Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Eiro-group Review –The power of trading education - 4th Dec 20
Early Investors set to win big as FDA fast-tracks this ancient medicine - 3rd Dec 20
New PC System Switch On, Where's Windows 10 Licence Key? Overclockers UK OEM Review (5) - 3rd Dec 20
Poundland Budget Christmas Decorations Shopping 2020 to Beat the Corona Economic Depression - 3rd Dec 20
What is the right type of insurance for you, and how do you find it? - 3rd Dec 20
What Are the 3 Stocks That Will Benefit from Covid-19? - 3rd Dec 20
Gold & the USDX: Correlations - 2nd Dec 20
How An Ancient Medicine Is Taking On The $16 Trillion Pharmaceutical Industry - 2nd Dec 20
Amazon Black Friday vs Prime Day vs Cyber Monday, Which are Real or Fake Sales - 1st Dec 20
The No.1 Biotech Stock for 2021 - 1st Dec 20
Stocks Bears Last Chance Before Market Rally To SPX 4200 In 2021 - 1st Dec 20
Globalists Poised for a “Great Reset” – Any Role for Gold? - 1st Dec 20
How to Get FREE REAL Christmas Tree 2020! Easy DIY Money Saving - 1st Dec 20
The Truth About “6G” - 30th Nov 20
Ancient Aztec Secret Could Lead To A $6.9 Billion Biotech Breakthrough - 30th Nov 20
AMD Ryzen Zen 3 NO UK MSRP Stock - 5600x, 5800x, 5900x 5950x Selling at DOUBLE FAKE MSRP Prices - 29th Nov 20
Stock Market Short-term Decision Time - 29th Nov 20
Look at These 2 Big Warning Signs for the U.S. Economy - 29th Nov 20
Dow Stock Market Short-term and Long-term Trend Analysis - 28th Nov 20
How To Spot The End Of An Excess Market Trend Phase – Part II - 28th Nov 20
BLOCKCHAIN INVESTMENT PRIMER - 28th Nov 20
The Gold Stocks Correction is Maturing - 28th Nov 20
Biden and Yellen Pushed Gold Price Down to $1,800 - 28th Nov 20
Sheffield Christmas Lights 2020 - Peace Gardens vs 2019 and 2018 - 28th Nov 20
MUST WATCH Before You Waste Money on Buying A New PC Computer System - 27th Nov 20
Gold: Insurance for Prudent Investors, Precious Metals Reduce Risk & Preserve Wealth - 27th Nov 20
How To Spot The End Of An Excess Market Trend Phase - 27th Nov 20
Snow Falling Effect Christmas Lights Outdoor Projector Amazon Review - 27th Nov 20
4 Reasons Why You Shouldn't Put off Your Roof Repairs - 27th Nov 20
Further Clues Reveal Gold’s Weakness - 26th Nov 20
Fun Things to Do this Christmas - 26th Nov 20
Industries that Require Secure Messaging Apps - 26th Nov 20
Dow Stock Market Trend Analysis - 25th Nov 20
Amazon Black Friday Dell 32 Inch S3220DGF VA Curved Screen Gaming Monitor Bargain Deal! - 25th Nov 20
Biden the Silver Bull - 25th Nov 20
Inflation Warning to the Fed: Be Careful What You Wish For - 25th Nov 20
Financial Stocks Sector ETF Shows Unique Island Setup – What Next? - 25th Nov 20
Herd Immunity or Herd Insolvency: Which Will Affect Gold More? - 25th Nov 20
Stock Market SEASONAL TREND and ELECTION CYCLE - 24th Nov 20
Amazon Black Friday - Karcher K7 FC Pressure Washer Assembly and 1st Use - Is it Any Good? - 24th Nov 20
I Dislike Shallow People And Shallow Market Pullbacks - 24th Nov 20
Small Traders vs. Large Traders vs. Commercials: Who Is Right Most Often? - 24th Nov 20
10 Reasons You Should Trade With a Regulated Broker In UK - 24th Nov 20
Stock Market Elliott Wave Analysis - 23rd Nov 20
Evolution of the Fed - 23rd Nov 20
Gold and Silver Now and Then - A Comparison - 23rd Nov 20
Nasdaq NQ Has Stalled Above a 1.382 Fibonacci Expansion Range Three Times - 23rd Nov 20
Learn How To Trade Forex Successfully - 23rd Nov 20
Market 2020 vs 2016 and 2012 - 22nd Nov 20
Gold & Silver - Adapting Dynamic Learning Shows Possible Upside Price Rally - 22nd Nov 20
Stock Market Short-term Correction - 22nd Nov 20
Stock Market SPY/SPX Island Setups Warn Of A Potential Reversal In This Uptrend - 21st Nov 20
Why Budgies Make Great Pets for Kids - 21st Nov 20
How To Find The Best Dry Dog Food For Your Furry Best Friend?  - 21st Nov 20
The Key to a Successful LGBT Relationship is Matching by Preferences - 21st Nov 20
Stock Market Dow Long-term Trend Analysis - 20th Nov 20
Margin: How Stock Market Investors Are "Reaching for the Stars" - 20th Nov 20
World’s Largest Free-Trade Pact Inspiration for Global Economic Recovery - 20th Nov 20
Dating Sites Break all the Stereotypes About Distance - 20th Nov 20

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

A Message From the 1%, Why Vilification of Wall Street is Disgusting

Politics / US Politics Oct 27, 2012 - 05:38 AM GMT

By: Bloomberg

Politics

Best Financial Markets Analysis ArticleBillionaire financier and Home Depot co-founder Ken Langone told Bloomberg Television's Trish Regan on "Street Smart" today that he is "proudly part of the 1%. I worked like hell to become part of the 1."

