Casino capitalism ala Against the Day. And long before today in a myriad of ways.

[Darah Kehnemuyi]

 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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