look at all these commenters hating on this guy. All he does is invest and bet on the market. People hate on him because hes successful. They get angry at him for making money. This man has done more good then any of you will ever do. How many of you have donated 15 million of your own money to childrens hospitals? How many have donated 20 million to scholarship programs for smart people that cant afford college. This man is just plain smarter than most people. So those people are jealous.
Anyone who knows anything about modern economics will understand that the money he makes is basically a larger slice of what drives the economy. Even if he just hoards all his money in the bank and doesnt directly reinvest in industries (that drive production) - the bank will invest the money he "hoards" in industries that overall keeps the wheels of the economy going. He in effect like other rich are indirectly helping people keep their employment etc. I used to see / feel different.
it is in fact slightly more complex than this. Indeed, traditionally when you get rich it is through creation of wealth that willl benefit the economy as a whole ( we can cite the example of the invisible hand as the most famous way to explain that mechanism). However and even if I do not know this man's activities very well I must admit, if you make money out of speculation it is a whole different story. Speculation can be very harmful to economies
@grimpr ugh not everyone that bet against CDOs was simultaneously creating them. Paulson actually invests his money in his own fund alongside his investors - GS on the other hand both simultaneously bet against the very instruments it was promoting and also conducts trades under it's own account using private information it receives from clients regarding their separate transactions. TLDR: not every smart wall street tycoon fucked over the average american, just most :P
Indeed, it can create bubles, it can make prices disconnected to the foundamentals and so on. Moreover, speculation is analogue to making money out of nothing and does not create value. Investment does create value. It's a different thing. they do not really contribute to the creatin of wealth. it's more like a redistribution effect. They get a larger share of the cake thanks to their speculation.
look at all these commenters hating on this guy. All he does is invest and bet on the market. People hate on him because hes successful. They get angry at him for making money. This man has done more good then any of you will ever do. How many of you have donated 15 million of your own money to childrens hospitals? How many have donated 20 million to scholarship programs for smart people that cant afford college. This man is just plain smarter than most people. So those people are jealous.
Anyone who knows anything about modern economics will understand that the money he makes is basically a larger slice of what drives the economy. Even if he just hoards all his money in the bank and doesnt directly reinvest in industries (that drive production) - the bank will invest the money he "hoards" in industries that overall keeps the wheels of the economy going. He in effect like other rich are indirectly helping people keep their employment etc.
I used to see / feel different.
it is in fact slightly more complex than this. Indeed, traditionally when you get rich it is through creation of wealth that willl benefit the economy as a whole ( we can cite the example of the invisible hand as the most famous way to explain that mechanism). However and even if I do not know this man's activities very well I must admit, if you make money out of speculation it is a whole different story. Speculation can be very harmful to economies
@grimpr ugh not everyone that bet against CDOs was simultaneously creating them. Paulson actually invests his money in his own fund alongside his investors - GS on the other hand both simultaneously bet against the very instruments it was promoting and also conducts trades under it's own account using private information it receives from clients regarding their separate transactions.
TLDR: not every smart wall street tycoon fucked over the average american, just most :P
Indeed, it can create bubles, it can make prices disconnected to the foundamentals and so on. Moreover, speculation is analogue to making money out of nothing and does not create value. Investment does create value. It's a different thing. they do not really contribute to the creatin of wealth. it's more like a redistribution effect. They get a larger share of the cake thanks to their speculation.
5 billions by him.
this man's only sin is making too much money. haterz be hatin'