Chamath Palihapitiya: US shouldn't bail out hedge funds, billionaires during coronavirus pandemic

"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 duringThe Fed earlier in the day announced a slew of new moves aimed at getting anotherinto 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.

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.

Funny to see this guy talk, chairman of Virgin Galactic which has the worst CEO and board on the stock market. Don't worry they will take the stock all the way to $20 so Branson can sell another chunk of shares and dump them on you.

*looks at the virgin galactic board*

Look at all the clowns in this thread. You know this guy's first public company is a scam, and is failing hard because of severe mismanagement amongst the board right?

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.

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!

the new hero of america

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?!?

💪

It's time. Biden better appoint chamath to the treasury.

Incompetent, or maybe just incentivized by short-term gains knowing there's a bailout if needed.

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?

Patrici051661

Scott doesn't seem to understand the importance of saving for rainy days. What a stellar response and rebuttal by chamath!

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 loved the way you handled the relentless baiting. 👍

Chamath gonna Chamath. Some more notes from his many podcast interviews

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 😉?

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.

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.

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.

Excellent

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.

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.

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

Um, CliffordAsness, EconomPic apparently someone 👇🏻

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

chamath 2 : 0 Scott

Ugh! Missed the entire thing. Hopefully; it’ll be up on YouTube for our viewing.

SOCIAL engineering.... this is garbage. Promoting socialism in disguise is so beneath you and your channel.

This was used for Scott to redeem himself. He didn't.

Is there the whole interview somewhere, the link showed me the old one.

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 😆

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

This guy needs to go have drinks with the Pharma Bro (Shkreli). They'd hit it off spectacularly.

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

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

Play the full clip. He had a good point that you’re trying to obfuscate by the IBM/AAPL example

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!

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.

I cant believe companies werent saving for a once-in-a-century event and didnt foresee that the government would shut down the economy.....😂

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

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 is so right!!!!

Chamath with another TKO.

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.

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.

Much rather my companies buy back their stock than mergers... the time and money on failed mergers is staggering.

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.

From his background he must be under a rock. Exactly the scrutiny companies are under right now.

Pretty smart guy, should be leader of a country, hopefully usa but hard to happen in a democracy with many idiots voting

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!

Fantastic insights today.

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!!!!

Palihapitiya is a lunatic.

chamath legendary

Great discussion. This should be a weekly feature.

The voice in the wilderness chamath - in my opinion more right than wrong across a wide array of issues

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!!!

Facts

Chamath dunks on Scott Wapner! Crushed it

this Guy is a hypocrite

Rating draw!! Great job chamath

I was liking this guy until he couldn’t answer if Richard branson should get bailed out. What a fraud...

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!!

This guy is full of crap and you should stop having him on your show

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.

B.S. Scott is making him choke.. chamath is trying to be a politician and a Wall Street guy.. future trump?

chamath should run CNBC.

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.

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

Billionaire is out of touch with reality

He is killing it. He is also 100% right in that assistance payments should be made directly to individuals, not to businesses via banks.

CP is just brilliant - thanks for bringing him on CNBC

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

the rich companies deserve more time on earth. So do rich people in term of this force majeure?

You dont stimulate the economy by propping up the stock market. You stimulate the economy by giving the people money to spend

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.

this_vid

Who cares love it, another side of BernieSanders

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.

Protect main street before Wall street

I’m with him let them get wiped out.

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.

YES!

Never knew who chamath was; but sound like someone who speaks like a genius!

Cool

And that’s on fucking PERIOD.

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.

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?

Thank god he is finally speaking up for the common American sick of billion dollar BAILOUTS

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?

He’s absolutely right.... capitalism only works when the guys on the high wire work without a net

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.

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!!!!

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.

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

It's nice to see the anarchists are still up and about

Scott is right : airlines are in trouble because of the abrupt indefinite shutdown caused by Covid19 pandemic. Therefore a bailout is a legitimate proposition.

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!

To hell with the airlines

He is right!! Screw the corporate...!

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.

Then you follow up with hysterical “Mr Blunderful” crying, wining - basically arguing to get bailed out - agree with Chef Marcus - game to Chamath

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

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.

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

jimcramer EstulinDaniel coasttocoastam

whereisTilman 👀👀 LandrysInc

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 💰💵👿

Why do so many of these naysayers watch CNBC? They obviously have no 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

Makes sense. I am certainly no expert but his reasoning seems sound. Vote in 2020

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.

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 🙄

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.

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?

If you are truly capitalist you should agree with him.

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

Please let them fail

I will be cheering for Social Capital to fail

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 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'.

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.

Moonalice The fact that cruises 🚢 got 💰 and the 🏤 post office got nothing says it all to me about what our government has become.

joroele Boom!

