4 ms·

Billionaire investor Bill Ackman says the US should give every American C (cont)

2 points by whack 6y ago

eucryphia 6y ago
Money manager suggests the US government print more money for him to manage. The US borrowed $20 trillion from its children and grandchildren, what have you done with it? How about paying that off first?
- ddingus 6y ago
  Best way to do that is a strong investment in people, infrastructure, research, development, and an improved social policy. Yes, that means making more money, but that is also how a sovereign funds labor to pay down debts without putting it's people through generational austerity, if that is even an option, and for us it really isn't one. Literally, there is nothing stopping the USA from laboring itself right out of debt, except the politics. When we do these things, general appetite for risk will improve, there will be a lot more money in the hands of people who spend it, and the returns, both in terms of how much the nation is worth as well as from the result of the projects will pay down past financial folly nicely. Tons of opportunity will be a part of an effort like this too. Opportunity for everyone from self employed mom n pop through to the major firms. Think Interstate Highway Project, and all that brought to the table. We need that kind of thing right now. Covid has only amplified that need. Difficult as it seems, we aren't going to cut our way out of that debt, and it is very unlikely we could secure resources and treasure for it either. (Military action, and the costs and risks associated with all that are unwise, in my view) We have a ton of labor potential out there, and that is how new wealth is created, so... let us get to creating! Sadly, reluctance on stuff like this appears to be bipartisan. Sure wish it wasn't.
  - boomboomsubban 6y ago
    >Best way to do that is a strong investment in people, infrastructure, research, development, and an improved social policy. I'm skeptical whether creating funds that are forced to invest in the stock market would count as investment in those areas. Those sound like giving more money to the billionaire hedge fund mamagers.
    - ddingus 6y ago
      I am too. If it were me, every single one of those things would be Federal, with appropriate State involvement where necessary. Basically, the people acting directly through government to improve their common lot. Again, think Interstate Highway Project. Private investment can happen along side and should. But the core things are public works so that the primary returns are either going back to the treasury to pay down debt, or going to people to reduce their cost and risk exposure or employ them at meaningful compensation levels. Directly employ people for infrastructure too. The usual people do not need more money. They will benefit from public works, will have to compete and or can invest alongside, same as they did last time. We all benefit.
      - boomboomsubban 6y ago
        Replying to a post criticizing Ackman's plan made it seem like you were defending that plan, but your plan is completely different. I misunderstood what point you were making.
        ddingus 6y ago
        All good. Was just kind of flowing in the moment. Didn't mean to be confusing. Cheers!
jelliclesfarm 6y ago
Saudi Arabia has a sovereign fund it invests on behalf of its citizens. It’s around 1.3 million/person. Altho’ they don’t accept immigrants. At all. Also. Oil. I would like to see the American billionaires like Gates and Ackman et al combine their millions to start the fund. Perhaps they could pick people by lottery. It should be interesting. Honestly..govt funded housing for all, free education and universal medical as social safety net would solve inequality rather than this. But can it easily be achieved with the same $26 billion/year budget quoted. It’s actually not a bad idea that’s suggested as long as it doesn’t involve tax squeezing the middle class or those in an age group who get no benefit from this scheme. It can still be done if people start saving from the time they know they learn of pregnancy. In India..back when I was a kid..there were many govt backed programs like this. Starting from a fixed deposit amount at birth with cumulative interest that you can’t break till the child turns 21. There were wedding bonds, education bonds etc. they were backed by the govt and also recurring ones where you can pay at the post office. In rural areas, they’d come home every month to collect from the villagers. This was especially popular as gifts for girl children as female foeticide was prevalent and often due to poverty. Knowing that the child had enough money as an adult to be independent made her less vulnerable. Often relatives pooled in money for these bonds. In one of the family homes I visited in the village, I met an elderly woman who said that back when(before independence), the practice was to plant fruit trees or hardwood trees..she suggested that in modern times, mothers should plant ten mango tree saplings or ten coconut trees every year on the girl child’s birthday. They deliver dividend every year w/fruits and will be a valuable orchard by the time she’s 18..which was the legal age to be married in India at that time and they certainly expected to marry off their girls by that time.

