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.
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The markets have largely recovered since the March selloff, but most would agree we're not out of the woods yet. The COVID-19 pandemic isn't close to being over, so it seems that volatility is here to stay, at least until the pandemic becomes less severe. Q2 2020 hedge fund letters, conferences and more At the Read More
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 for these children, single mothers. guess what? they care. they’re on the board. we have parents on the board. they want to know why we’re not doing better. they want their children to get an education. and they want their children to go to your school. let me tell you the saddest thing. last year — we draw by lottery. the kids come n a kid didn’t get picked. he didn’t even make the waiting list. the mother came up to us and said, you realize by my child not getting picked, he’ll probably be in prison in 10 or 15 years. isn’t that horrible? and the school structure in new york city, they have people that are highly paid, terrible teachers and they can’t fire them. they get them sitting around all day in the rubber rooms. it’s unbelievable. they’re in real estate business because they’re in a room becausethey’re incompetent teachers. you didn’t ask ken or ron the real question you keep wanting — will pure redistribution of wealth not help these people? that’s what — i mean you are going to get in trouble with me that i want these people to stay poor in poverty and not have an education. because if you don’t tax — if you don’t tax the rich and just automatically just move the balance sheet over, then you’re a hard hearted person. i want equal opportunity, andrew. i will sacrifice — i want freedom. you cannot legislate a society. it’s been tried. you can’t do equality. you can’t legislate equality. all you can do is — there is equal opportunity to everyone. that’s where the schools come in. that’s what these guys are telling you. but there is something to be said about that. that is the safety net. we’re saying the safety net is not working. remember in the ’80s we talked about trickle down economics an they turned it into a pejorative liberals? trickle down economics. look at the restaurants, dry cleaners, hardware stores that are laying people off because of what these people are doing down there. that tells you how trickle down economics works. those people in those shops and these idiots weren’t there — let me take the other side of that. i agree with you completely. i feel very bad for the people around zuccotti park who are working. how about the man having to lay off all of his wait staff. that is heartbreaking. however, the disparity in income is greater than ever during the trickle down economic give kids a better education — trust me. i own a full service trucking business in north carolina. my partner and i. he calls me yesterday to tell me these — we need 75 more drivers. $40,000 to $60,000 a year. the number of people that we interviewed said i can’t make ends meet. stay home and i get my government check and then i do odd jobs where they don’t pay taxes. they don’t have any benefits. but it doesn’t matter. they’re looking at what they’re getting. you want to talk about disincentive? andrew, we had — we have welfare societies that we can watch. we’ve seen it happen again and again. historical precedence for welfare. it’s like we tried it here. do you remember the great bipartisan job that bill clinton did in reforming the welfare system where you don’t want permanent, you know, welfare states — you tell people there is a limit. because nobody wants to stay a ward of the state forever. it doesn’t help anyone. it just becomes self-fulfilling and people stay. and that’s the whole notion that — look, i agree with you. i think you want to take people and give them incentive to make them invest their capital and grow businesses and create jobs. that’s how do you. this you don’t want to think about a stagnant pie. you want to think about an expanding pie. you want to think about growth. you want to insent viz people to grow. you want to take infrastructure and privatise it and let business that’s have all the cash invested and put those people back to work. i hear people complain all the time. oh, the income disparity in places like china and brazil have gone up dramatically. well, yeah. there used to be no income disparity in china. everybody was poor. disparity is the unfortunate tradeoff you accept for growth and freedom. let me tell you the biggest down side of the welfare state. we are taking the self-respect of these people away during a depression. my grandfather who went to — he left school at 6 years old. he had a shovel in his hand his entire life. during the depression, my grandfather refused to go with what was called home relief. refused it. he said, no, i’m going to you got — to go out and work. i see taking away people’s dignity by them believing they’re living off somebody else. and that’s the biggest — that’s the highest price we’re going to pay over the long term.