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.

Airlines are not going bust due to natural disaster, it’s due to stock repurchase programs that destroyed their balance sheets. ScottWapnerCNBC chamath

Told like a boss

YES!!! the true capitalist reply!!!! If we wanted airlines that could never fail we would nationalize them.

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?

Chamath just saying it like it is. 🔥

I don’t agree with chamath often but he is 100% right here.

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.

YES

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?

good for Chamath Palihapitiya and F that news anchor hahaha

Who is this clown of a host ? Why does CNBC suck so much.

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.

Moonalice Did you see the CNBC broadcaster twitter page? He basically cried that Twitter is mean and ran away.

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

Chamath 🤦🏻‍♂️

I like this guy

It is refreshing to hear the truth

I want them all to crash and burn.

🤔

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

😂😂 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!!

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.

Lol . You seem awfully proud of your clueless host to continue posting this a day later. I suppose any press, truly is, good press.

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

Hatred buffet style ...

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.

Did you not talk with him before the interview...ScottWapnerCNBC was caught a tad off guard there hahaha

Hmmmmm... interesting idea

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

This anchor is pathetic lmfao y’all are corporate tools. Sad.

Great interview Scott...👏🏻👏🏻👏🏻

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

Spot on

🙏

Airline employees and their pensions get wipes out in bankruptcy. I know because it happened to my and my airline partners.

Without question airlines should be given support and but absolutely not for Boeing; their troubles began well in advance of this crisis. WSJ

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

Horrible guest ....

ScottWapnerCNBC he made you look foolish. All thise years on cnbc and you didn’t know people who own stocks sometimes lose money.

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 - 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

His right

that white man needs to shut up and let mister chamath palihapitiya talk

Sounds good.....

Finally someone with the balls to speak the truth on MSM. 💪🏻

Bruh someone get this man his own tv show.

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.

Oh so chamath is the villain here LOL. Don’t even ..

Someone actually comprehends the circumstances. Understands the corruption taking place with the proposed bailout scheme.

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. 👍🏽

One way Capitalism

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.

CNBC supports corporate socialism

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

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..

What an idiot. Guess I shouldn’t own airline stocks or really any publicly traded company

This guy needs to be careful. Airlines are a critical industry. They will generate much more revenue because of lower barriers of entry.

Then we will have no airlines.

Scott seems to have trouble grasping some pretty basic economic concepts. It is no wonder his viewers are so confused.

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

Unrefutably yes!

CronyNBC does not understand basic economics.

voice of reason...good for him!!!!! This is what should be done!!!

Good for him. He’s absolutely right.

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

Airlines go into bankruptcy all the time..way before coronavirus.

this guy fucking rules

Amazing, Chamath used to work for me way back, and he always had no filter and just said EXACTLY the right thing.

Sure, NO National security manufactures ...Brilliant!!

Best shit I’ve seen all week 🔥

Check the whole interview, you will find something Interesting 🤔

I’m in favor of letting CNBC fail What a disaster 😂😂

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.

KING

Do Cha Math

Of course, like the guillotine, we could just abandon flying. TooSpecializedToFail

Liberal establishment doesn’t care about working people. Both sides prioritize CEO’s and Billionaires. Please stop falling for their BS year after year

What business survives a shutdown & pandemic, seriously That is harsh

ScottWapnerCNBC:

It'll end up being the same folks running the new airlines. Doesn't really matter if you bankrupt them or not.

Get Amtrak $$

On point.

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..

Yeah!!

This was an interesting interview!

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

My hero!!!!

Did your host just call this shit a natural disaster I cannot take these folks seriously my god

DownloaderBot

Halle-fuckin-lujah!!!! Thank you .chamath

Is it possible these companies have been ignoring the adage 'have 3 to 6 months operating expenses on hand at all times'?

More like this. Make that anchor argue for UBI again. 'Why does anybody deserve to get wiped out?' was music to my ears.

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.

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 🙏🏻

dgrtgooner will love this idea

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.

This. Is. Porn.

The Big Line does not forgive blasphemy such as this. Burn the heretic.

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.

damn right

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

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?

Chamath nails it.

gotdamnrick tap into chamath

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.

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

eiaine Interviewer: uhh duhh derp derp

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

Intelligence,, how refreshing, how rare. And apparently, how bewildering to some.

Funny how business hates government until they need a bailout.

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

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.

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.

great interview!! StimulusBill

Truth

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

vixcontango ' Let the hedge funds get wiped out who cares!!!' Hedggies: 🤬🤬🤬

Preach!!!

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.

Really well said 👏

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

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

Beautiful

I still can’t believe I flew on Airtran which used to be Valujet, talk about inter-temporal deception.

