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Paul Singer Blames The Fed For "Enabling" Income Inequality
The so-called economic recovery that America has experienced in recent years is "unfair" and "distorted" according to Elliott Management's Paul Singer. Speaking at The DealBook Conference in New York, Singer warned that the recent 'great' jobs data is "part of the distrortion" that he has so vociferously ascribed (having previously noted that he "does not think the current optimism is warranted.") But when asked if the Fed should be blamed for income inequality in America, Singer exclaimed "Yes, they are the enablers."
"What [ZIRP and QE] that has created is a series of distortions and an unfair recovery.
A distorted recovery meaning the beneficiaries of the asset price levitation are bond holders, stock holders, investors.
The middle class is not doing great."
As CNBC reports, on the markets, Singer warned about the dangers of bonds...
So-called high quality bonds from governments in the U.S. and Europe "provide horrendous value," Singer said, as they do not price in the risk of inflation and that central banks have been the major buyer for years.
Bonds are "very, very over-priced for the risk-reward," he added.
While bonds are over-priced, Singer said it doesn't mean they are about to collapse.
Singer called stocks "a more complicated picture."
The investor said it's hard to know how stocks would react when market confidence is lost.
As Singer recently explained... it's bad business all around...
"[when inflation strikes] ...the normal yardsticks of risk, return and profit may be thrown into the garbage can. These measures may be replaced by a scramble by citizens and investors to preserve value on a foundation of shifting sand, together with societal unrest that may make the current politically-useful “inequality” riffs, blaming the “1%” and attacking those “millionaires and billionaires” who refuse to “pay their fair share,” look like mere warm-ups for real class warfare.
A SURE-FIRE CURE FOR INEQUALITY: CRASH AND DEPRESSION
Inequality has become a political theme. Some are using it as a stepping stone to political power, stating that inequality is unfair, getting worse and in need of redress. It is worthwhile to point out the facts.
In most of the world, inequality in fact is declining. More precisely, economic growth and the march of technology, medicine, agriculture, mass education, energy and transportation have in recent decades enabled hundreds of millions of people to make the journey from subsistence poverty to a middle-class standard of living. For billions of people around the world, that journey, and the benefits that people get from a mass rise in living standards stemming from freedom, technological progress and economic growth, are life-transforming, and are inestimably more important than the difference between the living standards of the wealthiest cohort and those experienced by the majority of people. Of course, in many places around the world, corrupt (or incompetent) rulers and oligarchs keep people mired in poverty and oppression. But in those places, it is tyranny and corruption, not “inequality,” which is the problem and the source of the need for “social change.”
Inequality as a political theme is primarily a focus of developed countries. Let us examine its shape and causes. Inequality is exacerbated when asset prices rise. When people save money, buy investable assets and those assets rise in price, inequality is exacerbated because those people have higher income (by definition) than people who do not have enough income to save and invest. The period from the end of World War II to the present has been characterized by growth, prosperity, no world wars or depressions, and rising asset prices. Savers and asset owners receive dividends and capital gains in addition to their ordinary income. Prosperity and bull markets exacerbate inequality. Crashes and depressions reduce it.
Tax policy also has a role, at least in America. In the 1980s, there were tax law changes in America which had the effect of transferring a significant portion of income from the corporate tax returns of privately-held businesses to the individual tax returns of their owners. To the extent that this tax policy represented merely a shift of the same income from corporations to individuals, it created an exaggerated picture of rising inequality.
The march of technology also has played a role. Technological change has created a new class of global entrepreneurs, as well as generally increased the earnings capacity of technologists. The economic value (and consequent wage ranges) of undereducated workers is in the process of declining compared with tech-savvy and highly-educated people. The changes to the income distribution caused by these forces are not small or incremental. Rather, they have demonstrated the ability to capture, destroy or reshape entire industries overnight in today’s world. The people (many of them highly trained) who build and invest in these disruptive businesses can become very wealthy, sometimes very quickly. But the masses who are disrupted by such increasingly rapid changes suffer if policymakers do not create responsive education and job-training paths for them to keep up and change jobs and careers. Technology will continue to be disruptive and exacerbate inequality (while reducing costs and increasing efficiency and effectiveness), but governmental policies could mitigate a good deal of the pain to employees in obsolete or “outsourced” industries and help people adapt to the world of the future. Such policies are currently inadequate, and most policymakers find it more politically useful to rail against “the rich” than to create policies that help the bulk of the people compete and prosper.
