Another year, another repugnant ‘bank star’ convention in Davos, Switzerland full of all the same people who were saved by taxpayer bailouts in 2008 and have been undeservedly, grotesquely enriched from central bank liquidity injections ever since. This morning’s interview with Blackstone chief Schartzman is classic of the prevailing sociopathic “let them in cake” mindset.
In an earlier segment of the conversation he predictably explains that he thinks the current market downturn is just a ‘correction’ and nothing to be too concerned about (even though most markets have already fallen more than 20% worldwide, double the 10% ‘correction’ category). Nope as in 2000 and 2008, the party line with this crew remains, ‘stay long, stay calm, no need for anyone to sell any investment products to protect themselves from capital losses’.
‘We need to keep your savings in harm’s way in order to keep raking in our fees’, is the subtext which none of the business media have the guts to call any of their ‘honorable’ guests out on.
Schartzman says the amount of anger in America today is remarkable and mystifying to him: “how is that happening, why is that happening, what is the vein in Amercia that is being tapped into across parties that’s made people so unhappy?”
This obtuse elitism it precisely why revolutions repeat throughout human history in order to shake up the status quo.
Stephen Schwarzman, chief executive officer at Blackstone Group, talks with Bloomberg’s Erik Schatzker about the 2016 presidential race, Bernie Sanders, and Donald Trump. Here is a direct video link.