i don t want to say he s guilty of fraud or crime but he was someone who had a reputation at goldman as an incredibly aggressive trader. quietly socking away or making very hedged bets doesn t get you noticed. what gets you noticed is you come in and there was this idea that if you get caught doing these things that you re not supposed to do and you get fined because thee guys don t go to jail, right? we haven t seen the department of justice throw anyone in jail like bill black did. you get fined and it s seen as the cost of doing business and that s the language that they use when they refer to it at the banks. yeah, we ll get fined $2 hup billion for ripping the face off of a client. it s a wall street term in
makes me you can t argue there is a kind of certainty, and that s something you mentioned, dylan, the banking system. what we basically did in response to a crisis, was to create these banks that don t have any great incentive, and actually the ones that do, small banks have their own troubles, but they are the engines of credit for small business. they are basically hosed. is that a wall street term? it is. small banks pay more to get capital, whether it s in the form of deposits or through the capital markets. therefore they can t go out as profitably and make loans, because they are not sanctified as too big to fail. there is a certainty there. a certainty that s reflected in the market. that i think is the issue, there s a certainty that obama
of debt. we saw the numbers from holiday season shopping seemed to be up. some of that must have gone on a credit card. so a lot of people by february, they re going to have a credit card hangover and this is the time to really take stock of your debt and start to figure out a way to pay it down. i m all about paying down debt, deleveraging is the big fancy wall street term. there s no reason it can t apply to you. and, remember, as long as you re paying somebody else 17% or 27% on your money, you are never going to be wealthy. getting rid of your debt is the fastest way to get there. and it s painful when you see the interest rates adding up and especially in the bad economy. all right. now usually i will start kind of because i m a procrastinator with my taxes, i slowly start putting it together in january, but you say march is really the month to do it and you just high tail it, get it in order. well, all procrastinators will be very happy because their taxes aren t actually due
your accountant. yes, of course. then you basically control how that money is spent. so instead of saying we ve got to go up on the air in iowa and the treasurer of the super pac is my accountant. now, this is why you re seeing the super pacs that are numbered by private equity funds, like keep the promise 1, 2 and 3 because they re each designated by a certain donor or family or couple of donors that basically control how the money is spent. this is an evolution away from the first super pacs. of course. which raised a ton of money but were controlled by strategists and ad guys. after 2012 when people got their to use a wall street term that i love, their faces ripped off. that s right. by the donor class because it was a massive redistribution of wealth from basically slightly politically naive rich individuals into shark consultants, right? it was amazing. and in fact this is one reason why the koch network is so popular on the right. it is a political organi