So who are “the rich?” In our December 2012 quarterly report, we did an analysis of the Forbes 400. By studying the origins of all on the list, we found that 256 of the 400 were self-made. Of those, 46 grew up in either poverty or the lower-middle class). Another 146 were raised in a middle-class home, without special advantages or circumstances. We recommend going back to read the piece we wrote on this topic, but the point was powerful and is worthy of repeating: America is not a place of static concentrations of wealth. Mobility, growth, freedom and innovation are alive and well in America, and they are the reasons that this country has been the greatest engine of mass prosperity the world has ever seen.
We see the current focus on inequality as primarily an ideological and political theme aimed at justifying higher taxes on the rich, which amounts to the confiscation of wealth and more votes for the politicians shouting these populist riffs, none of whom has proposed any actionable ideas about how to narrow the gap other than by redistributing wealth. We do not think that beating down the income or assets of rich people is going to help middle class or poor people become more competitive or prosperous.
Furthermore, we believe that by railing against the rich and decrying inequality, politicians are attempting to divert attention from their unrelentingly poor policies. Making unaffordable promises and engaging in truly vast expansions of government programs have transmogrified into post-financial crisis solutions to restore ordinary people’s income and positive expectations.
The most important thing we can convey about inequality as a current political theme is that it is sharply exacerbated by the current mix of governmental policies in the developed world, particularly in America. If policies were oriented toward unlocking America’s considerable growth potential (policies described elsewhere in this report), then the rise of asset markets would be balanced alongside considerable improvement in the economic conditions of the vast middle class. But that is not the case in America, where growth-suppressive policies exist alongside extreme monetary ease. The consequence of this combination is that asset prices have risen sharply (exacerbating inequality), with only modest second-order benefits for economic activity, while the middle class has suffered from poor overall economic growth and job prospects combined with significant increases in basic cost-of-living items. This terrible combination is at the root of today’s perception of growing inequality, but the policymakers who are causing this set of circumstances are the ones railing (for political gain) against inequality.
Bad business all around!
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Dear Paul,
Does the Bernanke know you raided his Beard-drobe?
let me re-write this article, into a nice, condensed version that will do more to solve this than anything else
End the fed
authored by greenskeeper_carl
No, audit the Fed, then end the Fed.
Ass-feed the Fed Trinidad Moruga Scorpion Pepper hot sauce
Then end the Fed
Yes, claw back all the stolen wealth (titles etc.)
Retribution motherfuckers.
There is no "moving forward" without it.
Greenskeeper_Carl
Wrong.
The problem starts by Bank-Money (Private money created by debt), and not the Fed.
The problem with the Fed is that it rescues them, instead spending it directly in the ‘activities’ of the real economy.
I'm of the opinion that they are one and the same. Don't get all caught up in the appearance of different facades, as in the end, ownership is the same.
Your claim that the Fed and Bank-money is the same is wrong; unless the bank earned the funds through economics activities and/or deposits.
Banks can NEVER create money, Period!
Wrong.
The problem is that the Fed, and the government exist.
Without government there is no monopoly on currency creation, or on the setting of interest rates. Both of these things prevent us from having a free-market.
MarketAnarchist
"All the perplexities, confusion and distresses in America arise not from defects in the constitution…, as much from downright ignorance of the nature of coin, credit, and circulation" — John Adams, August 25, 1787.
So, your statement tells us that you are trapped in a serious case of a "well-intentioned but poorly informed” sanely naive ignorance which feeds on itself.
Here is the problem:
Private-money (Bank-Money) and interest (Usury) on the power of private sector.
This will then be turned into debt (serfdom), inflation, hyperinflation, deflation, and depression throughout society.
