I like to post some funny videos occassionally here which are related to finance. Whether you are long or short, these markets are likely driving
It seems that Rick Santelli has taken some benzodiazepines lately, so nothing new from him. Here are two funny videos, one involving Peter Schiff the comical perma-bear arguing with the occupy wall street folks. The other video is of Ken Langrone calling OWS-ers babies in adult diapers. Although I am opposed to occupy wall street, I disagree with the crux of both mens’ argument, and find it a bit childish. Nevertheless it is still quite humorous. Would be glad to post funny videos from liberal perspective as well on financial topics if any readers point them out to me.
Kenneth Langone, Invemed Associates chairman/president, says people should stop complaining about what they want and work hard, adding that the Occupy Wall Street protesters are babies in adult bodies, not knowing what they want to be when they “grow up.” He says that the lowered literacy rate in the next generation is blamed on family structure and students lack of discipline; with Ron Baron, Baron Capital.
Here is Ken Langore’s rant followed by the transcript:
we’re having that conversation both with ron baron and ken langone who’s here. i want to move the conversation a little bit to the economy. and, ken, i don’t know if you caught it earlier, but ron is a bull. he’s a bull on the markets. he’s a bull on the economy. more broadly, you are a little more sanguine i believe. let me tell you, i’m a bull. i think america’s greatest days are ahead of them. any way you want to mention them. we have tough decisions to make. we’re going to have to make them. i think this election coming up is going to create definition one way or the other. but when you look at the markets, when you watch cnbc in the morning, do you think this is a great opportunity to be investing? do you think of your days athe home depot. you had an opportunity to invest in home depot very early on and you didn’t. we were talking about this. in 1974 when i was early on in my career, my net worth at that time had become positive. i was worth $20,000 or $30,000. i had a broker business. i was buying stock. and ken was, too. and all of a sudden i get a phone call, i didn’t know this from ken. he says, you know, we got to get together. we have to have breakfast. we went to the waldorf. we had breakfast. how do you say no to have breakfast with ken langone? he calls me and he says you know we’re both buying the same stock. we’re knocking each other’s heads out. we have to split it. let’s just split it 50/50 down the middle. i was buying for institutions. he was buying for himself. so we bought all this stock. the stock went to $5 or $6. ron, that’s when you became — that’s when you became a target of occupy wall street when you finally got to that $20,000 or $30,000 and became a bad guy with positive net worth. i hope you fill ken with your feelings about occupy wall street, or at least ask him about it. you’re not going to avoid that, are you? i’m not going to avoid that question. what i was going to ask ken though before i was going to get to occupy wall street was why you would be bullish in an environment when i think you have said to me before you’re not sure you can start a home depot in this environment today. yeah. not because of the economics, but because of the accounting rules and the regulations. for example, one of the things we did — thank god we did it — we made sure that every single associate that came with us became an owner the day they came with us. now the accounting rules today wouldn’t allow it. you have to take earnings — too many 1%ers. you wouldn’t show any earnings to be able to go public. let me ask the question that joe was pushing on. occupy wall street. you are a 1%er. dha what is that? the top 1% in the country. i’m in the top one-tenth percent. you just demoted me. and that makes you a bad guy. you two guys together are 99.999% of the problem and what’s wrong with this country. i just hope you realize that. i was thinking after this interview we could take a cab down to zuccotti park and you could talk to some of the protesters. if you could, you’d say what to them? let me tell you. this morning at 6:20 when i left may apartment, the doorman, okay, i saw him last night, i whack going to jack welches for dinner. he is a doorman. this man works 16 hours a day. guess what? that’s the spirit we need. stop bitching about where you are and do something about it. these kids downtown, i define them as babies in adults bodies. i mean i don’t think they know what they want to be when they grow up. what do you think about the large eninequality story? you know what? no. hold it. if you read history, economic inequality does not lead to good things. all right. start with this. the generation of children in public schools and america today is a first generation that’s going to have a low er literacy than the previous generation. that’s 200 years. there are jobs all over. but you need to be able to count and you need — unless you’re going to get manual labor. the point is this widening gap, i think it’s not coincidental that it’s also occurring at the same time with dumbing our kids down. then who’s at fault? is that government? everybody is. is that the culture? families. teachers. you have to have someone telling your kid to study, to make them study. it’s a family structure that you’re having a problem with right now, too. it’s unfair. my parents had an eighth grade and seventh grade education. all i ever heard from my parents is make sure do you what you’re supposed to do and make sure you understand that you can never get too much education. that’s as far as — but i had teachers — my algebra teacher, mrs. fisher, she had a 19 inch ruler. if i didn’t do my home work, she whacked. of course, she’d go to jail today. if i were home and tell my mother that mrs. fisher smacked she, she would give me more at home. do you think people had different economic wrongs? now i’m going to get in trouble with joe on this one. in the lower rung when you think about those families, do you think because of this disparity that there is actually that much more of a hurdle to get over? i have a charter school. there is a guy that — and jeff canada is the visionary. we have parents