The only reason inflated valuations based on speculative hype, i.e. your 'fictitious capital', are able to redistribute wealth from the productive economy to re

The only reason inflated valuations based on speculative hype, i.e. your 'fictitious capital', are able to redistribute wealth from the productive economy to rent-seeking interests is that parties taking irresponsible risks are bailed out by government programs that socialize losses. These programs are sold to the public as making the market safer for consumers: https://www.nber.org/papers/w22223 https://www.nber.org/papers/w22223