Here is the solution:
Sovereign Money: http://sovereignmoney.eu/
"Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. ... Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile." -- Mackenzie King, Canadian Prime Minister 1935-1948.
The Mackenzie King quote proves my point. The fact that the US government outlaws competing currencies means we are forced to toil under its mandates. They have taken their 'sacred responsibility' and used it for their own ends; human nature.
Government cannot exist without depriving people of their liberty.
“… control of the issue of CURRENCY AND CREDIT is restored to government and recognized as its most sacred responsibility…”
Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty otf parliament and of democracy is idle and futile." --
This is the desired outcome. I don't want parliament, I don't want democracy, I want to be FREE! If no one controls the currency and credit than all talk of sovereignty is futile, EXCELLENT! THIS PREVENTS THE RECURRENCE OF GOVERNMENT!
Let me give you an example of collapse of law and order:
My hairdresser is from Nicaragua. Her uncle has 11 busses in his village. She told that he is thinking selling these busses because some new gang took over his buses routes and he has to pay these gangs to enter their neighborhoods.
So, when I read your comment, it shows me how naive you are about people.
“I am absolutely convinced that no wealth in the world can help humanity forward, even in the hands of the most devoted worker in this cause.
The example of great and pure characters is the only thing that can produce fine ideas and noble deeds. Money only appeals to selfishness and always tempts its owners irresistibly to abuse it.
Can anyone imagine Moses, Jesus, or Gandhi armed with the money-bags of Carnegie?" -- The World As I See It – Albert Einstein (1949)
When you remove a government after it has been in place (and fostered dependency for so long) there are issues, like an addict in withdrawal.
How naive I am about people? If people are good you don't need government, if people are bad, then you cannot have government because there will be bad people in power.
MY hairdresser is from a western country and HER uncle has 11 buses in his village. She told me he is thinking about selling these buses because some new agency took over his bus routes and he has to pay this agency to enter their jurisdiction.
I am sorry, what is the difference between someone who uses force in the name of a gang, and someone who uses force in the name of a government?
Furthermore, this is not the norm. African warlords are just a crude iteration of government.
Perhaps you shold read Rothbards "On Liberty"
If Jesus had money, he could use it to disseminate his ideas more effectively.
Moses was a murderer, and Gandhi was a pedophile.
(edit) Gandhi was an incestuous pedophile.
Are you the Walrus?
Enabling
Enabling the greed/wealth junkies. There is no cure other than death.
Ugh... this paragraph made me hurl:
Growth, freedom, innovation. My fucking ass.
p.s. those are the three of the most fucked words in the English language.
Free Market, socialism, hero, organic, green and I love you are the most overused words.
Growth, freedom, innovation, and Jesus is coming to save us are delusions
They are not delusions, they are just indifferent concepts now....all of them
Wrong.
Language is more relevant to society, than economics
By falak pema
Economics is a means to achieve an end, like language.
So linguists are capable of understanding the logic of communication for DECISION MAKING; whether it be in words and intellectual concepts or in numbers/statistics and algorithms.
The issue here is that perfect markets like perfect speech do not exist for themselves in society, except for the "initiated", but have a different function as a VEHICLE for body politic; which defines the AIMS and uses the means, all the means : of language as of images and of statistics and mathematical constructs.
So the thesis of the Mises/Hayek type Shamans that Economia is the "be-all" of society is just wrong. No more than the works of Shakespeare or Hugo, or of Picasso etc.
They do not define politics and power in society. They may influence it but they don't define it's objectives.
Linguists like economists can add substance to a political construct that defines the power play in civilization. And in that respect markets are just a means and their perfection as important as a perfect face on the screen.
All imagery or conceptual work in life is virtual.
It becomes real when it faces the real world of power and its continual balancing act; facts and irreversible acts that define our future as they have our past.
Chomsky is more relevant today to society than Mises.
The first analyses real political acts and consequences the other confines himself to theoretical pontification about the real economy looked at through the lens which keeps referring to the mantra of perfect markets.
Not saying markets are not important just saying they are not ALL important.