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.

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.

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.

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.

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.

He is right. Just wait until workers simply decide not to go back to work. Payback billionaires.

Wapner gets his socialistic balls cut off

👏🏻👏🏻👏🏻👏🏻👏🏻👏🏻

Yup!

It's absurd that you won't put the whole interview in front of the paywall shameless FakeNews

Even better, remove the corporate veil. Make directors personally liable.

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?

neal_katyal If they are so important than the government should run them after this many failures

AMEN

1.1m views. lovely jubbly

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.

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!

It's a global economy. All connected. Even the Joe with a couple shellings has his part to play.

neal_katyal Finally someone gets it. Read , listen.

neal_katyal I'm in agreement. No one is making me whole for my losses.

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.

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

neal_katyal Eat the Rich. Chamath P. Is 💯 💯 correct on all fronts. “Incredulous White Guy” 🤡🤡🥱🥱🙄🙄😖🤨

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 Like music to my ears.

neal_katyal Absolutely

Absolute king

My man!

Bernie Sanders - 'Socialism for the rich, capitalism for the poor'

SusanMileyWV Come on Susan completely join the dark side - you are so close

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.

neal_katyal That’s also what Trump said about everyone who gets sick.

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 Chamath is fabulous.

Please post the full interview!!! Chamath is a hero!!! The best interview in forever on CNBC please post it all.

He speaks the truth. ✊

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. 😵

Eat the rich

“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.🤔

This is glorious.

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.”

Mans was stumped. Went back to hair and makeup. Said break that shit out, this is who I am now 🤡

Fucking love it!

Bernie has been saying this the whole time .. chamath said it with more details. Bravo for saying it like it is

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.

Some people care about 'free market' until it's not free market. 😆👎

I'm on board with that. They can pull themselves up by their bootstraps.

Anazing and spot on interview today with chamath . But you guys REALLY need to bring back profgalloway .

brosninja There is socialism for the rich and bootstraps for everyone else.

This dude owns

This is the best CNBC content I've seen in a long time.

Spot on

medit8now I agree with Chsmath.

Man I LOVE this TRUTH TELLER!!

Yep, this is what PeterSchiff has been saying as well. Agreed. Let the companies restructure with chapter 11 bankruptcy.

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.

❤️❤️❤️

💯

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.

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.

Let the billionaires burn. Throw them in jail and seize their assets

Jeez Scott are you like a registered republican but vote democratic .... you are ALL OVER THE PLACE ... you must be a billionaire

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.

ProgressiveCDN Seize all billionaire wealth and exile them into the Sun

He’s absolutely right!

Milions of retirees rely on dividends for retirement income. But, who cares. Man should be tarred & feathered.

Scott the i*iot either a) doesn’t have a clue or b) a puppet in a bad disguise. You choose

That's right

Please put the whole interview in front of the paywall!

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.

What is missed and he didn't make clear: the billionaires getting wiped out only means they will become just millionaires.

i agree with chamath.

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

He's right.

That’s absurd. Letting hedge fund speculators lose their entire investment? What is he, some kind of capitalist?

matthewstoller

He's right! what a legend!

bailout everyone, nobody work anymore, have one big party and receive checks and lets party

Yes. Because giving the masses their crumbs makes way more sense than giving loans to businesses that will provide and create jobs.

I’m sorry, but why was the entire show spent on Chamath?

Way to go Chamath and THANK YOU!!!

Chamath nails it again...

Hell yeah

We do need to differentiate between workers, shareholders, and companies. Could not an airline emerge from Ch 11?

Did you hear that Scaramucci ?

He’s right.

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.

shilling for the billionaires.

The ones that deserve to be wiped out, will only get richer in this scenario

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 ?

Yikes. Sure, eat the rich, but I don't wish ill upon them.

Absolutely. Bye bitches.

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...

LeftSentThis Who is he 😍😍

ScottWapnerCNBC looked pretty bad in this interview.

Thank you chamath .

ScottWapnerCNBC wants to help his billionaire buddies

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.

YES!!!!! This CAPITALISM...... Strongest of the fitest.

jessefelder chamath is dead on target. Wake up CNBC.

Lol, that newscaster has the stench of shit all over his mouth.

Amen CHAMATH!!!!

He’s right.

The host sounds like he is about to whine and cry

Hell, fucking, yeah

this_vid

Employees are getting wiped out irregardless of the companies getting bailed out

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.

That’s right

😍 hello, I love the words that are streaming out of this man.

They already left after they sold their stock.

this_vid por favor

Wall Street and Republicans hate socialism until it's corporate socialism.

Big facts right here

Fuck yeah.

IF The Truth HURTS... GOOD!!!

legend shit

100%

He’s right.