2 points by whack 6y ago

Money manager suggests the US government print more money for him to manage. The US borrowed $20 trillion from its children and grandchildren, what have you done with it? How about paying that off first?

ddingus 6y ago
Best way to do that is a strong investment in people, infrastructure, research, development, and an improved social policy. Yes, that means making more money, but that is also how a sovereign funds labor to pay down debts without putting it's people through generational austerity, if that is even an option, and for us it really isn't one. Literally, there is nothing stopping the USA from laboring itself right out of debt, except the politics. When we do these things, general appetite for risk will improve, there will be a lot more money in the hands of people who spend it, and the returns, both in terms of how much the nation is worth as well as from the result of the projects will pay down past financial folly nicely. Tons of opportunity will be a part of an effort like this too. Opportunity for everyone from self employed mom n pop through to the major firms. Think Interstate Highway Project, and all that brought to the table. We need that kind of thing right now. Covid has only amplified that need. Difficult as it seems, we aren't going to cut our way out of that debt, and it is very unlikely we could secure resources and treasure for it either. (Military action, and the costs and risks associated with all that are unwise, in my view) We have a ton of labor potential out there, and that is how new wealth is created, so... let us get to creating! Sadly, reluctance on stuff like this appears to be bipartisan. Sure wish it wasn't.
- boomboomsubban 6y ago
  >Best way to do that is a strong investment in people, infrastructure, research, development, and an improved social policy. I'm skeptical whether creating funds that are forced to invest in the stock market would count as investment in those areas. Those sound like giving more money to the billionaire hedge fund mamagers.
  - ddingus 6y ago
    I am too. If it were me, every single one of those things would be Federal, with appropriate State involvement where necessary. Basically, the people acting directly through government to improve their common lot. Again, think Interstate Highway Project. Private investment can happen along side and should. But the core things are public works so that the primary returns are either going back to the treasury to pay down debt, or going to people to reduce their cost and risk exposure or employ them at meaningful compensation levels. Directly employ people for infrastructure too. The usual people do not need more money. They will benefit from public works, will have to compete and or can invest alongside, same as they did last time. We all benefit.
    - boomboomsubban 6y ago
      Replying to a post criticizing Ackman's plan made it seem like you were defending that plan, but your plan is completely different. I misunderstood what point you were making.
      - ddingus 6y ago
        All good. Was just kind of flowing in the moment. Didn't mean to be confusing. Cheers!

jelliclesfarm 6y ago

Saudi Arabia has a sovereign fund it invests on behalf of its citizens. It’s around 1.3 million/person. Altho’ they don’t accept immigrants. At all. Also. Oil. I would like to see the American billionaires like Gates and Ackman et al combine their millions to start the fund. Perhaps they could pick people by lottery. It should be interesting. Honestly..govt funded housing for all, free education and universal medical as social safety net would solve inequality rather than this. But can it easily be achieved with the same $26 billion/year budget quoted. It’s actually not a bad idea that’s suggested as long as it doesn’t involve tax squeezing the middle class or those in an age group who get no benefit from this scheme. It can still be done if people start saving from the time they know they learn of pregnancy. In India..back when I was a kid..there were many govt backed programs like this. Starting from a fixed deposit amount at birth with cumulative interest that you can’t break till the child turns 21. There were wedding bonds, education bonds etc. they were backed by the govt and also recurring ones where you can pay at the post office. In rural areas, they’d come home every month to collect from the villagers. This was especially popular as gifts for girl children as female foeticide was prevalent and often due to poverty. Knowing that the child had enough money as an adult to be independent made her less vulnerable. Often relatives pooled in money for these bonds. In one of the family homes I visited in the village, I met an elderly woman who said that back when(before independence), the practice was to plant fruit trees or hardwood trees..she suggested that in modern times, mothers should plant ten mango tree saplings or ten coconut trees every year on the girl child’s birthday. They deliver dividend every year w/fruits and will be a valuable orchard by the time she’s 18..which was the legal age to be married in India at that time and they certainly expected to marry off their girls by that time.