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I hate regulations which try to protect stupid people from their own incompetence while there are many very smart people waiting to have their first chance to p

I hate regulations which try to protect stupid people from their own incompetence while there are many very smart people waiting to have their first chance to prove their competence. The pie is limited and the only way to reward smart people is by allowing stupid people to fail so that smart people can take their place. When this happens, everyone wins, even the idiots win as consumers... The pie can only get bigger when you have smart people in charge. An idiot should never be anything more than a consumer, you can't put them in charge of investment or production. If an idiot has money, you want to take that money away from them as fast as possible. The system should aim to accelerate the failure of incompetent people, not slow it down.

AnthonyMouse 6y ago
In theory the problem with this is that the majority of people have some kind of retirement savings, and want to get a return on investment, but many have no clue what they're doing. Having them lose their retirement savings might cause the money to be invested more efficiently by someone else, but at scale it causes a different problem. On the other hand, that is the very problem social security is meant to address. It's not really any different if idiots lose their money investing in pets.com than if idiots lose their money in buying a Ferrari that immediately depreciates and incurs outsized maintenance costs, is it? So given that social security exists, maybe you're right.