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Archive for 22. Februar 2019

Every Billionaire Is a Policy Mistake’

Posted by hkarner - 22. Februar 2019

Date: 21-02-2019
Source: The Wall Street Journal By Karl Rove

The new Democratic Party wants to tear down the wealthy, not raise up the poor.

Bill and Melinda Gates

It’s not your parents’ Democratic Party anymore.

Once upon a time, Democrats worked to reduce income inequality by raising up those on the bottom of the economic ladder with the government’s help. Even efforts to tax the rich at higher rates to fund these programs were tempered by a desire not to kill the goose that laid the golden egg.

That view has been replaced by a deep hostility to wealth. The new outlook is best captured in the Twitter handle of one of Rep. Alexandria Ocasio-Cortez’s top aides: “Every billionaire is a policy mistake.”

Ms. Ocasio-Cortez condemns “a system that allows billionaires to exist” while people in Alabama “are still getting ringworm.” Democrats running for president echo her theme. “I want these billionaires to stop being freeloaders,” thunders Sen. Elizabeth Warren.Sen. Bernie Sanders alleges America is “owned and controlled by a small number of multibillionaires whose . . . insatiable greed is having an unbelievable negative impact on the fabric of our country.”

For Democrats like these, rich people’s success makes them morally suspect. They are by definition evil, venal and contemptible. Den Rest des Beitrags lesen »

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Deutsche Bank Lost $1.6 Billion on a Bond Bet

Posted by hkarner - 22. Februar 2019

Date: 21-02-2019
Source: The Wall Street Journal

One of the banking industry’s biggest soured bets since the financial crisis involved a complex municipal-bond investment. Warren Buffett was enmeshed in the deal.

Deutsche Bank AG racked up a loss of $1.6 billion over nearly a decade on a complex municipal-bond investment that it bought in the runup to the 2008 financial crisis, and failed to confront head-on even as markets were upended and regulations tightened.

The loss, which hasn’t previously been reported, represents one of Deutsche Bank’s largest ever from a single wager—roughly quadruple its entire 2018 profit—and ranks as one of the banking industry’s biggest soured bets in the last decade. Den Rest des Beitrags lesen »

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