For the Mises theory to become reality we would have to live in a perfect "anarchy" state without government. The last time they wanted the state to "shrivel away" it was called the "ultimate step of communism" and it parented Stalinism. So...you have to know what you wish for in the REAL world.
History says you are wrong. You keep harping about a system that has gone off the cliff twice because of market forces being spiraled into Vesuvian eruption under irrational exuberance and greed and thanks to lack of Government regulation : in 1929 and 2008.
You are into DEEP denial of historical FACTS.
The historical thread shows us neo-feudal oligarchs are just as destructive of wealth creation as are statist hegemonists.
The only realistic solution is to balance state power and private oligarchy power and make sure NEITHER is in dominant position by having transparent control of public and private spending and by ensuring due diligence and SANCTIONS.
Today we have a Mussolinian economy of crony collusion between statists and oligarchs. We have the worst of both worlds.
We need good state governance and non monopolistic private sector innovative investment, compatible with "general good", that does not run us off the cliff in mad speculation nor poison the planet.
The GDP should be run on an equitable basis between both power structures.
Whether this divide is 30/70 or 50/50 between private and public and how its used and how its controlled and monitored is the role of the Republic. And it should be debated and then voted and then executed in a legal framework which is NOT CORRUPT.
http://www.zerohedge.com/news/2014-08-24/you-cant-run-economy-spreadsheets#comment-5138074
So who are “the rich?” More on the 400…
At least 139 of the Forbes 400 are Jewish | JTA, The Global Jewish News Source
By Jacob Berkman October 5, 2009
I’ve spent the past couple of days buried in Google, going through Forbes’ recently released list of the country’s 400 richest citizens and trying to figure out who is Jewish.
This list is by no means an exact science. But those who we considered Jewish were those who were of Jewish descent or those who openly identified as Jews either personally or in their giving. There are a number of folks on this list below that we were unsure about, and they are denoted with asterisks.
Some quick stats: We are reasonably certain that 139 of the richest 400 Americans are Jewish, including 20 of the richest 50. Those top 20 control some $211.8 billion in personal wealth....
Here is the list of Jewish entries that I culled from the Forbes list. The lists (again 2009) includes where they rank on the Jewish list, followed by their rank on the general Forbes list, their net wealth in millions of dollars, followed by their age, location and the source of their wealth. This is just the Forbes list with the rest of the names deleted. (Click here for Forbes complete list, which includes short bios....
Here’s the list (2009) in millions:
1. 3 Lawrence Ellison 27,000 65 Redwood City Oracle
2. 8 Michael Bloomberg 17,500 67 New York Bloomberg
3. 11 Sergey Brin 15,300 36 Palo Alto Google
4. 11 Larry Page 15,300 36 San Francisco Google
5. 13 Michael Dell 14,500 44 Austin Dell
6. 14 Steven Ballmer 13,300 53 Seattle Microsoft
7. 15 George Soros 13,000 79 Westchester hedge funds
8. 16 Donald Bren 12,000 77 Newport Beach real estate – father is jewish
9. 22 Carl Icahn 10,500 73 New York leveraged buyouts
10. 23 Ronald Perelman 10,000 66 New York leveraged buyouts
