popped for the BlackRock reference. CNBC loves them and it was great Chamath called them out. Wapner, CNBC you are out of touch. Folks taking jobs delivering groceries to multiple homes, no fucking masks, hoping to make $12/ hour so they can pay for food and insurance co pays, and 90% of our bailout $ is going towards propping up markets, hedge funds, irresponsible CEOs
danheld ScottWapnerCNBC supporting the billionaires. Thanks chamath. Needed to be said. blockchainblitz I actually watched this today. The host was beside himself when Chamath said it 🙄 Bravo chamath 👏👏👏 Dear CNBC - that’s the whole point of capitalism - risk taking with all consequences. If owners of the company levered her up to the point that the company is unable to withstand a crisis they get wiped out. (1/2)
danheld Chamath is a lone voice in this sphere, and completely on point. Absolutely. They’re parasites. APompliano Free market includes risk of downturn. So it the fault of oil companies that US started fracking and over supplies the market? Was it Blockbusters fault that Internet streaming made them irrelevant? Shit happens and investors get wiped out every for no fault of their own, but capitalism is about risk for reward
Capitalism requires the weak to be destroyed not saved Scott acts the fool CapitolistPig CNBC are not capitalists. Let the businesses fail. Someone will scoop them up. Send the money back to the taxpayer. Go big, the biggest tax returns in the history of tax returns! 'Are you.. Are you arguing, for example, to let airlines fail?!' 'yes.'
Tell this CEO to sell there million dollars worth yachts and houses. Also by the way it's called a business when you get in the business you know the risk that you're taking that you may have gains or losses realwillmeade Legend What would be the argument, had covid not been the prick that pooped the bubble?
Buying baxk stocks only saves speculators who profit from companies success or failures. The money the fed is printing is not going to the companies to pay their employees is going to traders pockets. Not companies or ppl is being saved only the rich investors. THANK YOU Chamath Palihapitiya, finally an intelligent person stating facts.
CNBC deserves to get wiped out See 1976 Supreme court monetzing cultural social capital. Ain't got no credit Ain't got no reputation That's everything I'm nothing He’s right you know Go Chamath! Fully agree. The interviewer owns airlines Ads pay the host, ads from the airline that wants the currency printer to go brrrr.
Bravo Bravo 👏🏻👏🏻👏🏻👏🏻👏🏻 Finally someone finally speaks out about preserving CAPITALISM danheld Who fookin cares! He’s so right. People come first. People make companies not the opposite. Part of a healthy free market is the inclusion of risk, whether it’s a natural disaster, a rapid change in industry, mistakes, fraud, you name it. The fed is removing a risk and not letting free markets be free.
He’s the best. For the people. He’s one of us Elites run the government. They will reorganize but with the least pain to them possible, and defuse the immense expense among the masses. With that in mind, one would do well to read Jared Diamond Collapse Dear , Can you ask the interviewer to shut the fuck up and let the man speak? Regards, Everyone
I like this guy! All I want is a fair chance to succeed in life and a fair market. Keep the government (or Fed) out of it. Stop it's manipulation. Let the market assess corporate value, make it efficient! Love it. Go chamath CNBC anchors are clowns here. Power vs People. Banking institutions are more dangerous to the liberty of a free people than are standing armies of enemy nations.” -Thomas Jefferson
Crony Capitalism is the worst. It's time to return to free markets and a free enterprise system. Murica - socialism for the rich, rugged individualism for the poor His response is a bit disproportionate: nobody deserves to get wiped out by this. BUT the government is the insurer of last resort in this scenario. It has unilaterally failed to insure the middle and lower classes and is stepping in to first subsidize those without need.
First it was Bill Ackman crying to Scottie because it was the end of the world as we know it. Now this guy saying Fk'em all.... CNBC luvs the controversy; must be for ratings. 😎 WOW . There a lot of haters ... He's absolutely right, and it is despicably shameful what's going on right now. Scott is crying about billionaires while Main St. has already been wiped out.
MY Man - “if they ain’t handling business wiping em all out” ✊🏽 That news anchor has NO CLUE! Damn right! One of the few interviewees I've seen make sense lately. The world is backwards right now. My new hero Wake the fuck up! Economics 101 CNBC bunch of commies sooo no shock here lol Find it hard to fathom that a CNBC host can be that ill equipped to debate the principles of capitalism.
