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The difference is that we generally only get rich if we help people. Financial types often get rich (much more reliably than us) by screwing over people, luring
by BadCookie 15y ago
The difference is that we generally only get rich if we help people. Financial types often get rich (much more reliably than us) by screwing over people, luring them into indebtedness, and profiting from (and, I would argue, causing) the losses of others.
- dman 15y agoFinance allows people to - 1) attend college and pay for it later 2) buy a car to get to work 3) raise capital to start your business 4) Allows people to enter positions which cut down the risk to their business from external variables like currencies and commodity prices 5) Allows people to do stupid things 6) Allows people to travel light without having to carry loads of cash 7) Enables stupidity If you start holding the enablement of stupidity against industries then there will be very few left that dont enable stupidity in some form or another.
- BadCookie 15y agoI never said that finance doesn't do anything good. But the compensation that people in finance receive is often way out of proportion to the good that they do in the world (assuming that they are doing good, which they often aren't). What makes finance dangerous is that it is capable of taking many other industries down with it when it fails. But it is not in the best interest of people in finance to be careful. They can make more money taking big risks in the short term, so that's what they do.
- dman 15y agoLets dismantle the defense industry [1], physics research at public universities [2], chemical manufacturing [3], medical companies [4] while we are at it. Banning people/industries for their worst behavior is going to create a very sparse, minimalistic world. [1] http://en.wikipedia.org/wiki/Atomic_bombings_of_Hiroshima_and_Nagasaki http://en.wikipedia.org/wiki/Atomic_bombings_of_Hiroshima_an... [2] http://en.wikipedia.org/wiki/Manhattan_Project http://en.wikipedia.org/wiki/Manhattan_Project [3] http://en.wikipedia.org/wiki/Bhopal_disaster http://en.wikipedia.org/wiki/Bhopal_disaster [4] http://en.wikipedia.org/wiki/Thalidomide http://en.wikipedia.org/wiki/Thalidomide We need to learn lessons from what happened and help prevent it from occurring in the future but lets not go overboard here.
- deleted 15y ago[deleted]
- gaius 15y agoYou are only reading this because Goldman Sachs underwrote Netscape's IPO. And Google's.
- kjackson 15y agothat's funny because if you read the thread a few weeks ago about "how much did you make from your startup's exit", most non-founders got royally screwed, making less than 20k. the tales of VCs screwing people over or founders screwing over employees in SV is legendary