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

[Mark Kohut]

Krugman, Baker, Stiglitz, Bernstein and others try to do that and succeed
fairly well, it seems to me.

On Sun, May 1, 2022 at 8:21 AM Darah Kehnemuyi <darahk1 at yahoo.com> wrote:

> 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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>