My hero!

That's right. Businessmen who fail at business should face the consequences of failing at business

Bravo, Chamath.

Thank you chamath! 👍

This interview...

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.

Speculators aren't people

aoc krystalball esaagar dpakman

hell yeah fucking right this whips ass

Wapner sounds like a cry baby!

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

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.

The actual free market

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?

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?

👏👏👏👏

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

👑

Let the free market reign?

based

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

C N B C - the cult of the market

He’s not wrong

If I go ears deep into debt and am a lousy money manager nobody is going to bail me out. Let them fail!

Chamath P. 🙌🏽thank you, keep speaking up

or any other time. It's like bailing out gamblers.

This is a beautiful, beautiful thing. Fuck yeah, let the hedge funds drop.

He is 100% right. This bail out is ridiculous. And it is a bailout.

The interviewer is clueless about capitalism and how it works.

jessefelder Hell yeee. Stop bailing out the Crooks Please.. this is 🤮🤮🤮🤮🤮 sick. That jornalist omg

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 LET THE MARKET CLEAR.

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.

Bail them out? Of what the jacuzzi?

Love this guy chamath

jessefelder

Interviewer couldn't grasp it

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!

Let them sell the shares that they bought back while draining the surplus cash they had...

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 👿👿💰💵

he's right and you know it

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

Damn who’s this CEO, he is my kind of guy. We need more of these CEO. And why is that anchor POS?

hell yeah!

Is this on VCBrags yet?

This guy is on to something

EatTheRich

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?

“They don’t get to summer in the Hampton’s, who cares?!” HALLULUJAHHHH

The host’s head was about to explode. His reaction makes him look like an asshole.

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.

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.

That was the biggest load of crap On CNBC i ever heard. And that’s quite load.

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

cnbc please have this guy on more. hell, give him his own show

MustafaSKarim mobarhoush

This guy rules! You should fire your lame host though, what a rube

Please retweet the shit outta this post

What a wild conversation.

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

he’s right

Good, this is good.

This guy is die on point. Yes. Do not prop up or bailout these companies. realDonaldTrump

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...........

This dude fuckin whips

End Corporate Welfare

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!

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.

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.”

Won’t someone PLEASE think of the billionaires in this trying time 😢

Surprised allowed this on tv. Someone with common sense.

obviously

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).

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

I really hope cnbc was not expecting anyone to sympathize with billionaires

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

King

Put this in my veins

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.

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?

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.

He’s right,

Heck yeah.

a deer in a set pf headlights just alluded to Scott

Wow, for once I agree with this nasty little prawn......

Holy shit this guy is awesome.

My man💯💯

Logic is so solid!

I agree with chamath 100%

Correct

What an interview. Absolutely fantastic.

I thought this guy was going to start crying 😢

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.

TheranosPRGuy the Virgin 'you would just let the airlines fail' vs The Chad 'yes.'

Absolutely live it 😂

Who is the ignorant white dude?

But without these billionaires, who will offer us illegal and predatory loans? Who will my tax dollars ultimately go to?

Correct. Take care of the poor, the needy, and those in the worst shape.

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!'

Did Chamath renounce his wealth and give it all away?

He's correct!

ScottWapnerCNBC how do you not understand this? Seriously?

Chamath is right in wanting the money to get to all Americans and not just bailing out poorly managed companies and careless investors.

Go Chamath! Although, it might be a while before you are invited back to CNBC.

Lol he's right

Agree 100% with Chamath!!

Fukkin' a.

DonnyCrypto Man... Im loving this guy !!

yessitswes as Riffs_Man would say, “this guy fucks”

Disagree; this event was out of their control

👋.⤵️ 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.

CarpeNoctom i cant like this enough

Hey y'all, if you're into this thread, get your hands on 'Goliath' by matthewstoller, follow him as well.

MORE OF THIS GUY!!

Agree

LOOK AMERICA WHO WE ARE BAILING OUT TrumpIsTheWORSTPresidentEVER TrumpCrimeFamily

He is right on the money

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.

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

HAHA 'don't employees own stocks' ... how out of touch these millionaires on TV are with main street folks still surprises me.

Awesome

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.

this anchor sounds quite uneducated the way he framing his questions.

I hope somebody had his babies.

He should replace Biden with this guy. Right on! He'd have my vote. The host is dense is AF.

'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.

Im down with it

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

This guy could become president.

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

Palihapitiya’s argument is the best of capitalism.

hell yeah

👊💥 chamath

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.

This man needs to run for President right now. Seriously, just do it.

Play this video on my deathbed

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?

this guy is clueless..

Socialism for the rich, capitalism for average worker

I agree

Quick question. How does one 'wipe out' a billionaire? Has that ever happened in history?

