Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.
-
Instablogged Stocks
Stocks that instabloggers have most recently written about -
Latest Instablog Posts
-
1
THE 3 PROBLEMS OF THE WORLD
-
2
Basic Energy Services, Inc. - Value Alert
-
3
Elliott Wave Review: EURUSD, USD Index And E...
-
4
GOLD SEEKING DIRECTION FROM FED'S MEETING
-
5
Five UK Consistent Dividend Income Shares
-
1
-
Top Instablogs
See all Top Instablogs »
What Would Buffalo Bill Do? By Charles Payne 1 comment
As we brace for word from Ben Bernanke on what the Fed might do to help goose the economy, it's worth noting many people have become cynical. Some don't think there's much left in the Fed's toolbox and if there is any help, it will go straight into banks and stock manipulation. There is a similar feeling about the White House, although it's not that anyone expects the Administration to come to the rescue as much as they hope it simply gets out of the way. Lost in all of this is the notion that America can lift itself up by the bootstraps as it's been done throughout history. Yesterday's news was dominated by two self-made billionaires that have only-in-America stories.
For now, this is an important element that separates America from Europe. Yesterday I decided to check out the richest 100 people in the world. Most of the Americans on the list were self-made, people that pulled themselves up by the bootstraps, found an idea, took a chance, and made history. Of the twenty-one Europeans in the top 100 only eight are self-made, and most of them are more than 70 years old.
> Bernard Arnault of France.
> Amancio Ortega of Spain was a railway worker and gofer at a shirt store.
> Karl Albrecht of Germany inherited a corner grocery store.
> Ferrero of Italy makes the chocolates I can't keep in my house.
> Leonardo Del Vecchio of Italy began as an apprentice mold-maker and now rules the glasses industry.
> Peter Kellner of the Czech Republic is the youngest self-made billionaire on the list.
The list above is very thin, and underscores the kind of impact long-term class warfare has on entrepreneurism and generating significant wealth. Make no mistake, when someone becomes a millionaire they create jobs for others and when they become a billionaire, they create jobs that pay mortgages and college tuitions as well as launch additional businesses. We've witnessed a flood of IPOs this year from businesses largely started by young Americans with bright ideas and a willingness to take a shot. It's a mindset that is the exact opposite of thinking the government owes you a check.
In fact, escaping from government handouts is so liberating. Russia has more billionaires than all those western European nations, with 15 in the top 100 alone. India has seven, and Brazil three, and I think every single one is self-made. I reiterate this now because soon in what is being hyped as the most important speech of his presidency, President Obama will make a pitch for taxing people making more than $200,000 a year in a way that will make them seem selfish and greedy.
Back at the Ranch
William "Buffalo Bill" Cody helped to put Wyoming on the map with his antics that included guiding hunting parties, Wild West shows, and tours that saw a Yale paleontologist come through to visit Yellowstone and the Big Horn Basin area. Today, Wall Street hopes Ben Bernanke can get a little wild and trigger a hunting party in the stock market. I realize the Fed Chairman got the highest SAT score in South Carolina history and then went to Harvard, but I hope the open spaces of Jackson Hole take him outside his bookish world and into the real world. As much as I'd love a spike in the market, I'd like the market to rally on improving economic circumstances.
The market is beginning to crumble ahead of a session that sees no help from the Fed and no hope from Washington. Tightening that knot in our stomachs is Hurricane Irene which is being touted as the storm of the Century. Lets watch is shakeout from the sidelines.
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.
Share this Instablog
This post has 1 comment:
Latest Followers
Latest Comments
Most Commented
Posts by Themes