The big money is pessimistic according to a report from CNBC, “EXCLUSIVE: Outlook Gloomy at Secret Billionaire Meeting”:
For 25 years, legendary Wall Street strategist Byron Wien, now with The Blackstone Group, has held summer meetings with high net worth individuals to get their outlook on the global economy and investing. This year’s group, totaling fifty individuals and including more than 10 billionaires, was decidedly pessimistic on the U.S. economy, investment opportunities and the Obama administration.
“They saw the United States in a long-term slow growth environment with the near-term risk of recession quite real,” said Wien, in a commentary to Blackstone clients. “The Obama administration was viewed as hostile to business and that discouraged both hiring and investment. Companies and entrepreneurs were reluctant to add workers because they didn’t know what their healthcare costs or taxes were going to be.”
H/T to Financial Armageddon for the above.
There is a big difference between people’s mouths and their wallets. So-called pundits have nothing to lose (other than questionable reputations) when they make recommendations or pronouncements. Little attention should be paid to these carnival barkers. Instead, “Follow the money.”
You can make a case that billionaires are as dumb as any class of people once they start talking outside their core of expertise, which, being billionaires, they are encouraged to do.
Once they reach the philanthropic state, billionaires tend to put their money where it will do the most harm.
James,
Quite correct. Whether it is a guilt complex or the need to buy out of an undeserved “Robber Baron” image that motivates some of their nonsense is moot.
Outside their fields, some have proven to be almost imbecilic. Ted Turner is merely one of many that comes immediately to mind.
Monty
Curious? Where should they put it?
Joe,
They have every right to do with it as they see fit.
Princess on the steeple and all the pretty people
They’re drinkin’, thinkin’ that they got it made
Exchanging all precious gifts
But you’d better take your diamond ring, you’d better pawn it babe
You used to be so amused
At Napoleon in rags and the language that he used
Go to him now, he calls you, you can’t refuse
When you got nothing, you got nothing to lose
You’re invisible now, you got no secrets to conceal.
How does it feel
How does it feel
To be on your own
With no direction home
Like a complete unknown
Like a rolling stone ?
Bob Dylan