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Sat May 5, 2012, 08:29 AM

Meet the Planet's Current Biggest Asshole Next To His Former Boss Romney: Edward Conard.

Last edited Sat May 5, 2012, 09:59 AM - Edit history (1)

http://finance.yahoo.com/news/the-purpose-of-spectacular-wealth--according-to-a-spectacularly-wealthy-guy.html?page=1

I think guys like this are the reason they invented guillotines.

Unlike his former colleagues, Conard wants to have an open conversation about wealth. He has spent the last four years writing a book that he hopes will forever change the way we view the superrich’s role in our society. “Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong,” to be published in hardcover next month by Portfolio, aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better off. This could be the most hated book of the year.


Oh . . . . it gets better. And by "better", I mean much . . . MUCH more shameless . . .

The financial crisis, he writes, was not the result of corrupt bankers selling dodgy financial products. It was a simple, old-fashioned run on the banks, which, he says, were just doing their job. There are a huge number of people in our economy who want ready access to their savings — pension-fund managers, insurance companies and you and me with our bank accounts. And because economic growth comes from long-term investments in things like housing, factories and research, the central role of banks, Conard says, is to turn the short-term assets of nervous savers into risky long-term loans that help the economy grow.

snip

Conard concedes that the banks made some mistakes, but the important thing now, he says, is to provide them even stronger government support. He advocates creating a new government program that guarantees to bail out the banks if they ever face another run. As for exotic derivatives, Conard doesn’t see a problem. He argues that collateralized-debt obligations, credit-default swaps, mortgage-backed securities and other (now deemed toxic) financial products were fundamentally sound. They were new tools that served a market need for the world’s most sophisticated investors, who bought them in droves. And they didn’t cause the panic anyway, he says; the withdrawals did.


Seriously, the more you read what this guy's about, the more dumbfounded you become that anyone can truly be this big of an asshole, as if a stratospheric bar has now been set.

A central problem with the U.S. economy, he told me, is finding a way to get more people to look for solutions despite these terrible odds of success. Conard’s solution is simple. Society benefits if the successful risk takers get a lot of money. For proof, he looks to the market. At a nearby table we saw three young people with plaid shirts and floppy hair. For all we know, they may have been plotting the next generation’s Twitter, but Conard felt sure they were merely lounging on the sidelines. “What are they doing, sitting here, having a coffee at 2:30?” he asked. “I’m sure those guys are college-educated.” Conard, who occasionally flashed a mean streak during our talks, started calling the group “art-history majors,” his derisive term for pretty much anyone who was lucky enough to be born with the talent and opportunity to join the risk-taking, innovation-hunting mechanism but who chose instead a less competitive life. In Conard’s mind, this includes, surprisingly, people like lawyers, who opt for stable professions that don’t maximize their wealth-creating potential. He said the only way to persuade these “art-history majors” to join the fiercely competitive economic mechanism is to tempt them with extraordinary payoffs.

"It’s not like the current payoff is motivating everybody to take risks,” he said. “We need twice as many people. When I look around, I see a world of unrealized opportunities for improvements, an abundance of talented people able to take the risks necessary to make improvements but a shortage of people and investors willing to take those risks. That doesn’t indicate to me that risk takers, as a whole, are overpaid. Quite the opposite.” The wealth concentrated at the top should be twice as large, he said. That way, the art-history majors would feel compelled to try to join them.


Eddie . . . in my world, I would put a double secret probation tax on your insular sanctimonious ass for your idiocy.

You would never have made it to where you are at all if it weren't for public wealth and governmental services. You think all of this money is made out of a vacuum, as if we, us know-nothing peons are merely meant to just spend, fill your pockets and shut the hell up while doing so?

A run on banks didn't put millions out of work, profiteering did.

Hundreds of thousands of jobs aren't outsourced because of risk taking, it's because of GREED.

You're "extremely productive" class doesn't think that "life is unfair" . . . it's just that they think it shouldn't be fair for anyone except Y'ALL.

My God . . . THIS is what America worships? THIS is who we give all the money to and it STILL isn't enough for them??

Yeah, give the future of America to THESE guys and watch it drown in the Atlantic Ocean.

