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Our economy is a plantation run for the aristocrats - the ceos, hedge funds, private equity firms - while the field hands are left with the scraps.
-Bill Moyers
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Our Economy Is A Plantation Run For

Bill Moyers
Our economy is a plantation run for the aristocrats - the ceos, hedge funds, private equity firms - while the field hands are left with the scraps.
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Wall street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud.
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Even fans of actively managed funds often concede that most other investors would be better off in index funds. but buoyed by abundant self-confidence, these folks aren't about to give up on actively managed funds themselves. a tad delusional? i think so. picking the best-performing funds is 'like trying to predict the dice before you roll them down the craps table,' says an investment adviser in boca raton, fl. 'i can't do it. the public can't do it.'
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Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, silicon valley. in this case i think he was referring to some of the european banks shedding assets, and the big buyers are probably not going to be big american banks. someone like blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
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The idea that it's smart to allow wall street firms, with this "too big to fail" imprimatur, to become hedge funds again - it's unconscionable. you're essentially saying we're going to take some elites in our society and let them roll the bones in the marketplace, and if it works out they get rich, and if it doesn't work out the taxpayer comes in again. that seems absolutely crazy to me. that seems to be where they're headed. i mean, maybe they're not and i'm wrong. maybe they'll do sensible things. it's hard to know! there doesn't seem to be a plan.
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