It's better to be rich than right

(cnn.com)

32 points | by jeffwass 4 hours ago

12 comments

  • astroflection 1 hour ago
    Content aside, I find it sad that "journalists" don't even bother tagging their opinion articles with "Opinion" or "Editorial" any more.
    • thomassmith65 1 hour ago
      The byline says "Analysis by Allison Morrow."

        • analysis /əˈnæl.ə.sɪs/
          the act of studying or examining something in detail, 
          in order to discover or understand more about it, 
          or your opinion and judgment after doing this
      
      https://dictionary.cambridge.org/dictionary/english/analysis
    • 2OEH8eoCRo0 1 hour ago
      Do you really need to be told that "It’s better to be rich than right" cannot be an objective fact?
      • locknitpicker 1 hour ago
        > Do you really need to be told that "It’s better to be rich than right" can not be an objective fact?

        It's not about being told. It's about the publication's attitude towards producing impartial content.

        • Taters91 20 minutes ago
          Why should CNN not be allowed to publish analysis?
          • 2OEH8eoCRo0 0 minutes ago
            I suspect because they're secretly against speech they don't like.
  • simojo 2 hours ago
    What would it take for something like the stock market to become illegitimate in the world's eyes? To the point of not investing, that is
    • toomuchtodo 2 hours ago
      Value and return destruction dissuading capital flows to the asset class.
    • anon191928 2 hours ago
      end of fiat money or WW3.
      • nradov 1 hour ago
        Investors traded on stock markets even back when currency was backed by precious metals.
        • anon191928 1 hour ago
          yes but nowhere near current % number of the popl. ? now a lot more people invest on it, big difference
  • filereaper 2 hours ago
    There's almost an underlying assumption that taxpayers will bail you out, or you that you won't go to jail for all these securities frauds, or miscalculating risk on pension funds assets is okay.

    Rip away all these away and the Emperor is called out to be naked very quickly.

  • vjulian 41 minutes ago
    After looking up the author on LinkedIn, I can’t understand why her output is being discussed here.
  • wturner 33 minutes ago
    You can't have a functioning democracy without consequences for the bad behavior of wealthy people that mask their sociopathy in mounds of legalese, financial abstraction, bought off politicians and media PR. If the law doesn't do it, then the burden fall on the shoulders of private citizens. We've demonized people for this view but I think it's heathier that we culturally normalize it and stop pretending.
  • paulddraper 1 hour ago
    In 2008, the SEC made it illegal to short financial institutions.

    Do they exist to ensure fairness, or to prop up the winners?

    Pretty obvious answer.

    • linster 1 hour ago
      That’s misleading. You’re talking about the ban on naked shorts.
      • klysm 58 minutes ago
        Which isn’t enforced if you are big enough
  • dzonga 1 hour ago
    you might go broke trying to prove the market | crowd wrong.

    one hedge fund guy learned this lesson i.e with herbalife.

    due to money printing or whatever - certain models are no longer applicable. maybe they will be but for now are not.

  • dh2022 39 minutes ago
    In other news: water is wet.
  • metalman 2 hours ago
    WRONG
  • qgin 1 hour ago
    “The market can stay irrational longer than you can stay solvent.”
  • anon191928 3 hours ago
    all because of M2 money printer, it broke how money works , process of fiat money started in 1971 but with covid printing they made last nail in the coffin.

    Numbers go up because they can print UNLIMITED $trillions, your work means nothing.

    All the Fed, CBs and invesment bankers lies to you when you ask about how printing and fiat money works. They steal real value from you, they only create certain amount of value with banking but instead they OWN the money suppy and control.

    • locknitpicker 54 minutes ago
      > all because of M2 money printer, it broke how money works , process of fiat money started in 1971 but with covid printing they made last nail in the coffin.

      I don't think your claim is well founded or even has a rational basis. Frankly it sounds like an attempt to cram together impopular cliches.

      It doesn't mattet whether you have fiat money or any type of commodity money. What matters is the monetary and economic policies in place. The gold standard didn't prevented the kind of inflation or drops in purchasing power that you're pinning on fiat or whatever scapegoat.

      In addition, any type of commodity you might think of still shows huge price fluctuations. Take gold for example. Gold prices increased around 50% in the last year alone, and tanked about 20% in the last two weeks alone. Do you think that with the gold standard this would have zero impact on inflation?

      > Numbers go up because they can print UNLIMITED $trillions, your work means nothing.

      You're complaining about changes to the money supply. With a gold standard, you'd get the exact same benefit and consequences by the state increasing debt to fund their monetary and economic policies.

      I think you're trying to vent frustration but you are failing to identify the problem.

    • chairmansteve 2 hours ago
      Why has inflation been low then? I know there was a covid spike and it's a little higher now, but if money printing was out of control, wouldn't we have Venezuela or Zimbabwe levels of inflation?
      • anon191928 2 hours ago
        because printed money mostly goes to stocks, private family funds + overseas. That level of inflation requires failed financial system + lack of fiancial people.

        Why do you think sp500 and stocks are at ATH? they get printed fiat that's why. you as a worker dont get printed fiat now so you dont add to consumer inflation. They gave covid checks and business loans when inflation increased, you dont get that benefit anymore. They learn their lesson to steal value from you.

        • danielscrubs 1 hour ago
          You might be on to something. Do you have any further reading?