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Reply Meet the Planet's Current Biggest Asshole Next To His Former Boss Romney: Edward Conard. (Original post)
HughBeaumont May 2012 OP
The Velveteen Ocelot May 2012 #1
HughBeaumont May 2012 #2
cali May 2012 #3
SammyWinstonJack May 2012 #4
HughBeaumont May 2012 #6
Tennessee Gal May 2012 #5
safeinOhio May 2012 #7
HughBeaumont May 2012 #9
EC May 2012 #8
PatSeg May 2012 #10
Gidney N Cloyd May 2012 #14
PatSeg May 2012 #15
KharmaTrain May 2012 #16
PatSeg May 2012 #17
HughBeaumont May 2012 #21
gratuitous May 2012 #11
PatSeg May 2012 #12
raouldukelives May 2012 #13
aint_no_life_nowhere May 2012 #18
Zalatix May 2012 #19
HughBeaumont May 2012 #20

Response to HughBeaumont (Original post)

Sat May 5, 2012, 08:35 AM

1. Vive la revolution!

Sharpen the pitchforks, light the torches, hitch up the tumbrels. This guy goes first.

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Response to The Velveteen Ocelot (Reply #1)

Sat May 5, 2012, 08:40 AM

2. And most brutally.

I'm SO goddamned tired of hearing the line "you peons simply don't know how the economy works". Uh, yes I do, and I also know how "WRONG" works. "WRONG" is a bunch of incestuous profiteering board execs voting lottery perk, salary, bonus and exit packages for themselves and the company leaders no matter what their performance or how good or bad a company does during their tenure. That is dogshit CRAP and that is NOT "economics", that's legalized THEFT. And it's not just "a few bad apples" doing it either.

Simple rules of gravity dictate that nothing . . . NOTHING on Earth is built from the TOP down.

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Response to HughBeaumont (Original post)

Sat May 5, 2012, 08:44 AM

3. How..... Romnyesque

 

these fuckwads are the bottom of a very scuzzy bucket. Sharpen the pitchforks is right.

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Response to HughBeaumont (Original post)

Sat May 5, 2012, 08:48 AM

4. Arrogant ungrateful greedy a$$hole.

Typical.


Why are the wealthy greedheads suddenly trying to justify their ill gotten gains?

Twinge of guilt, perhaps?

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Response to SammyWinstonJack (Reply #4)

Sat May 5, 2012, 09:09 AM

6. Well, because they're "teachers" and we're merely their "students". How magnanimous of them.

Here's another thing I can't stand hearing about when anyone defends the wealthy:

The idea that society benefits when investors compete successfully is pretty widely accepted. Dean Baker, a prominent progressive economist with the Center for Economic and Policy Research, says that most economists believe society often benefits from investments by the wealthy. Baker estimates the ratio is 5 to 1, meaning that for every dollar an investor earns, the public receives the equivalent of $5 of value. The Google founder Sergey Brin might be very rich, but the world is far richer than he is because of Google.


The whole "Where would you and the rest of the world BE if it weren't for people such as Steven Jobs, Bill Gates or Sergey Brin?" argument.

Here's the fallacy with that: For every Steven Jobs who DID innovate a product, employed others and theoretically deserved his wealth, there are a hundred to two hundred more super-wealthy people that DIDN'T invent anything, WEREN'T responsible for their company's success, GOT lazier as they made more money, EMPLOYED parasite business tactics such as leveraged buyouts, corporate raiding, one-sided mergers and job offshoring while voting themselves lottery bonuses and salaries no matter how good a job they did. Oh, and they fired workers because profits just weren't high enough last quarter. These parasites are on the boards of corporations across the country and in our governmental offices. Some of them come FROM the government and go back TO it, like a rotating door of vampire fascists.

"Productivity", "can't strengthen the weak by weakening the strong", "austerity for thee not for me", and all that.

A Steven Jobs doesn't excuse a Mitt Romney or a Lee Raymond or a Jack Welch or an Al Dunlap. It also doesn't define the "law unto themselves" business practices they frequently are allowed to get away with.

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Response to HughBeaumont (Original post)

Sat May 5, 2012, 08:51 AM

5. There should be a special place in hell for people like this.

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Response to HughBeaumont (Original post)

Sat May 5, 2012, 09:34 AM

7. The most vile pushers of "the rich earned their wealth with hard work and

risk taking" are the ones that got their money by winning the sperm lottery. The Kochs, Waltons and Mellons are the biggest donators to the right wing spin machines.

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Response to safeinOhio (Reply #7)

Sat May 5, 2012, 12:44 PM

9. And the biggest hypocrites on Earth.

These "rugged individualists" would be NOwhere without millions of poor/working/middle class people buying their products/services, nor would they be anywhere without the wholesale utilization of governmental services. Particularly the Koch Brothers, who farm in TeaHadists for their anti-government agitprop outings, but at the same time willingly consume a lot of government largesse for their dirty industries.

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Response to HughBeaumont (Original post)

Sat May 5, 2012, 12:08 PM

8. Typical shark

always looking for fresh bait.