When Chamath spitting fire. He’s right let them fail. 👏👏👏👏👏 Wipe them out!!! 'Unsecured Trances' realwillmeade Much simpler solution - just open the economy back up. All virus models have proven to be borderline ficticious. Keep appropriate safety measures and protect the vulnerable. Look at CA vs NY. All evidence suggests virus already worked its way through CA.
chamath people’s champ 💪🏻 The total spent on share buybacks and dividends exceeded corporate free cash flow from 2013 to 2019; some $4.6 trillion was spent on buybacks alone. WHY ARE WE BAILING OUT COMPANIES THAT WERE COMPLETELY RECKLESS IN ORDER TO FILL THE POCKETS OF C-SUITE EXECUTIVES? LET THEM FAIL
The us govt shouldn’t cause crises like these and they shouldn’t bail ANYONE out They knew the deal when they got into this Let the zombies FAIL!!! That is the only way to cleanse the system. Here here...hats off chamath Buy bitcoin These airlines were increasing debt to buy back shares to benefit the very people he's talking about. Let them go bankrupt... reorganize and carry the debt for these restructurings on their own balance sheets moving forward.
👏 Interviewer is an idiot. There is no free lunch. The cash for bailouts is stolen from someone else first. Why the fuck do billionnaires even need to get bailed out on the first place when they only need one million to live a prosper lifetime rofl. I agree, sadly we are bailing out junk bond speculators ahead of small businesses.
TheCryptoLark If Wimbledon were smart enough to have pandemic insurance then surely airlines ought to have. Let them go bust and be bought by smarter people. Wow, was ScottWapnerCNBC furious that billionaires got attacked in this piece or what. Geez Scott, it's okay to at least pretend you care about ordinary people, even if you are an out-of-touch 1%er yourself.
'Rich person supports wiping out his competition' - Yeah! Stick it to the man 💪 TheCryptoLark They socialise the losses and privatise the profits. It's not capitalism it's cronyism. All hidden behind a coronavirus narrative. He's right. The wealthy won't get wiped out, they're playing the system in their favor. For once, the system should work in favor for the average Joe
This news anchor is an idiot. If you think bailout may are good, do more research. You can’t print money, it doesn’t just ‘appear’ from nowhere... start with that... If he thinks hedge funds rule the roost, he needs head examined. 100 K of individual investors/ retirements are also affected, which he does not care for. Look at screwing Fannie/ Freddie shareholders continue to get, and MBA bankers scream hedge funds!
ooooooooooops..... too much TRUTH for the corporatist/fascist numbnutz at CNBC you can just see how it just does NOT COMPUTE for the billionaire welfare crybabies and their mouthpiece scottwapner AlderLaneeggs Best ever interview on CNBC. Kudos to chamath on speaking truth to power. Let the free market work.
Chamath for President!! I'm speaking on behalf of the entire USA let them get wiped out. PERIOD!... Small business getting decimated and these assholes walk clear after buying back all their stock and paying capital gain tax which is obviously less than income tax The main point is corp over leveraged stock buybacks to increase the stock price. Payout bonuses &salaries but never pay off that “corporate debt” or save a war chest when times worsen. when times worsen these corps know the fed/gov steps n&the taxpayer will pay for their greed
Agree with chamal totally 😘 love that guy! If you don’t understand accounting rules (and sorry, you don’t), you have no idea how companies legally enrich themselves while destroying the company. Then they cry bailout to save employees. BS. Moral fraud. ScottWapnerCNBC seems to support it. Thanks chamath for calling BS.
I was so happy to get to meet chamath, however briefly, at LAUNCH scale '18. He's a billionaire with a conscience. Apparently it's pretty rare... I support additional tax brackets: 50% $1m 55% $3m 60% $10m 70% $20m 75% $30m 80% $60m 90% $100m 91% $150m 92% $200m 93% $500m Look this EconomistaFlait ... you will feel happy with this guy
CNBC is lousy He is right, stop bailing out the super rich BTCsessions PeterSchiff The one person on speaking the truth and they act like he’s crazy! BTCsessions This guy is my hero. chamath, preach! And run for president. Totally out classed. This is the real truth. It hurts to see when you've been in the dark so long
XSalaimartin hola Xavier, que penses de la compra d'actius anunciada avui per la Fed? Hi ha moltes queixes als eeuu sobre si es adequat o no comprar actius com junk bonds. Una abraçada About time someone called them out hernzzzzzz Fuck em chamath Amen 🙏🏽 Well that’s exactly what Trump wanted to do ... give money directly to people. Congress wouldn’t do it that way . What about just a temporary Payroll Tax break after restarting things ? Like for 4-6 months . That would be direct .