Wow this rules

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.

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.

💯% spot on

I'm into it.

If this is the *most* the ruling class are willing to concede then we are most definitely fucked 🤬🤦🏻‍♂️

Mmm, you can smell it in the air *chef's kiss* mwah

You love to see it.

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?

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

- 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

Wapner showed his true self. He's more worried about his billionaire and multi millionaire buddies than anything else

“Why” why doesn’t this host understand true capitalism?

Hell yeah this guy rules!

Amen.

That’s right

ClawBack remember clawback regulations

Once again shows it believes in socialism for the rich and powerful and Ayn Rand capitalism for everyone else. Let the airlines fail!

I wonder what Karen thinks about his attitude?

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 loved this arrogant anchor being out in his place.

Chamath is right, I don't get why it's so hard for the talking thumb hosting the show to understand this.

China rules the world

It's not the US decision it's the Fed...wake up to who's really in control.

(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...

DonnyCrypto He couldn’t be more right

I came.

LennaLeprena DAMN! I love that!

Agreed. Noone cares about the tons of people who have no job, food, housing, healthcare this month and moving forwards. F the rich!

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).

cc NachoRgz mau_rodriguez77 AntonioVillamil Me recuerda a alguien 👇☺

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.

This should be retweeted over and over and over again until the American populace has it memorized and ingrained in their psyche.

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.

Airlines are essential services, virgingalactic is speculative, fraudulent and nonessential. chamath is a snake-oil salesman making an ironic and hypocritical statement.

Hell yeah!

GregMannarino

DownloaderBot

Guy is making a ton of sense.

Oh they’ll be coming for you chamath, they don’t like to hear that

Hey CNBC, perhaps a massive corporation should hve a little cash stored away for a few months of hard times?

Glorious

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.

ggreenwald why isn't chamath running for president?

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.

I agrre💯💯☝🏼

I don’t trust CEOs, but I like the sound of this guy.

BREAKING NEWS, FINALLY SOMEONE SMART

'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.

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.

“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.

those ceos should 1200 just like the rest of us and have to figure it out ijs

I love this guy.

He's absolutely correct.

CNBC host shocked to find out the definition of 'shareholder equity.'

Is it just me or can anyone else see a civil war on the horizon in the US?

BrunoAmato_1 I like this guy Chamath.

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

100% correct

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.

I don’t think Scott was clueless, he probably did it on purpose to get that reaction from Palihapithiya.

SocialistBoomer Easily the best segment I've ever seen on this network! 😍

Like Eastwood said in Unforgiven, 'Deserves got nothin to do with it.' Let em fail, who cares.

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.

jimmy_dore must watch

TrumpNewsPolls

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.

The man is right.

එළ කොල්ලෙක්

Chamath talking sense for a change

I agree with you Chamath

therealprweaver

Why do these tv types pledge undying love to capitalism when they clearly do not understand how it’s supposed to function?

I'm with Chamath!

Who is this king?

TrumpNewsPolls Finally, someone says it how it is.

WallStreetTape

America in one picture (Credit Benjamin Dixon for the image).

NatRemedieCoach All of sudden the rules of capitalism don't apply to the rich when they need welfare?! Let them get wiped out.

BrunoAmato_1 It’s amazing how it’s survival of the fittest for everyone else but not the rich.

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

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.

CNBC loves socialism as long as its billionaires and hedge funds getting government assistance!

Yeah... I’m cool with that

Who is going to pay the taxes then

absolute king

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.

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.

Hell yeah dude

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.

Let's vote for that guy instead of biden

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.

Thanks this rules

👍

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

At least he gets it.

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

Inject this into my fucking vains.

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.

Loved watching Chamath be a champion of the people today

So. Damn. Accurate.

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.

Totally agree we need a clear out of Hedge Funds + over leveraged Hedge Funds

True they dk t care if they destroy Main St 401ks by shorting stocks

that's right

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!

Lol this dude fucking rocks

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

So just backup employees directly. Easy. But don’t let millionaires get socialism

America is the worst face of capitalism! Those fucking ultra-rich they don't care about MainStreet! They all should be wiped out!

SO GOOD. Bring him on every single day. chamath

ScottWapnerCNBC doesn’t understand capitalism Why Why Why does anyone deserve to lose money But why? 😂😂

This guy is a comrade I bet

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.

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.

patrickklepek Amen!

DonnyCrypto Natural disaster my a*** they were bankrupt before covid1984

Reallllll talk my man

my man

That 'left wing' mainstream media defending billionaires over workers. Lol

DonnyCrypto Hooray for Chamath Palihapitiya and economic sense!

