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Right. Industry and regulators team up to take from society by imposing a weak regulatory framework and then acting surprised when we hit a bump in the road and
by grandalf 9y ago
Right. Industry and regulators team up to take from society by imposing a weak regulatory framework and then acting surprised when we hit a bump in the road and it falls apart.
Capitalism only makes sense when the big guys are allowed to fail and fail big.
If they had been allowed to, smarter people would have bought up the bits that had value and likely done much more with them to benefit society.
- grandalf 9y agoNot sure why I'm getting downvotes. Why should legacy automakers get bailed out when there are people like Musk who could have raised money to take over a big swath of the industry. The status quo is so full of entrenched rent seeking, which is probably why it got saved. Same with banks. Why should a startup like bank simple fail after being deluged by regulatory obstacles, yet the firms doing things the bad old way get bailed out over and over? Capitalism without firm failure is much more like fascism than anything else.