Close the market Scott defending crony socialism. Exactly. If they don't share the gains with all of us - keeping the millions/billions for themselves & stockholders - then why should taxpayers cover their losses? He's right and wrong. We must not give coronavirus a second chance to kill more people’: Brits urged to stay indoors over Easter break CNBC stop this right now 1918 Second wave was catastrophic. The Economy is not well
He's right. And the reason they 'deserve' it is that the executives ran their businesses poorly, and the investors threw their money after companies that weakened themselves with poor management. That's how this works. If bad CEOs and bad investors are never punished, what then? Damn right couldn’t agree more
👏👏👏 When sharks are hungry , a prudent move is to swim alongside them , not in front of them . So if these corporations don’t “deserve” to get wiped out, why to the taxpayers “deserve” to foot the bill? Taxpayers didn’t cause this pandemic just as much as United didn’t. He’s 100% right. The same companies always take a “hit” , let them sink and learn, that’s a good way to continue forward... patching it up with bail outs doesn’t conclude to anything.
and very easy to protect Main Streets shares in retirement accounts: Rule: Following chapter 11, the % of new equity to be awarded to holders of shares in retirement accounts will be the same % as that held prior to chapter 11. AND THIS INVOLVES NO BAIL OUT MONEY. The leverage is why they are being wiped out
How does anyone deserve to get wiped out from a crisis like this? Being responsible, prepared for the unknown, and the lists goes on and on. Bail them out, and they'll never learn. The fissure between what is right and wrong is clearly so small that most can no longer see it. Spot on. Scott's incredulity is telling.
The should fail for the poor decisions made. They took issued extreme debt to buy back shares = fund their own compensation. Now they cannot service this debt. Oversight was non-existent, their boards and shareholders never objected and benefited during the good times. I could understand bailing out banks. But cruise ships and airlines and airline manufacturers that butcher 300+ people at a throw and shower the failed exec with a $50mm golden parachute? Are you f*cking insane?
Investing is risky...right? 🤷🏼♂️ Can this guy be the President? How dare you speak out against the cherished shareholders of zombie companies! cnbc post his entire contribution to the show today. For free. It's important people hear this. Reality Bailouts Well said, agree 100%. The alternative is Moral Hazzard and corporations learn it pays to take on even more risk in the future, because the government will pick up the slack in case of crises. This is a terrible alternative, it is not capitalism and could lead to depression.
chamath -1 ScottWapnerCNBC -0 Chamath is clueless by saying that employees are not hurt during bankruptcy. Large companies typically pay severance to laid off employees. There is no severance during bankruptcy. I can attest to that when Westinghouse was in bankruptcy no one received severance. chamath you are a new hero to me! This broadcaster has no clue! You are telling the truth! NO RISK, NO REWARD! NoBailouts These self righteous financial media disconnects want the rich to reap profits and the commoners to bear the debt. federalreserve is equally clueless
the interviewer needs to allow the GUEST to speak. Especially when the guest is SPOT ON. I have a new hero. Thank you Chamath current stats: Scott 1 vote Chamath 38 Votes. Scott might want to get the cut man in the ring.....he's losing I would prefer to hear this from someone that’s not wearing a $5000 suit and manicures his eyebrows
This guy gets it. I agree with him....'lets blow the $....if something goes wrong the middle class will bail us out!' chamath was talking up his playbook, wanting to buy up bankrupt US companies .10c to the dollar! Fed is saving the middle class 401k, 529, union retirement funds! Gov is saving low paid hourly workers, small business! Kudos to them. ScottWapnerCNBC was awesome pushing back 👏🏼👏🏼
bashycrypto JoeCandito12 He is 100% Correct. Consider this very simple fact. The fed made it clear that all Bail Out funds will be considered loans for the most part. They will require covenants of No Stock Buyback and No Dividends until funds are paid back. Consider the enormous drag on earnings! Respect.