Chamath is 100% correct. Yes in the short term it will hurt but it the long term it will be great.

You love to hear it.

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.

this_vid

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!!

I like this guy! Chamath for President!

I’m surprised they didn’t try to cut him off mid sentence

Based

Can this guy be president?

Amen.

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

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.

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

chamath is da goat Scotts a chump

wow more of this on yr channel please

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

Yes.

damn straight fuckers

Is this not what capitalism is supposed to be?

chick_in_kiev Burn the heretic!

king

The investors and speculators took the risk and they can afford the loss! Protect the workers, not the investors.

....

Oops🤣

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!

I don't think his businesses don't benefit from the bailouts. Or perhaps he can confirm if his businesses will decline federal aid?

Cool 😎

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.

Investments have risks, why does the american public insist on reducing these investors risks? Free market capitalism my ass gop

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.

This dude rules. This dude for President.

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.

Hell yeah, let them die

Based

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

Free market baby!! Let them burn 🔥🔥🔥

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!

this_vid

not all heroes wear capes

Yeah, he's right.

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.

QuotedReplies

He's right!

The whole interview was gold. Cnbc guys were just being crushed with logic for 20 plus minutes

EmmaVigeland i like this guy

He’s not wrong

alex CallumHebditch Look at this American news fella not getting it

Bravo.

Damn right.

PaulDeCristofo4 I'm down with that. They're already ahead. They have gilded bootstraps.

Lol imagine thinking this makes ScottWapnerCNBC look good.

This guy rules

Well said.... pity the interviewer has no idea

Privatizing profits and socializing losses should stop now.

This is CNBC Dem=Liberal hate propaganda.

chamath is totally right!!

Fuck ya. These companies have been doing massive share buy backs, instead of preparing for war. Sink or swim.

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

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.

AustinFrerick Open the windows for them instead

This has always been the problem with CNBC. They are far too close to the CEOs and investors and often lose perspective.

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.

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

Yes chamath

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.

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.

My hero 💪🏾

BASED!

Woohoo!!!!!! Do it again!!!!!!!!!!!!

Holy shit bootlick much?!!

Absolute legend!

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.

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!!!!!

amen

ggreenwald CNBC doesn't get it. They're part of the problem.

esaagar krystalball what's your take on this? Might be a good segment discussion on Rising

He’s right

this_vid

Awesome. jimmy_dore KyleKulinski 👆🏽for your analysis.

jorgeseto20

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.

He’s not wrong. Bankruptcy court will do a better job protecting the employees of these companies than any bailout.

katie_martin_fx Risk capital is called risk capital for no reason.

Hell yeah, isn't that the whole point of capitalism?

And cnbc should furlough that parrot of tv presenter , siding with the hedge funds billionaires

I heard the investors/guests follow ip discussion was good too. Wish I could stream the whole show.

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.

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.

How many Americans were bailed out during the great recession?

Don't worry, GOP will nationalize all his assets soon enough.

cc ArryinSeattle

Rich folk are going to be just fine.

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!

Omg can this man run for president please?

The violin playing to this is so small that even dogs can’t hear it.

Im in love

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.

DarcySiggelkow bob_fog This is the truth spoken in an arena that does not want to hear the truth. If Main Street only understood

He is right !!👍👍

Pl

DownloaderBot

when you think the title is something people should be outraged about.....

ScottWapnerCNBC try not lick the boot so hard next time

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?

Did he just say, 'why does anyone deserve to get wiped out by a crisis created like this.....' CREATED? 🧐

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

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.

It’s better than a guillotine?

🎯

Often the same crowd that call’s for equity call for billionaire’s to pay for everything

I love how CNBC posts this and assumes Americans agree with them over Chamath.

will laugh when virgin galactic goes under

In this time of great need, who will stand up and help the Billionares!?

100%

Nailed it

Chamath: 'Those are the rules of the game.'

Fuck yea!! He’s right, this interviewer has no clue at all

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’.

yashar

Reminds me of this interview. People should speak up like this more often.

Agreed. Let them figure it out like the lower 99% have to on a monthly basis.

Good

Lmfao bootlicker host was stunned.

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

chamath you’re the man & 100% right

yesssssssss

Yes!!!!!!!! EatTheRich

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

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.

Yes.

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

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.

Billionaires existence is immoral. They should be wiped out and destroyed. He was right. Billionaires should never exist. They deserve to be wiped out.

ggreenwald Lmao the guy interviewing him is so bewildered at his response. No idea what to say

Damn right, tired of bailing them out with more of our resources and seeing no return. FuckWallStreet

Want to bail out the airlines? Give every American a $1,000 travel voucher!!!

thanks chamath loving this message. Keep up the ✊

He's 100% right.

