Casino capitalism ala Against the Day. And long before today in a myriad of ways.
Darah Kehnemuyi
darahk1 at yahoo.com
Sun May 1 12:21:16 UTC 2022
Yep, short-term gambling on price fluctuations in paper assets. Add in businesses run on quarterly report returns. Investment in productive assets, such as plant, equipment, material, labor, power grids, agriculture, takes time to mature and risks failure. I'm waiting for the economist who can clearly explain how to separate financial gambling from productive investment... can't be that difficult. D.
On Sunday, May 1, 2022, 05:46:15 AM EDT, Mark Kohut <mark.kohut at gmail.com> wrote:
- Berkshire Hathaway CEO Warren Buffett lambasted Wall Street for
encouraging speculative behavior in the stock market, effectively turning
it into a “gambling parlor.”
- Buffett, 91, spoke at length during his annual shareholder meeting
Saturday about one of his favorite targets for criticism: investment banks
and brokerages.
- “Wall Street makes money, one way or another, catching the crumbs that
fall off the table of capitalism,” Buffett said. “They don’t make money
unless people do things, and they get a piece of them. They make a lot more
money when people are gambling than when they are investing.”
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