Sees potential suckers everywhere and is angry that the suckers don't bite.

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Response to HughBeaumont (Original post)

Wed May 9, 2012, 01:02 PM

10. He was on Morning Joe today

and no one seems very receptive to his point of view. He lost me in the beginning when he referred to "the poor" as a "number". I look around me and see lots of "numbers" - they are friends and neighbors and relatives, not to mention myself. What an arrogant jerk!

I had recorded it and I'm watching it now. Conard is looking like he may have regrets about appearing on Morning Joe and these are not hardcore liberals interrogating him.

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Response to PatSeg (Reply #10)

Wed May 9, 2012, 01:59 PM

14. Even Willie came down on him.

The guy thought he was going to get away with tossing around conservative generalities and it seemed to throw him off to be asked for numbers.
He's a great posterboy for the 1%; hope he gets invited to a lot more shows.

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Response to Gidney N Cloyd (Reply #14)

Wed May 9, 2012, 02:10 PM

15. I know

If Willie is questioning your philosophy and it doesn't involve sports, you are probably way off.

I am hoping to see him on more shows as well, though he might feel the need to retreat to FOX News. Can you imagine him on Bill Maher or Jon Stewart?

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Response to PatSeg (Reply #10)

Wed May 9, 2012, 02:19 PM

16. He's Probably Done Nothing But Softball Interviews...

Between CNBC, Faux and hate radio, this guy has probably faced few real tough questions and came off looking good and selling books. He (or more specific, his publicist) thought that going on with Joey would be safe ground as well. I saw the segment and was amused there was no Joey there...and out of the bubble this guy sounds like the selfish boor he really is.

I found it amusing how this guy tried to downplay not only his role at Bain but also his relationship with Mittens. I'd be interested in finding out what type of "vulture capitalism" he's been involved with over the years. He, like Willard, seem ashamed to defend their wealth...

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Response to KharmaTrain (Reply #16)

Wed May 9, 2012, 02:33 PM

17. I'm sure he was expecting Joe

to be at the table, but even so, Mika and Willie are hardly intimidating people. I think you're right, he probably thought Morning Joe was "safe ground".

I liked it when he said Mitt had read his book and told him he was going to be the next Ayn Rand! Not exactly something most people would admit.

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Response to KharmaTrain (Reply #16)

Wed May 9, 2012, 08:58 PM

21. Oh, I'm pretty sure that toothy grinning jackass Kernen will have him on Squawk Box soon enough.

Conard will be free as a bird to spew the rightist rhetoric unabated on that pile of a show between Kernen's softballs and Andrew Ross Sorkin being the meek centrist he is.

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Response to HughBeaumont (Original post)

Wed May 9, 2012, 01:06 PM

11. Shorter Edward Conard

Let the big finance boyz take the big risks. If they win, they keep their winnings. If they fuck up, the rest of you pay for it. Why wouldn't everyone want to be a "risk taker" when there's no risk?

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Response to gratuitous (Reply #11)

Wed May 9, 2012, 01:24 PM

12. And the reward for failure

is the same as the reward for success. Everyone else has to play by the rules, whatever those happen to be on any given day.

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Response to HughBeaumont (Original post)

Wed May 9, 2012, 01:26 PM

13. Nothing will ever be enough for them.

It baffles me that people could care so little for the future of the earths people & animals that they would be willing to invest in the stock market.
Once you have sold your soul to the dollar bill and given up on the idea of creating a better, safer, cleaner and healthier planet for kids & critters then you have to protect your conscience by justifying the large amount you sold it for.

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Response to HughBeaumont (Original post)

Wed May 9, 2012, 02:38 PM

19. LOLOLOL! Is this guy trying to FUCK UP the Plutocracy, or help them?

 

This reeks of satire...
aggressively argues that the enormous and growing income inequality in the United States is not a sign that the system is rigged. On the contrary, Conard writes, it is a sign that our economy is working. And if we had a little more of it, then everyone, particularly the 99 percent, would be better off. This could be the most hated book of the year.

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Response to Zalatix (Reply #19)

Wed May 9, 2012, 08:54 PM

20. Ecccch . . . already the fawning pre-reviews are stenching up Amazon.

http://www.amazon.com/Unintended-Consequences-Everything-Youve-Economy/product-reviews/1591845505/ref=cm_cr_dp_see_all_btm?ie=UTF8&showViewpoints=1&sortBy=bySubmissionDateDescending

I don't know what's worse . . . these puking pablum 5-star reviews which smack of not having read the book at all, or the fact that the Freakanomics author and Nouriel Roubini are giving this pulp praise?

"Am I the only one that can taste the BILE?"

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