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"The company is losing an enormous amount of money and 'has no path to profitability at scale'." - well if there is no path to profitability, how is it still wo

"The company is losing an enormous amount of money and 'has no path to profitability at scale'." - well if there is no path to profitability, how is it still worth 10-15 billion ? "If you know Dimon’s actual reputation, him getting suckered isn’t surprising. From what I heard back in 2009, Dimon is a mediocrity who essentially got lucky his bank was too slow to get in on the subprime scam in 2006; he then used his bank’s incompetence at getting into the bubble as justification for how prudent he was." - Dimon is the most respected banker and he led JPM to become the largest bank in the western world. Well somehow that is mediocre. "WeWork ostensibly became more valuable because Son said it was more valuable, and bought shares for higher prices. " - well isn't this how market pricing works. And then whole blurb on Counterfeit Capitalism - which in essence described capitalism. The stronger player aims to get market share at the expense of a weaker player. The author is just another one with a big mouth writing clickbait articles !

bbddg 7y ago
> And then whole blurb on Counterfeit Capitalism - which in essence described capitalism This is my favorite thing. Whenever someone describes something like "Counterfeit Capitalism" or "Crony Capitalism", it's always just describing capitalism.
- socialist_coder 7y ago
  I feel like this is similar to how Greta Thunberg recently described capitalism as "fairytales of eternal economic growth". That too is just describing capitalism. The way she is attacked by the Right, and what they say in their attacks, really makes it obvious that they know it's not an environmental issue. It has absolutely nothing to do with the environment or climate change. It's neoliberalism and capitalism and imperalism and "fairytales of eternal economic growth". They know that, and that's why they pretend like they cannot engage her because "she's a child". All climate change activists should switch their message and focus on capitalism, not reducing emissions or climate change. Because the amount of CO2 emission reductions we need are clearly impossible with the current system. And if you leave capitalism out of the argument, it lets neoliberal leaders off the hook.
  - deleted 7y ago
    [deleted]
  - kmonsen 7y ago
    > Because the amount of CO2 emission reductions we need are clearly impossible with the current system. Depends what you mean here, if you mean politically impossible because right people want to get richer and the easiest way to do that short term is do nothing, sure. Technically from my understanding the climate crisis is very much solvable, but it is a giant coordination problem between very dishonest actors with zero trust.
    - socialist_coder 7y ago
      > because rich people want to get richer I actually don't think it's really greed. I think part of it is ethical business owners who just want to keep their businesses running. But to do that, they have to compete on a global scale and even if the business owner wants to cut emission and be carbon neutral, they can't compete with other businesses who aren't doing that. So, just points back to capitalism being the root cause. Same thing with moving factory production & jobs back to the US. You can't, even if you want to. It's not economically viable. Greed is not required to make these decisions. And even if you do move the factory back to the US, the jobs are super low paying (see: American Factory doc). I also think part of it is a complete unwillingness to reduce the qualify of life. The rich western nations of the world are consuming 4+ Earth's worth of resources. Clearly this isn't sustainable. So, why do we just keep fooling ourselves into thinking that we can keep eating massive amounts of beef and having gadgets that we throw away after 5 years and drive 60 miles per day commuting? A correction is needed, and it will be painful. The longer we wait, the more painful the correction will be.
onli 7y ago
> The author is just another one with a big mouth writing clickbait articles ! This is not clickbait. This is not promising one thing and delivering another or being overly inflamatory. It's a highly intelligent analysis of systematic issues in the current (US) capitalist system. > well if there is no path to profitability, how is it still worth 10-15 billion ? It is not worth anything. If they really have no way of becoming profitable and they have more debt than capital (in terms of money and property) WeWork is worth less than $0. That's why the IPO failed. > "WeWork ostensibly became more valuable because Son said it was more valuable, and bought shares for higher prices. " - well isn't this how market pricing works. There was no market. That goes together with the point above. In a real market: Sure, it's worth what people would pay for it. But here people wouldn't pay that much, the valuation only arrived at the point because it was decidedly not a market situation. > Dimon is the most respected banker and he led JPM to become the largest bank in the western world. Well somehow that is mediocre. Evidently the author disagrees with you. Without judging myself I'd kindly suggest that "most respected" anything does not have to be a sign of merit.
gwbas1c 7y ago
Selling below cost to drive out competitors is not capitalism: It's called dumping, and is illegal.
- leg100 7y ago
  You have naive and warped view of what constitutes capitalism. Dumping, protectionism, state subsidies, what have you, have had a long and varied role to play in the history of capitalism.

