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Thread: "Peak Greed" called by Scot, Bill Blain

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    "Peak Greed" called by Scot, Bill Blain

    Bill Blain is a UK-based blogger. On May 3 he published his "May Day Rant" (linked below). He suggests that both the US and UK may be at "Peak Greed", and in his opinion, political forces are in motion to restore a more equitable society. Specifically, the rich will pay more taxes, and labor will receive an increasing share of national incomes.

    Blain notes that for the first time ever, the CEO of a pharmaceutical company has been found guilty of racketeering in the distribution of opioid drugs by prescription. He is referring to John Kapoor, founder and CEO of Insys, the corporation that developed Subsys, a fentanyl-based nasal spray for relief of pain in cancer patients. Kapoor and 4 other executives were accused of bribing doctors to write more prescriptions for Subsys, paying them amounts up to $200,000 to participate in marketing events. Previously, a number of doctors had been arrested for writing Rxs for patients who did not have a cancer diagnosis (but had addictions to fentanyl). Two executives of Insys took guilty pleas and cooperated with the prosecution of Kapoor and 4 other executives. Kapoor and the 4 others are out on bail, awaiting sentencing by the U S District Court in Massachusetts in about 3 months. (They are expected to appeal the convictions.)

    http://morningporridge.com/the-morni...--may-day-rant

    As I look around at asset prices, I agree with Blain, maybe "Peak Greed" is nigh:

    UBER is readying an Initial Public Offering of shares. Estimates of the IPO price imply that UBER could be valued at $80-$91 billion. In the first quarter of 2019 the company had sales of $3 billion, and reported a net loss of $1 billion.

    Speaking of IPOs, much of the excitement is the "first day pop", when the newly listed stock starts to trade at the IPO price, and eager buyers (who weren't allocated any shares in the IPO placement by investment banks) bid up the shares on the stock market. On May 2, Beyond Meat (symbol BYND) had its IPO at $25, then in trading in the open market the price of the shares had a first day pop of about 165%, closing at $65.75 People may remember a flurry of dot-com IPOs in 1999-2000. There were at that time 15 IPOs with a first day pop greater than 165%, topped by Akamai Technologies first day pop = 458%.

    Tesla is readying a convertible bond and stock issue. The size of the offer seems to keep scaling up, but the latest estimate was $1.6 billion for the bond (an IOU convertible to Tesla stock) and 3.1 million shares of the same stock.

    Far from Wall Street, "where the shadow from the starlight is softer than a lullabye", in Aspen CO, a vacant lot (4.4 acres) recently sold to anonymous buyer for $24.2 million.
    Last edited by dado potato; 5-4-19 at 2:43pm.

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    Senior Member flowerseverywhere's Avatar
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    Very interesting. I hope he is right.

    A friend recently had a complex back surgery. She had inadequate pain management in the hospital and then at home. She was in excruciating pain as the physicians were extremely reluctant to prescribe opioids. Now that is ridiculous. Cancer victims and others need these drugs, if for a short while. Some greedy doctors set the stage for this.


    Greed is all around us. Yes, their is low unemployment, but how many of these jobs are full time, have good benefits, a wage high enough to allow for retirement savings? pensions are non existent. Social security and Medicare are constantly bantered about as being “entitlements”. Despite the fact you pay for Medicare, and contributed to both programs your entire working life.


    i hope he is right, and the pendulum will soon swing the other way, because the path we are on is unsustainable.

    Now that we we are approaching active campaign season, the contestants will start talking cutting government waste. The same old story that has been promised since I first voted for president almost 50 years ago. It’s waste, of course, only if it is going towards an issue that won’t get you re-elected.
    Taxing the 1% is a popular topic to banter about. No welfare for illegals (like they march to the local welfare office and get a sack full of goodies).

    It goes on and on. Slightly higher wages and better benefits for the lower and middle class, and a reduction in the income inequality of the high paid executives and ceo levels would go a long way towards balance. And here is a good one. Clemson, a state university gave the football coach a $93 million 10 year contract. Ridiculous and peak greed for sure.

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    Senior Member catherine's Avatar
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    Just had a chance to read it. Very good. Clinging to capitalism is annoying when it means denying that there can always be too much of a good thing, and when the abuses are excessive, it might be time to correct.

    I like this quote in support of a retooling of capitalism--and contrary to what many right-wingers think, capitalism and democratic socialism are not mutually exclusive:

    The issues should not be about social revolution against the insanely wealthy – but making everyone better...

    At heart, Democrats in the US, and most Labour voters here in the UK, remain Capitalists at heart – taking responsibility for themselves and striving for better. Voting from AOC or for Jeremy Corbyn does not mean Moscow wins and we all start singing the Red Flag

    The new Democratic/Socialist agenda is not that shocking – it boils down to upskilling, an educational rebuild, reaffirming opportunities for all, and providing training to create a workforce prepped to succeed in the new modern/robotic environment, and able to be more productive in a competitive/disruptive global marketplace. It aims to create future security by investing across infrastructure to future proof the economy. It aims to cover and provide strong and stable healthcare for all. These are all common goods to benefit the whole of society.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

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    I think “greed” is largely an eye of the beholder sort of thing. I’m doubtful as to whether we’re in a period of peak greed or peak envy.

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    Senior Member Teacher Terry's Avatar
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    Totally agree Catherine.

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    Senior Member catherine's Avatar
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    Quote Originally Posted by LDAHL View Post
    I think “greed” is largely an eye of the beholder sort of thing. I’m doubtful as to whether we’re in a period of peak greed or peak envy.

    Greed is a deadly sin. And when greed is built into the culture, it's like a cancer on our whole society.

    "Greed is the inventor of injustice as well as the current enforcer." - Julian Casablancas

    I don't play the lottery because I feel I've already won it in my life and I don't want to tempt fate. When I see greed addicting thousands to opioids so Big Pharma can score, I'm not envious--I'm angry. When I see greed convincing people that smoking is healthy so that it can make a lot of money, I'm not jealous--I'm angry. When I see greed killing people in wars started for nothing but oil, I'm not jealous--I'm angry. When I see payday lenders exploiting the poor, I'm not jealous, I'm angry.

    Stop giving greed a free pass. The days of Gordon Gecko are over, and greed is not good.
    Last edited by catherine; 5-5-19 at 8:40pm.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

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    Senior Member Teacher Terry's Avatar
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    As usual some people lack empathy and instead claim that others are greedy and want to steal their money. It’s a tired old refrain.

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    Simpleton Alan's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    As usual some people lack empathy …………... It’s a tired old refrain.
    Agreed!
    "Things should be made as simple as possible, but not one bit simpler." ~ Albert Einstein

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    Senior Member jp1's Avatar
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    I’m certainly not envious of the mega rich. It actually seems kind of sad that people as rich as the Koch brothers still dont think they have enough.

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    Senior Member Teacher Terry's Avatar
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    I admire Buffet, Gates and others that have committed to giving the majority of their money to charity.

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