Quit talking about this loser Chamath...you are just providing him more air time...he doesn't deserve it If I build a massive beach house which is destroyed by Hurricane why should taxpayers rebuild my house - yes it's a 'rainy day', but I've chosen to place myself at risk, any company that levers itself massively is not resilient
This guy is so damn right with his real honesty and integrity. He’s spitting tho!! 🔥 He's right. Support the people. The companies will reorganize He is so Right, America needs that jimcramer OphirGottlieb IncredibleTrade QTRResearch johnscharts PeterLBrandt I want to see that turd, chamath Palihapitiya, get wiped out.
Preach brother, Preach! Yes, the people who get bailed out on Wall Street (in every recession) are also people ... they are the few select people. I love hearing about 'humanity' whenever sharks and speculators go bust. Does not get mentioned much otherwise. Indeed! Do you agree with Social Capital CEO Chamath Palihapitiya?
Good job Hollywood And Gary Numan cool etc Santosjoaquim33 oh, yes. and plenty of examples of mass firings after capital restructure and chapter 11s . He's so right it hurts Agree with last part who is getting wiped out .. and its not Hedge Funds / PE / CEOs .. but the rest is wrong .. We NEED to protect retirement and college savings accounts now. not flush them down the toilet using Chapter 11.
So i make millions year after year and i can nOt survive a 3 months crisis... where are my millions for a rainy day? Wow, Chamath answered every question like a f'ing champ Blackrock, Vanguard … . the shares are held in ETF's … most common form of shareowner ship in 401ks/IRAs/college savings accounts. .
Fuck yeah. 👑 50% of stocks are held in retirement accounts!!!! Here we go .. bailout for everyone .. but YOU the guy on main street who played by the rules, invested in their 401Ks, and HELD when the market dropped .. .. you should have known better .. you get diluted and wiped out. need dat full interview!
Agreed!! If we don’t let them go to bankruptcy court, then this is not capitalism, actually it hasn’t been capitalism since the 90’s. LOL Scott Wapner says he 'doesn't understand' the difference between Main Street and Wall Street. Bailouts for billionaires is the ultimate trickle-down fantasy. StimulusPackage2020
FUCKING BS … any employee along with retail holding share in retirement accounts holding company stock also gets those shares wiped out .. except the CEOs / senior management who typically award themselves 7% of new equity. The FED has fcked 99% of American people. I agree some businesses and millionaires should lose out compared to the millions of Americans.
What’s happening at virgingalactic ? If a regular bankruptcy, shareholders on behalf of pensions and 401k index holders are workers. If liquidation they are ALL out of jobs COVID They can certainly “suck it up” for a few months. that is ridiculous. The government made the call to shutdown the economy and this is a completely unforeseen event. History may suggest this was complete overkill.
AndrewYang. Release entire interview please I'm clapping. Socialism for the billionaires, Capitalism for the poor! Amazing huh? I think the interviewer here has no idea of how the capitalism works in America. Chamath is absolutely right is saying 'who cares', either taxpayers or the govt owe nothing to these companies. If they don't survive, they deserve to get wiped out.
He's right. We should worry about keeping the general citizenry afloat. After all if a billionaire can not afford a pandemic how am I going to afford one? And Trump should tell the truth. Neither are going to happen. Yep Amazon continues killing American businesses and makes a 25% commission in the process! Flip the Bezos script and use Amazon to find stuff then find that sellers website on google and execute your purchase directly with that business saving them 25% and save free enterprise.
Wow - the ratio isn't looking good for you CAPITALISTS. I tried to tell ya CNBC - you need to post the entire interview. You're not going to get mad love on tweeter because the majority of home investors (ya know those of us who watch your channel) know HE IS 100% CORRECT. Zero price discovery, Bernanke playbook destroying the ideals of founding fathers. Trickle down is not capitalism. Wallst & leveraged corporates get REPO lines & Bonds/ CLO purchases. Main St. gets House/Car REPOSSESSED. Credit cards Cancelled! ScottWapnerCNBC BernieSanders
That was awesome. Finally, a spokesman for the people. The market lives in a world far, far away from Main St. Put up his interview! Bailout 2.0: It's now 'shame on me' time. Question to America, what are you going to do differently this iteration. chamath let them know how slim the window of opportunity is.
This man makes sense. Money to the 14mm PEOPLE that have lost their jobs and not supporting asset prices chamath thanks for being so honest about where we are, what we should do and what to expect. HalftimeReport are in a bubble...the look on ScottWapnerCNBC face when you said 'yes' to letting the airlines fail..Priceless. Failure is an Option N its wrong to backstop all
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