11. 24 George B. Kaiser 9,500 67 Tulsa oil & gas, banking
12. 26 Sheldon Adelson 9,000 76 Las Vegas casinos, hotels
13. 29 James Simons 8,500 71 East Setauket hedge funds
14. 36 Steven Cohen 6,400 53 Greenwich hedge funds
15. 42 Eli Broad 5,400 76 Los Angeles investments
16. 44 Len Blavatnik 5,000 52 London Access Industries
17. 44 David Geffen 5,000 66 Malibu movies, music
18. 44 Ira Rennert 5,000 75 New York investments
19. 49 Charles Ergen 4,900 56 Denver EchoStar **
20. 50 Stephen Schwarzman 4,700 62 New York investments
21. 52 Samuel I. (Si) Newhouse Jr. 4,500 81 New York publishing
22. 56 Micky Arison 4,300 60 Bal Harbour Carnival Cruises
23. 61 Ralph Lauren 4,200 70 New York fashion
24. 65 Lester Crown & family 4,000 84 Wilmette investments
25. 65 Richard LeFrak & family 4,000 64 New York real estate
26. 65 Donald Newhouse 4,000 79 Somerset County publishing
27. 65 Daniel Ziff 4,000 37 New York inheritance, hedge funds
28. 65 Dirk Ziff 4,000 45 New York inheritance, hedge funds
29. 65 Robert Ziff 4,000 43 New York inheritance, hedge funds
30. 77 Henry Kravis 3,800 65 New York leveraged buyouts
31. 77 Paul Milstein & family 3,800 87 New York Emigrant, real estate
32. 77 Samuel Zell 3,800 68 Chicago real estate, private equity
33. 84 Leonard N. Stern 3,600 71 New York real estate
34. 85 Stanley Druckenmiller 3,500 56 Pittsburgh hedge funds
35. 85 Bruce Kovner 3,500 64 New York hedge funds
36. 85 George Roberts 3,500 66 San Francisco leveraged buyouts
37. 97 Riley P. Bechtel 3,000 57 San Francisco engineering, construction**
38. 97 Stephen D. Bechtel Jr. 3,000 84 San Francisco engineering, construction**
39. 97 Leonard Lauder 3,000 76 New York Estee Lauder
40. 97 Theodore Lerner 3,000 84 Washington real estate
41. 97 Steven Spielberg 3,000 62 Pacific Palisades movies
42. 97 Warren Stephens 3,000 52 Little Rock Stephens Inc. **
43. 97 David Tepper 3,000 52 Milburn hedge funds
44. 110 Stephen Ross 2,900 69 New York real estate
45. 113 Daniel Och 2,800 48 New York hedge funds
46. 113 Haim Saban 2,800 65 Beverly Hills television
47. 118 Joan Tisch 2,600 83 New York Loews
48. 123 Edgar M. Bronfman 2,500 80 New York liquor
49. 123 Ronald Lauder 2,500 65 New York Estee Lauder
50. 123 Mitchell Rales 2,500 53 Washington Danaher Corp **
51. 123 Steven Rales 2,500 58 Washington Danaher Corp **
52. 123 David Rubenstein 2,500 60 Bethesda leveraged buyouts
53. 139 Mark Cuban 2,400 51 Dallas Broadcast.com
54. 139 Malcolm Glazer & family 2,400 81 Palm Beach sports teams, real estate
55. 141 Steve Wynn 2,300 67 Las Vegas casinos, hotels **
56. 147 Tom Gores 2,200 45 Beverly Hills leveraged buyouts
57. 147 Bruce Wasserstein 2,200 61 New York Wasserstein Perella, Lazard
58. 158 Nicolas Berggruen 2,000 48 New York Investments
59. 158 Leon Black 2,000 58 New York leveraged buyouts
60. 158 William Gross 2,000 65 Laguna Beach bonds **
61. 158 Michael Milken 2,000 63 Los Angeles investments
62. 158 Sumner Redstone 2,000 86 Beverly Hills Viacom
63. 158 Leslie Wexner 2,000 72 New Albany Limited Brands
64. 158 Mark Zuckerberg 2,000 25 Palo Alto Facebook
65. 183 Stewart Rahr 1,950 63 New York Kinray
66. 193 Alan Casden 1,850 63 Beverly Hills real estate
67. 196 Thomas Pritzker 1,800 59 Chicago hotels, investments
68. 196 Jerry Speyer 1,800 69 New York real estate
69. 204 Israel Englander 1,700 61 New York hedge funds
70. 204 Penny Pritzker 1,700 50 Chicago hotels, investments
71. 204 Sheldon Solow 1,700 81 New York real estate
72. 212 Robert Friedland 1,650 59 Singapore mining
