A Quote by Barack Obama
But the basic principle that we’re going to have to see some of this debt written down, that the government is going to have to support some banks, that others that are not viable, essentially that we’re going to have to do something with those assets.
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Some banks won’t make it. Other banks are going to make sure that we strengthen. All deposits are going to be safe for ordinary people, but we’re going to have to bring out some of these bad assets.
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.
Some years down the pike, we're going to get the real solution, which is going to be a combination of death panels and sales taxes. It's going to be that we're actually going to take Medicare under control, and we're going to have to get some additional revenue, probably from a VAT. But it's not going to happen now.
We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall that the upper 1 percent, or 5 percent and pay down the government debt, pay back the federal debt because we can't put this on the next generation or they're going to be buried paying taxes.
The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.
People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.
We've turned the post-war economy that made America prosperous and rich inside out. Somehow most people believed they could get rich by going into debt to borrow assets that were going to rise in price. But you can't get rich, ultimately, by going into debt. In the end the creditors always win.
Some things are going to work, some aren't. But there's always something new going on, so it's fun to watch and see what's coming next.
The government isn't going to say, "We're going to regulate banks, but we'll leave these other companies alone." I think the regulators want to make sure that they have some form of regulation on anything systemic. We like our hand. But, you know, honestly, who owns the future?
To win those big games you're going to have to complete some third-down passes, you're going to have to be able to get some explosive games in the passing game.
At some point, the world is going to have to bite the bullet and accept a huge downsizing in its way of life to bring the assets-to-debt ratio back in touch with reality.
[Young people] can't do much with [student debt] other than try to figure out how to pay it down. They can't take jobs they want. They can't get the credit they would like to start a business. So we're going to refinance it, we're going move people into income-contingent repayment plans, we're going to have a date certain when their obligations end, and I'm not going to let the government harass kids.
If you create something that is asking for people to respond as they're going to respond, you have to allow them to respond as they're going to respond. Some of the people are going to be uninterested and some people are going to be mad for some reason, which is their business. That's just the way the world is.
I knew that's where I was going. I knew we were going to Italy. You couldn't make this movie in America at this price. I knew it was going to be big. I knew there was going to be a ship involved and that there was going to be a set as big as the ship. I thought, well, here we go. But I knew that was where he was headed. He had been going this way for some time. All directors, once they have some success, they want to spend a whole heck of a lot of money. (Something else can't hear.)
Barack Obama is not only going to reside in Washington and be on call, essentially, with the Drive-By Media, he's setting up what essentially is going to be a shadow government.
Everything's not going to go perfect. You're going to have some losses that you're going to have to bounce back from and some things that are a little unforeseen that you're going to have to deal with.
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