Chamath is absolutely right

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

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.

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

Fuck ya

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)

I want to subscribe to that man's newsletter.

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.

Hey who is this dude interviewing Chamath? Why does he love billionaires so much?

I agree with chamathpalihapitiya

How short the market is Chamath ? Lend to Own Really? Let em crash ? No more of that. Wow.

Best interview I’ve ever seen on your channel. Thank you for the great dialogue

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.

therealtblake Chamath gets it.

WHY CANT PEOPLE UNDERSTAND THIS 👏🏼👏🏼👏🏼

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

Goddamn right these mega corps and mega rich pieces of shit deserve NOTHING

The self righteousness of the CNBC host who is clueless. Lol!

capitalism is trash

Wow, I didn’t expect to hear anybody speaking the truth on your network.

Let them burn 🔥🔥🔥 Capitalism should take its course. The weak will just need to be bailed out again later.

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.

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.

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'.... 😅

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.

Fuck the rich

zachwhitten

DonnyCrypto I mean, if it was actually comfortable to fly...

Let them fail.

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

Finally a quality guest 💯

He also doesn’t support the airlines. He lost credibility by saying that.

We love to see it

he is absolutely right

Please air more people like him

PeterSchiff QTRResearch Check out this clip. Finally some truth on this network.

Chamath speaks the truth! Let them get wiped out.

Just got absolutely undressed, reading news and arguing for a bunch of guys who wouldn't even spit on him lol

Too bloody right.

My new hero: Chamath Palihapitiya chamath THANK YOU! THANK YOU! THANK YOU!

Go off king

There are not enough zero behind the number one to show my agreement.

washTHEMout

Should be the case for any overleveraged biz....which would be most. Clear the debt, let the banks fail instead of adding more debt.

I would love to see them all bite it.

shaunking I don’t know this man, but I’m so proud of him

“Unlike poor people, corporations are not punished for failing to save their money.”

He’s right as hell

'How does anyone deserved to get wiped out?' Says a talking head on a network dedicated to capitalism. SMFH

King shit

He's right. Let them get wiped out.

LET THEM FAIL! Those companies need new asset managers that don't exist solely to enrich themselves.

Hell yeah

agreed. bad business models should go out of business

Social Capital gets it SociallyFucked

But you dont practice capitalism...........

hell yeah

Ok,this guy for president! ⚡️⚡️💥💥

👍👍👍

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.

Yup. He’s right.

I vote for him for President

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.

Agreed! They deserve worse actually

Thank you chamath You are so right. Folks on Main Street that have lost their jobs aren’t getting bailed out.

What the fuck you think OccupyWallStreet was all about. Of course they deserve to be wiped out!

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.

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.

He's right.

chamath This country will fail without new leaders like Chamath entering public service. Chamath, please run!!

That's right.

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?

hell yeah, fuck those guys

Have been a big fan of ScottWapnerCNBC but thought he was off the mark on this one. Not mad just disappointed

I second this message..

That's right

I am with this guy! Screw greedy Wall Street.

Yeah I agree with Chamath, this is capitalism

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.

Great interview! On the money.

Why do idiots get air time. Are we that dumb?

He's right

fuck yeah

Well fucking said!!

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.

i love him

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

Creative Destruction from the TOP!

Smart dude from 2013 he owned upto 5% of all bitcoin...”The Chamath” has spoken

UVtho I popped for the BlackRock reference. CNBC loves them and it was great Chamath called them out.

Yes! I’m sick of privatizing profits and socializing losses for Wall Street.

danheld ScottWapnerCNBC supporting the billionaires. Thanks chamath. Needed to be said.

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

Bravo chamath 👏👏👏

blockchainblitz I actually watched this today. The host was beside himself when Chamath said it 🙄

danheld Chamath is a lone voice in this sphere, and completely on point.

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)

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

Free market includes risk of downturn.

APompliano

Absolutely. They’re parasites.

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

'Are you.. Are you arguing, for example, to let airlines fail?!' 'yes.'

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!

Scott acts the fool

Capitalism requires the weak to be destroyed not saved

What would be the argument, had covid not been the prick that pooped the bubble?

realwillmeade Legend

THANK YOU Chamath Palihapitiya, finally an intelligent person stating facts.

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.

Go Chamath!

He’s right you know

See 1976 Supreme court monetzing cultural social capital. Ain't got no credit Ain't got no reputation That's everything I'm nothing

CNBC deserves to get wiped out

Fully agree.

The interviewer owns airlines

Bravo Bravo 👏🏻👏🏻👏🏻👏🏻👏🏻 Finally someone finally speaks out about preserving CAPITALISM

Ads pay the host, ads from the airline that wants the currency printer to go brrrr.