73. 212 Henry Samueli 1,650 55 Newport Beach Broadcom
74. 220 Thomas Friedkin 1,600 74 Houston Gulf States Toyota
75. 220 Alec Gores 1,600 56 Beverly Hills leveraged buyouts
76. 220 Irwin Jacobs 1,600 76 La Jolla Qualcomm
77. 220 Anthony Pritzker 1,600 48 Los Angeles hotels, investments
78. 220 Jay Robert Pritzker 1,600 44 Evanston hotels, investments
79. 230 John Morgridge 1,550 76 Portola Valley Cisco ** (NETA with Jewish Agency)
80. 230 Isaac Perlmutter 1,550 67 Palm Beach Marvel
81. 230 Wilma Tisch 1,550 82 New York Loews
82. 236 Neil Bluhm 1,500 71 Chicago real estate
83. 236 Robert Kraft 1,500 68 Brookline New England Patriots
84. 236 Stephen Mandel 1,500 53 Greenwich hedge funds
85. 236 Daniel Pritzker 1,500 50 Marin County hotels, investments
86. 236 James Pritzker 1,500 58 Chicago hotels, investments
87. 236 Jean (Gigi) Pritzker 1,500 47 Chicago hotels, investments
88. 236 John Pritzker 1,500 56 San Francisco hotels, investments
89. 236 Karen Pritzker 1,500 51 New Haven hotels, investments
90. 236 Linda Pritzker 1,500 55 St. Ignatius hotels, investments
91. 236 Marc Rich 1,500 74 Meggen commodities
92. 236 Lynn Schusterman 1,500 70 Tulsa oil & gas, investments
93. 236 John Sperling 1,500 88 Phoenix Apollo Group
94. 236 Mortimer Zuckerman 1,500 72 New York real estate, media
95. 272 George Lindemann & family 1,450 73 Palm Beach investments
96. 272 Bernard Marcus 1,450 80 Atlanta Home Depot
97. 277 S. Daniel Abraham 1,400 85 Palm Beach Slim-Fast
98. 277 John Arrillaga 1,400 72 Palo Alto real estate
99. 277 Alfred Mann 1,400 83 Los Angeles medical devices
100 277 Michael Moritz 1,400 55 Mountain View venture capital
101. 277 Michael Price 1,400 57 Far Hills investments
102. 277 Tamir Sapir 1,400 62 New York real estate
103. 277 Alfred Taubman 1,400 85 Bloomfield Hills real estate
104. 289 Ken Fisher 1,350 58 Woodside Money management **
105. 289 David Gottesman 1,350 83 Rye investments
106. 289 Marc Lasry 1,350 49 New York hedge funds (92nd Street Y)
107. 296 Edmund Ansin 1,300 73 Miami Sunbeam Broadcasting
108. 296 Ron Baron 1,300 66 New York money management
109. 296 Leon Charney 1,300 68 New York Real estate
110. 296 Glenn Dubin 1,300 52 New York hedge funds
111. 296 Donald Fisher 1,300 81 San Francisco Gap
112. 296 Doris Fisher 1,300 78 San Francisco Gap
113. 296 Jeremy Jacobs Sr. 1,300 69 East Aurora sports concessions
114. 296 Gary Michelson 1,300 60 Los Angeles medical patents
115. 317 Arthur Blank 1,250 67 Atlanta Home Depot
116. 317 Jeffrey Greene 1,250 54 Miami Beach real estate, investments
117. 317 Thomas H. Lee 1,250 65 New York leveraged buyouts
118. 317 Herbert Simon 1,250 74 Indianapolis real estate
119. 317 Peter Sperling 1,250 49 Phoenix Apollo Group
120. 326 John E. Abele 1,200 72 Shelburne healthcare **
121. 326 Norman Braman 1,200 77 Miami art, car dealerships
122. 326 John Fisher 1,200 48 San Francisco Gap
123. 326 Nicholas Pritzker 1,200 65 Chicago hotels, investments
124. 326 Alexander Rovt 1,200 57 Brooklyn fertilizer
125. 326 Margaret Whitman 1,200 53 Atherton Ebay
126. 341 Leon Cooperman 1,150 66 Short Hills hedge funds
127. 341 Barry Diller 1,150 67 New York IAC/InterActiveCorp
128. 341 Joseph Mansueto 1,150 53 Chicago Morningstar **
129. 347 Marc Benioff 1,100 45 San Francisco Salesforce.com
130. 347 A. James Clark 1,100 81 Easton Construction **
131. 347 Robert Fisher 1,100 56 San Francisco Gap
132. 347 Alan Gerry 1,100 80 Liberty cable television**
133. 347 James Irsay 1,100 50 Carmel Indianapolis Colts (Father, Bob was Jewish)
