3 ms·
100% this. Here's the lesson I want people to take away from this: only when the government gives money to ordinary people is it somehow a moral hazard. The we
by jmyeet 3y ago
100% this.
Here's the lesson I want people to take away from this: only when the government gives money to ordinary people is it somehow a moral hazard. The wealthy will never say no to government money. Worse, they will expect it and lobby for it.
It's why student loan forgiveness is somehow a moral hazard but forgiving PPP loans isn't.
So here you have a bunch of rich people who wanted to avoid paying any US taxes and being outside the protections the US financial system offers. And they may well get burned. It won't stop puff pieces like this from the WSJ to somehow paint the problems of a Cayman Islands hedge fund manager being a slippery slope to the government seizing Iowa farms.
Sucks to suck.
- yieldcrv 3y agothats not what happened its actually a bad take due to the inaccuracies it relies upon, I wrote the other view in a sister comment
- soderfoo 3y agoWholly agree. One thing I do not miss about about the US is the erosion of empathy among the common folks, while the elite and ruling class rob the country.