bbddg 7y ago

> And then whole blurb on Counterfeit Capitalism - which in essence described capitalism This is my favorite thing. Whenever someone describes something like "Counterfeit Capitalism" or "Crony Capitalism", it's always just describing capitalism.

socialist_coder 7y ago
I feel like this is similar to how Greta Thunberg recently described capitalism as "fairytales of eternal economic growth". That too is just describing capitalism. The way she is attacked by the Right, and what they say in their attacks, really makes it obvious that they know it's not an environmental issue. It has absolutely nothing to do with the environment or climate change. It's neoliberalism and capitalism and imperalism and "fairytales of eternal economic growth". They know that, and that's why they pretend like they cannot engage her because "she's a child". All climate change activists should switch their message and focus on capitalism, not reducing emissions or climate change. Because the amount of CO2 emission reductions we need are clearly impossible with the current system. And if you leave capitalism out of the argument, it lets neoliberal leaders off the hook.
- deleted 7y ago
  [deleted]
- kmonsen 7y ago
  > Because the amount of CO2 emission reductions we need are clearly impossible with the current system. Depends what you mean here, if you mean politically impossible because right people want to get richer and the easiest way to do that short term is do nothing, sure. Technically from my understanding the climate crisis is very much solvable, but it is a giant coordination problem between very dishonest actors with zero trust.
  - socialist_coder 7y ago
    > because rich people want to get richer I actually don't think it's really greed. I think part of it is ethical business owners who just want to keep their businesses running. But to do that, they have to compete on a global scale and even if the business owner wants to cut emission and be carbon neutral, they can't compete with other businesses who aren't doing that. So, just points back to capitalism being the root cause. Same thing with moving factory production & jobs back to the US. You can't, even if you want to. It's not economically viable. Greed is not required to make these decisions. And even if you do move the factory back to the US, the jobs are super low paying (see: American Factory doc). I also think part of it is a complete unwillingness to reduce the qualify of life. The rich western nations of the world are consuming 4+ Earth's worth of resources. Clearly this isn't sustainable. So, why do we just keep fooling ourselves into thinking that we can keep eating massive amounts of beef and having gadgets that we throw away after 5 years and drive 60 miles per day commuting? A correction is needed, and it will be painful. The longer we wait, the more painful the correction will be.

onli 7y ago

> The author is just another one with a big mouth writing clickbait articles ! This is not clickbait. This is not promising one thing and delivering another or being overly inflamatory. It's a highly intelligent analysis of systematic issues in the current (US) capitalist system. > well if there is no path to profitability, how is it still worth 10-15 billion ? It is not worth anything. If they really have no way of becoming profitable and they have more debt than capital (in terms of money and property) WeWork is worth less than $0. That's why the IPO failed. > "WeWork ostensibly became more valuable because Son said it was more valuable, and bought shares for higher prices. " - well isn't this how market pricing works. There was no market. That goes together with the point above. In a real market: Sure, it's worth what people would pay for it. But here people wouldn't pay that much, the valuation only arrived at the point because it was decidedly not a market situation. > Dimon is the most respected banker and he led JPM to become the largest bank in the western world. Well somehow that is mediocre. Evidently the author disagrees with you. Without judging myself I'd kindly suggest that "most respected" anything does not have to be a sign of merit.

gwbas1c 7y ago

Selling below cost to drive out competitors is not capitalism: It's called dumping, and is illegal.

leg100 7y ago
You have naive and warped view of what constitutes capitalism. Dumping, protectionism, state subsidies, what have you, have had a long and varied role to play in the history of capitalism.