A Quote by Noam Chomsky
There was a time traditionally - say, GM in the 1950s - it was trying to develop a consumer base that would be loyal and lasting and they were thinking in terms of an institution that would remain and grow and thrive in the society. By now, a lot of the investment firms - bankers, hedge funds - are perfectly happy to destroy what they're in and come out with huge, tremendous benefits. That's a new stage of capitalism.
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When I was 23, 24, I started covering hedge funds - a lot of this was luck - when no one else did. This was before hedge funds were the prettiest girl in school: this was pre-nose job and treadmill for hedge funds, when nobody talked to them - back then, it was just all about insurance companies and money managers.
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.
We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?
I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.
A lot of Polish and Russian Jews had this experience: they would emigrate, thinking they were on their way to New York. Then their captains would stop in Dublin and say, 'Everybody off.' They would leave, and by the time they discovered they weren't in America, they didn't have enough money to continue.
The global financial system consists of firms in the financial services sector - banks, hedge funds, insurance companies and the like - and various governmental agencies who are charged with regulating these firms.
The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them that say, "I'm a skunk and will be hard to handle?" I've noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I'd want a system like that because a lot of firms have a lot of bad clients.
Marx's own illusion was to think that the working class movement, which he devoted his life to creating and strengthening, would both be socially and politically successful in the industrial nations of Western Europe, and that it would develop an entirely new way of human social life that would retain and even enhance the productive benefits of capitalism while overcoming the inhumanity and exploitation of capitalist social relations. Marx himself had no solutions to these problems. His object of study was capitalism itself.
I was just so intrigued with good stories from the time I was a little girl. When my parents would take us out to dinner, I would bring a book along. And they were perfectly happy with that.
I’m just thinking that would be pleasant. To be reading, say, out of a book, and you to come up and touch me – my neck, say, or my knee – and I’d carry on reading, I might let a smile, no more, wouldn’t lose my place on the page. It would be pleasant to come to that. We’d come so close, do you see, that I wouldn’t be surprised out of myself every time you touched.
Society, magazines, posters, music videos, investment bankers. A lot of times, in my past anyway, looking within wasn't overly encouraged. Pretty much everybody proclaimed that fame would give me power and fortune.
In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time.
Every time I say the word capitalism, everyone just assumes I have plenty of Marxism in me, I do. But Russia and China had their bloody revolutions and even while they were Communist, they had the same idea about generating wealth - tear it out of the bowels of the earth. And now they have come out with the same idea in the end... you know, capitalism. But capitalism will fail, too.
In 1946, Oxford University in England was offered large funds to create a new Institute of Human Nutrition. The University refused the funds on the ground that the knowledge of human nutrition was essentially complete, and that the proposed institution would soon run out of meaningful research projects.
We have moved from treating funds as investment trusts designed to serve their owner-beneficiaries to treating funds as consumer products, designed to attract the largest possible assets. This new approach has ill-served the interests of fund shareholders.
You know, Greenwich Village was the traditional bohemia of New York. I wish I could say that was entirely true now. It's, uh... changed. It's now got, God help us, investment bankers and journalists, but it's still a very beautiful part of New York.
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