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 so right. People come first. People make companies not the opposite.

danheld Who fookin cares!

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!

Dear , Can you ask the interviewer to shut the fuck up and let the man speak? Regards, Everyone

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

He’s the best. For the people. He’s one of us

Love it. Go chamath

Banking institutions are more dangerous to the liberty of a free people than are standing armies of enemy nations.” -Thomas Jefferson

Power vs People.

CNBC anchors are clowns here.

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.

Murica - socialism for the rich, rugged individualism for the poor

Crony Capitalism is the worst. It's time to return to free markets and a free enterprise system.

WOW . There a lot of haters ...

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. 😎

That news anchor has NO CLUE!

MY Man - “if they ain’t handling business wiping em all out” ✊🏽

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.

One of the few interviewees I've seen make sense lately. The world is backwards right now.

Damn right!

Wake the fuck up!

My new hero

Find it hard to fathom that a CNBC host can be that ill equipped to debate the principles of capitalism.

Economics 101 CNBC bunch of commies sooo no shock here lol

Wipe them out!!!

👏👏👏👏👏

When Chamath spitting fire. He’s right let them fail.

The us govt shouldn’t cause crises like these and they shouldn’t bail ANYONE out

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

chamath people’s champ 💪🏻

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.

'Unsecured Trances'

Let the zombies FAIL!!! That is the only way to cleanse the system.

They knew the deal when they got into this

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.

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.

I agree, sadly we are bailing out junk bond speculators ahead of small businesses.

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.

'Rich person supports wiping out his competition' - Yeah! Stick it to the man 💪

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.

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...

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

TheCryptoLark They socialise the losses and privatise the profits. It's not capitalism it's cronyism. All hidden behind a coronavirus narrative.

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!

Best ever interview on CNBC. Kudos to chamath on speaking truth to power. Let the free market work.

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

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

Agree with chamal totally

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

😘 love that guy!

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

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.

CNBC is lousy

Look this EconomistaFlait ... you will feel happy with this guy

BTCsessions PeterSchiff The one person on speaking the truth and they act like he’s crazy!

He is right, stop bailing out the super rich

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

About time someone called them out

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

chamath Amen 🙏🏽

hernzzzzzz Fuck em

Close the market Scott defending crony socialism.

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 .

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

👏👏👏

Damn right couldn’t agree more

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?

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.

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.

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.

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.

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.

Scott's incredulity is telling.

Spot on.

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? 🤷🏼‍♂️

How dare you speak out against the cherished shareholders of zombie companies!

Can this guy be the President?

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.

cnbc post his entire contribution to the show today. For free. It's important people hear this. Reality Bailouts

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

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 -1 ScottWapnerCNBC -0

the interviewer needs to allow the GUEST to speak. Especially when the guest is SPOT ON.

I have a new hero. Thank you Chamath

This guy gets it.

I would prefer to hear this from someone that’s not wearing a $5000 suit and manicures his eyebrows

current stats: Scott 1 vote Chamath 38 Votes. Scott might want to get the cut man in the ring.....he's losing

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 👏🏼👏🏼

I agree with him....'lets blow the $....if something goes wrong the middle class will bail us out!'

JoeCandito12

bashycrypto

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!

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

Quit talking about this loser Chamath...you are just providing him more air time...he doesn't deserve it

Respect.

He’s spitting tho!! 🔥

This guy is so damn right with his real honesty and integrity.

Preach brother, Preach!

I want to see that turd, chamath Palihapitiya, get wiped out.

He is so Right, America needs that jimcramer OphirGottlieb IncredibleTrade QTRResearch johnscharts PeterLBrandt

He's right. Support the people. The companies will reorganize

Do you agree with Social Capital CEO Chamath Palihapitiya?

Indeed!

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.

Santosjoaquim33

Good job Hollywood And Gary Numan cool etc

oh, yes. and plenty of examples of mass firings after capital restructure and chapter 11s .

So i make millions year after year and i can nOt survive a 3 months crisis... where are my millions for a rainy day?

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.

He's so right it hurts

Wow, Chamath answered every question like a f'ing champ

Fuck yeah. 👑

Blackrock, Vanguard … . the shares are held in ETF's … most common form of shareowner ship in 401ks/IRAs/college savings accounts. .

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.

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

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.

need dat full interview!

The FED has fcked 99% of American people.

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.

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

I agree some businesses and millionaires should lose out compared to the millions of Americans.

Release entire interview please

AndrewYang.

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.

They can certainly “suck it up” for a few months.

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.

Socialism for the billionaires, Capitalism for the poor! Amazing huh?

I'm clapping.

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.

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.

Yep

And Trump should tell the truth. Neither are going to happen.

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?

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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