134. 347 Michael Krasny 1,100 56 Highland Park CDW Corp 3
135. 347 Daniel Snyder 1,100 44 Potomac Washington Redskins
136. 347 Henry Swieca 1,100 52 New York hedge funds
137. 366 Peter Lewis 1,050 75 Coconut Grove Progressive Corp
138. 366 Nelson Peltz 1,050 67 Bedford Investments
139. 371 William Fisher 1,000 52 San Francisco Gap
140. 371 Pincus Green 1,000 74 Jerusalem commodities
141. 371 Jeffry Picower 1,000 67 Palm Beach investments
142. 371 Steven Schonfeld 1,000 50 Westbury Proprietary Trading
143. 371 Walter Shorenstein & family 1,000 94 San Francisco real estate
144. 371 Evgeny (Eugene) Shvidler 1,000 45 London Millhouse LLC
145. 371 Charles Zegar 1,000 61 New York Bloomberg LP
146. 394 Jeffrey Lurie 980 58 Haverford Philadelphia Eagles
147. 396 Nancy Lerner 960 49 Cleveland inheritance
148. 396 Norma Lerner 960 73 Cleveland inheritance
149. 396 Randolph Lerner 960 47 Cleveland inheritance
Thanks to Gil Shefler for helping with the research. http://www.jta.org/2009/10/05/fundermentalist/at-least-139-of-the-forbes-400-are-jewish#ixzz3LdN4siz4
Paul Singer ranked #352 on Forbes’ 2014 annual list of the 400 Richest Americans this year, with a net wealth of $1.86 Billion.
thanks JR for your many day's hard work. i would've thought there would be a loeb, perhaps they've lost ground lately.
I wish I had a beard. I would be so awesome.
Why doncha do like Phylis Diller did & get a face lift?
Viola...bearded.
"it was an accident"
ZWO protocol #16
Keep the masses in poverty and perpetual labor
Where was this fucker when Hank "tanks in the streets" Paulson was raping the taxpayer for bailout money?
Paul looking for a lower number in the guillotine line?
oblige him...
The Truth IS anti-Semitic
Fuck Off Paul Singer! Dance to bullets..
You all need to just do what Yellen told u all [to do].......'Buy Assetts'
Thats how you get rich !!!!
Why must everyone make this all so complicated?!??!?!?!?!?
'Bonds are overpriced'. LOL, what a fucking douche.
He is talking his book.
This necrophiliac prefers to feast on roadkill corpses, preferably about a week old, just as they are hitting the sweet spot of decomposition.
Skunk roadkill is a delicacy for Central planners.
'The middle class is not doing great' said Singer, 'largely due to the transition to a fascist nanny security state owned and operated by me and my peers, the middle class has really taken a royal fucking. Luckily they're too stupid to notice, or too cowed to do anything about it'. Why did ZH edit the full quote?
Right on Hux!
I was wondering the same thing.
It's simply changing the rules of the game on the middle class in the middle of the game. The standard of living is being attacked here. And the longer everyone sits and does not fight back , the deeper we go.
I say follow no rules. Make your own rules. And tear this fucking house of corrupt cards down. Most do no agree. So each day I care less and less about them as well.
Middle game, no sister, this is pretty much the end game, prep bitches.
Right On!
Paul Singer, consummate insider, subverter of sovereignty, too rich to jail criminal, and vulture extraordinaire, has absolutely zero credibility.
Why do the Tylers give this psychopathic scum of the earth any credence?
Because they're status quo respectable. Tylers quote some scumbags and MSM sources these days.
Man, what a sad state of affairs...
The problem with supporting the accurate statements that Singer makes is that for people who do not know his background, they develop a false admiration.
