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We didn’t just “come up with that society”: many aspects of it were deliberately constructed because previous iterations failed badly. Deposit insurance, which

We didn’t just “come up with that society”: many aspects of it were deliberately constructed because previous iterations failed badly. Deposit insurance, which is the subject of this post, was a depression-era phenomenon that came into existence because many banks failed catastrophically. Many other aspects of our modern society, from old-age pensions to welfare to our global defense alliances, were also born of similar disasters. The main objection in this post is that certain members of our society seem to view those developments as “old fashioned” and unnecessary, and would like to roll them back. Some go so far as to advocate for and donate considerable wealth to politicians who promise to do so. But of course when those people are themselves exposed to the exact risks those systems were designed to protect against — suddenly they’re enthusiastically in favor of government protection. The lesson here is that you should not look at our society and take it for granted. It took work to get us here, and it takes constant work to keep it in place. There are people who would throw it away for a momentary profit, and those people will tell you their beliefs are founded in principle. But for your own protection, you should pay attention to how seriously they take those principles when their money is on the line, and update your mental model accordingly. In this case the answer is: they do not take those principles very seriously at all.

cornholio 4y ago
Of course it didn't all spontaneously emerge, it was a result of a long political struggle of the masses against those in power; I was condensing for brevity and specifically mention existing room for improvement. I disagree though with your the read of the article. In the author's own words: > I would probably argue that venture capitalists are not good for society regardless of what they’re investing in. ... I am feeling particularly secure in my opinion on the investor class after the shitshow we just witnessed ... > People are realizing that despite the hundreds of billions of dollars being deployed each year by venture capital firms in pursuit of “innovation”, the world doesn’t really feel hundreds of billions of dollars better off for it. The sentiment here is clear, and has nothing to do with rolling back old-fashion regulations. Rather, it's a pure and unadulterated call against investor freedom and profit driven innovation. It's, dare I say it?, a call for economic Stalinism: stripping the "investor class" of their power to direct economic activity, investment and innovation. The author is silent about the implications of those ideas, but let's just say the historic record is not excellent. This is what I reacted to, and I'm telling the author to chill, go a little easier on that thick ideological slurpee, perhaps read a little more and come back when they come to appreciate the finer nuances of how society really works.
- JoeJonathan 4y ago
  She’s not proposing legislation. She’s saying these guys are hypocrites who privatize the wins and socialize the losses.

cornholio 4y ago

Of course it didn't all spontaneously emerge, it was a result of a long political struggle of the masses against those in power; I was condensing for brevity and specifically mention existing room for improvement. I disagree though with your the read of the article. In the author's own words: > I would probably argue that venture capitalists are not good for society regardless of what they’re investing in. ... I am feeling particularly secure in my opinion on the investor class after the shitshow we just witnessed ... > People are realizing that despite the hundreds of billions of dollars being deployed each year by venture capital firms in pursuit of “innovation”, the world doesn’t really feel hundreds of billions of dollars better off for it. The sentiment here is clear, and has nothing to do with rolling back old-fashion regulations. Rather, it's a pure and unadulterated call against investor freedom and profit driven innovation. It's, dare I say it?, a call for economic Stalinism: stripping the "investor class" of their power to direct economic activity, investment and innovation. The author is silent about the implications of those ideas, but let's just say the historic record is not excellent. This is what I reacted to, and I'm telling the author to chill, go a little easier on that thick ideological slurpee, perhaps read a little more and come back when they come to appreciate the finer nuances of how society really works.

JoeJonathan 4y ago
She’s not proposing legislation. She’s saying these guys are hypocrites who privatize the wins and socialize the losses.