Posted on 09/21/2011 5:13:57 AM PDT by TigerLikesRooster
Sept. 21, 2011, 12:01 a.m. EDT
Grantham: ‘No market for young men’
Market veteran blasts income inequality, buys blue-chip stocks
By Jonathan Burton, MarketWatch
SAN FRANCISCO (MarketWatch) — Hey, Young Turks on trading desks, up-and-coming money managers and Wall Street stock jockeys: You want the truth about the global markets today?
Listen to Jeremy Grantham, chairman of Boston-based investment manager GMO LLC: You can’t handle the truth. Jeremy Grantham.
“This is no market for young men,” Grantham said. “At least us old men remember what a real bear market is like, and the young men haven’t got a clue.”
Women, too, for that matter. And at 72, after 40-plus years in the investment business, Grantham can make this claim unchallenged, but his point is more about the lessons of experience than the limitations of age, and an investor’s ability to build on the former and overcome the latter.
(Excerpt) Read more at marketwatch.com ...
P!
For starters, he said, you tax the richest more than they’re paying now. Said Grantham: “We have actually made the tax structure friendlier to the top 10%.” Grantham contends that income inequality at these levels takes a real toll on ordinary workers and society as a whole. To bridge this gap and give average workers a bigger slice of the pie, Grantham advocates investing in education, training, and to “change the tax structure to make it equitable.”Nice find. /s
This is the rallying cry for the whole class struggle paradigm. This time coming from a 'compassionate' bear arbitrageur. And I'm sure there are stats that back this up. But where are the stats that show how we live in a society that lives for today, the bucket list. We all wanna go to Disney without first winning the Superbowl. No one saves for their future. Then they expect some idealized nanny state to clean up after them.
The problem is, government “solutions” never dare to levy a wealth tax on the likes of Warren Buffett and George Soros - which is what public supporters of higher taxation think they are backing. Instead, government goes after the soft targets: small business owners, high-salaried employees, and retail investors.
ditto.
“If the average person is in a pickle, how do you have a healthy economy?”
Well, you don’t. And the more government sticks it to we Taxpayers, the more we’ll hunker down. I’m hiding assets already, but trust me, they ain’t seen NOTHIN’ yet!
Jack@sses.
(Multiply my sentiments by millions of others just like me and see what you get...)
Buffett would love a tax on the ‘rich’. It knocks his competitors off the ladder. A big tax is meaningless to Buffett and Soros... doesn’t effect their status or power.
If Buffett or Soros quit and tried to ‘spend down’ their money - at the rate of a thousand dollars a second, they’d never be able to spend it all...
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