Actually Paul Singer is a champion of inequality, using his wealth and the courts to rape banker-impoverished nations.
“Through Elliott Management, Singer[6] won cases against Peru, the Republic of Congo,[7] and is in a dispute with Argentina for repayment of the full face value of debts acquired at a deep discount during the countries' respective financial crises.[8] (Wikipedia)
And how does he spend his ill-gotten gains? Why, he shills for war to benefit Israel.
According to Philip Weiss of “Mondoweiss” website and Eli Clifton of “Salon”, a war party think tank titled Foundation for Defense of Democracy (FDD) in 2011 took in $19 million from five rabidly pro-Israel givers.
Writes Pat Buchanan in Midterms a Vote for More War?: Grand Old War Party, and they appear eager to ignite powder kegs in Ukraine and Iran:
“They included Home Depot’s Bernard Marcus, who gave $10.7 million, hedge fund billionaire Paul Singer handed over $3.6 million, and Sheldon Adelson, the Vegas-Macau casino kingpin, who chipped in $1.5 million.”
Exactly who is this billionairel who manipulated the system to cheat Argentinians, using insider connections and biased judges?
“The fact is,” Mark Gongloff wrote July 31, 2014, on Huffingon Post, “that one conservative American billionaire and a handful of American judges have just pushed Argentina, a nation of 43 million people with an economy bigger than that of the Netherlands or South Africa, into defaulting on its debt. It's a move that threatens not only chaos for the Argentinian people, but potential chaos for other countries hoping to borrow money in the future.
"’This is America throwing a bomb into the global economic system,’" Columbia University economist Joseph Stiglitz told The New York Times in a front-page story about the battle."
It’s billionaire Zionist, Paul Singer, who, according to Jérome Duval and Fatima Fafatale, has made his specialty buying up insolvent debts for a song and later cashing in on them. Said these writers on Voltaire.net, He is now consolidating “his fortune at the expense of the Argentinian people, while already setting his sights on Spain…”
http://www.voltairenet.org/article184957.html
By demanding full value for defaulted Argentine bonds that Singer and his fellow vultures purchased for a pittance and by refusing to accept a reasonable settlement accepted by other bondholders, the unscrupulous profiteers may have forced the South American country to the brink of bankruptcy.
As ZH commenter Radical Marijuana explains: “Guys like Singer ARE members of the best organized gangs of criminals, who get away with blaming other people for manifesting the consequences of what guys like Singer actually achieved in the past, through the applications of the methods of organized crime to the political processes, for generation after generation, until the figurehead 'leaders' appear as incompetents, fooling the ‘citizens’ who are ignorant.”
It’s like Al Capone saying the worst thing that’s happening in this town is coming from the criminal element.
Your comment is, as ever, of the highest utility and closest truth.
All these old dying fucks who did their part in the course of destruction - they are the 'authorities' on these matters in terms of their opinion because they made it big, god knows what darkness it took, and their word is the law because of the power they consolidated, through fraud or force or both.
ZH quotes them because they are status quo respectable. No matter what evils they perpetrate, they are kings of the financial industry, and will therefore be respected by all who tolerate fraud.
nailed it! thanks, JR.
But Capone, of course was supplying a product that people actually wanted.
One does wonder why this slick shyster would be biting the hand that feeds him.
Put Singer the financial pervert behind bars. Arrest him before he gets away and croaks of old age.
That beard would look great with the matching, Colombian "neck tie".
the enablers? They are the bankers for income inequality. When Corzine is in jail...the healing will begin
so many heads so little time
Those who look closely understand that it is not the 1% at the top stealing the icing off the cake, but the much smaller .1% or .01% that are skewing the numbers and overreaching.
I contend the biggest problem with America is the massive growth in crony capitalism and corruption in Washington. Much of this can be attributed to the ability of those in control "changing the rules" and positioning themselves to benefit at every corner. In our busy and complex world we have found it impossible to watch all the moving parts. More on how this incestuous mess leads to collapse in the article below.
http://brucewilds.blogspot.com/2014/05/how-empires-collapse.html