Langone said that, "I have been in Wall Street all of my life. I love it. It has been good to me... This vilification of what is going on in America today is disgusting."


Langone on his past:

"As a little boy, my first job was delivering newspapers and then I had a variety of different jobs. I worked in a butcher shop, I worked in a supermarket, I worked in construction. I dug ditches on the Long Island expressway in 1954, 1955, 1956. During my summers off from Bucknell, I was a day laborer and they were building the section of the expressway from the city line to Shelter Rock Road. That was the way that I was able to augment my needs for college. My parents did what they could do but I still had to work to help because it was only about $2,500 a year to go to Bucknell. Today it is $53,000 a year, which is kind of sad."

On whether it's frustrating to hear politicians talk about working Americans vs. the 1%:

"Let me say this loud and clear. I am proudly part of the 1%. I worked like hell to become part of the 1%. I don't want anything back for what about to say, but it also happened. By my virtue of Bernie, Arthur and I getting into the 1%, we bought 330,000 people along with us, the great Home Depot, great paying jobs to wonderful bright careers and futures. I was once part of the 99%. The goal of being in the 99% was to get not from the standpoint of the money, but the standpoint of the accomplishment, the standpoint of the satisfaction. The thing that I find tragic today--I don't know what the hell a conditional mortgage obligation is, I don't know what subprime debt is. I have never owned any of it. I have invested in companies, I have worked in companies, we have built companies, we have created jobs."

"I have been in Wall Street all of my life. I love it. It has been good to me. I know many wonderful, decent, honorable, ethical hard-working people that were in Wall Street with me. This vilification of what is going on in America today is disgusting. We're upside-down right now. Sure, things were done that were wrong. Sure, excesses happen. But there's plenty of blame to go around. There is Barney Frank, the Congress, who pushed the American dream that everyone should on a home. Now, everyone should not own a home. There is a lot of people that can't afford it. There are a lot of people who don't have a responsibility to own a home. The point of the notion that this is going to be the American dream, everyone was in the pool swimming and all of a sudden when it blew up, then you look around for scapegoats."

On whether it's more difficult for young people right now:

"I wish I was their age because the opportunities that are out there now are as good as they were as I've ever seen in all my life. They might be harder to identify, but they are there. But once you identify them and once you figure out what the human want is and you address that human want with the supply of whatever they need, you can do well. I don't buy into this notion. We will get through this period of experimentation with socialism. Do not buy into this notion. We will get through this time of experimentation. What would you call it? Take from the rich because the rich are bad? That's how I feel."

"Let me really play with a liberal's head. I don't know whether other people should or shouldn't pay taxes. I know I can, and I am willing, to pay more taxes. I know I should not get social security. I don't need it. I won, so don't give it to me. But if you want to do that to me, do it in a constructive way that what you take from me beyond you already get is sequestered to reduce this humongous debt that we have so these kids that have not been born yet aren't burdened by our lavish lifestyles."

bloomberg.com

Copyright © 2012 Bloomberg - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

stevehudson
28 Oct 12, 09:46
disgusting?

America is broken, but this guy says the status quo must not be criticized. "vilification of what is going on in America today is disgusting." Wall Street -- the megabanks -- have ripped off America to the tune of trillions of dollars; their parasitic anti-social finance system collapsed from its own rottenness and was given welfare support by government. There is nothing disgusting about criticizing this. This guy says he worked hard as a youth. So what? VIRTUALLY EVERYBODY DOES!! I worked like an m.f. producing the goods and wealth of the nation, but did not become a billionaire.

I earned every penny I made and then some though. I submit that no billionaires have actually earned the money they have, but only a fraction of it,and should not exist as they are a detriment to society. Exceptional contributors to society should be exceptionally rewarded, but excessive unearned wealth and wealth concentration is bad for society. Bill Gates got $500k from his hold man, bought some software, got a monopoly, and rode a technological wave to hyperwealth. It would have happened without him. He did not deserve all that wealth. Most personal wealth is still acquired the old fashioned way: it is inherited -- nothing to do with exceptional contributions. Wall Street does not provide money for productive capitalism, but is a speculative secondary market, mainly funding LBOs and the like that tear down and steal from productive workplaces. Home Depot?

It's basically a Chinese manufacturing outlet. The goods there are produced by a totalitarian communist state, mostly in government-owned enterprises. The set-up enriches people like Langone at the expense of American jobs. "Free Trade" does not work for the American people, but mainly for disgusting parasites like this jerk. He aint no Henry Ford or Alva Edison.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules