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Thread: 45 percent of world's wealth destroyed: Blackstone CEO

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    45 percent of world's wealth destroyed: Blackstone CEO

    45 percent of world's wealth destroyed: Blackstone CEO | Reuters
    "Between 40 and 45 percent of the world's wealth has been destroyed in little less than a year and a half," Schwarzman told an audience at the Japan Society. "This is absolutely unprecedented in our lifetime."
    But the U.S. government is committed to the preservation of financial institutions, he said, and will do whatever it takes to restart the economy.
    U.S. Treasury Secretary Timothy Geithner plans to unfreeze credit markets through a new program that will combine public and private capital in a fund that would buy bank toxic assets of up to $1 trillion
    that's a hell of a lot of money
    is this just a guess, or is there really a way to calculate/estimate it

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    Quote Originally Posted by jallman View Post
    How the hell did you just tie in a retroactive reparative measure with a proactive preventative measure. Not even close to being the same thing.

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    There's probably no way to calculate it, because defining "wealth" is very subjective. IMO, that is a gross overestimation.
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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by Kandahar View Post
    There's probably no way to calculate it, because defining "wealth" is very subjective. IMO, that is a gross overestimation.
    An excellent point. A good portion of those losses, if not most, are just people finding out that all these wonderful complex financial packages are actually worthless. They were never worth anything, people just found that out is all.

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by Kernel Sanders View Post
    An excellent point. A good portion of those losses, if not most, are just people finding out that all these wonderful complex financial packages are actually worthless. They were never worth anything, people just found that out is all.
    Do you mean hedge funds?
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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by Middleground View Post
    Do you mean hedge funds?
    I mean CDO's and CDS's and the like

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by Kandahar View Post
    There's probably no way to calculate it, because defining "wealth" is very subjective. IMO, that is a gross overestimation.
    Based on ?

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by Kernel Sanders View Post
    I mean CDO's and CDS's and the like
    Thanks, though I'm still not sure what they are. Are they investment plans you can arrange though a bank that packages shares of different companies? Sorry for the confusion, but if that's what they are, they are called something else here in Canada (RRSPs).

    Anyhoo, if that's the case, why do you feel they're worthless? I can certainly see the value has gone down considerably, but they should eventually go back up again, no?
    No men are anywhere, and Im allowed to go in, because Im the owner of the pageant and therefore Im inspecting it, Trump said... Is everyone OK? You know, theyre standing there with no clothes. Is everybody OK? And you see these incredible looking women, and so I sort of get away with things like that.

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    Quote Originally Posted by Middleground View Post
    Thanks, though I'm still not sure what they are. Are they investment plans you can arrange though a bank that packages shares of different companies? Sorry for the confusion, but if that's what they are, they are called something else here in Canada (RRSPs).

    Anyhoo, if that's the case, why do you feel they're worthless? I can certainly see the value has gone down considerably, but they should eventually go back up again, no?
    I don't understand it well enough to explain to another person (I ****ing hate econ). Any overview of the financial meltdown is sure to have a brief explanation, though, so google is your best bet. The wikipedia page is informative, but a bit thick if you're not into econ. Basically, though, it's a number of assets (such as mortgages) that are packaged and rated, valued, and sold as a whole. An no, the 'value' is never coming back, because the toxic securities never had any value. They were junk loans and other bad assets that were made to seem valuable. When the illusion was lifted, that's when they 'lost value'
    Last edited by Kernel Sanders; 03-12-09 at 11:01 PM.

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    "Wealth" isn't chicken scatching's in accountants' ledgers or their electronic equivalent.

    Wealth isn't stock prices....but if the stocks are sold and turned into cash, that cash can be used to accumulate wealth.

    Wealth is the sum of the material goods and professional skills of the people who make those goods or provide services to others.

    If someone buys a house in a neighborhood for $100,000 and through the passage of time the houses in that neighborhood quadruple in value, that house has a paper value of $400,000....and if the owner just keeps paying his mortgage and does nothing, and the market retreats to the point where the home is again worth $100,000 he's gained nothing....and lost nothing. The "wealth" isn't realized until the point of sale and money or goods or services are exchanged.

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    Re: 45 percent of world's wealth destroyed: Blackstone CEO

    The majority of the world's "wealth" was fictitious in the first place.

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