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Yea but the wealthy elite need more bagholders to continue transferring the world's wealth to themselves. And the wealthy elite are now in complete and full con

Yea but the wealthy elite need more bagholders to continue transferring the world's wealth to themselves. And the wealthy elite are now in complete and full control of the US government. This is going to happen guaranteed now.

OutOfHere 2y ago
It's funny because the elite will be accumulating a currency that will keep losing real value very fast to inflation.
- neilv 2y ago
  Isn't crypto much sketchier than private equity?
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  - mandmandam 2y ago
    As a concept? No. In practice? Also no. Crypto scammers take millions, private equity takes hundreds of billions. It hollows out entire industries; kills hundreds and hundreds of thousands of jobs. In PE funded nursing homes the mortality rate is 10% higher. PE owned hospitals raise prices by 20-30% while cutting staff. PE firms pay lower tax rates (carried interest loophole), ie, they steal from everyone. A 2022 ProPublica investigation estimated that tax loopholes exploited by PE cost the U.S. government $180 billion annually in lost tax revenue. 'Dividend recapitalizations' have extracted hundreds of billions from businesses, often leading to their failure. The estimated economic damage from PE is well over a trillion dollars; and I'd say that's extremely lowballed. Crypto might be riddled with scammers from top to bottom, but there is real potential there; and even if there wasn't, it still wouldn't have a patch on private equity as far as "sketchiness".
    - neilv 2y ago
      Good points. Would you say this is all PE, or only some?
      - mandmandam 2y ago
        I can't speak for all PE. However, even their lauded 'success stories' - Hilton Hotels, AirBnb, Tesla etc - seem to generally turn out pretty evil. How can they not... The whole goal of PE is to extract value from workers and the Earth, and funnel it into the pockets of the .01%. This, in a world where inequality is stifling our potential as a species, and as a planet, on a truly unimaginable scale? Beyond the hype and the rationalizations, fundamentally, the investors always win and society always loses. They've turned our industries into a casino, and they're the house. Sometimes good people win in a casino, and sometimes they even get paid out, but it's a fucking mugs game that preys on our blind spots and is leading us into some very dark places.
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OutOfHere 2y ago

It's funny because the elite will be accumulating a currency that will keep losing real value very fast to inflation.

neilv 2y ago
Isn't crypto much sketchier than private equity?
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- mandmandam 2y ago
  As a concept? No. In practice? Also no. Crypto scammers take millions, private equity takes hundreds of billions. It hollows out entire industries; kills hundreds and hundreds of thousands of jobs. In PE funded nursing homes the mortality rate is 10% higher. PE owned hospitals raise prices by 20-30% while cutting staff. PE firms pay lower tax rates (carried interest loophole), ie, they steal from everyone. A 2022 ProPublica investigation estimated that tax loopholes exploited by PE cost the U.S. government $180 billion annually in lost tax revenue. 'Dividend recapitalizations' have extracted hundreds of billions from businesses, often leading to their failure. The estimated economic damage from PE is well over a trillion dollars; and I'd say that's extremely lowballed. Crypto might be riddled with scammers from top to bottom, but there is real potential there; and even if there wasn't, it still wouldn't have a patch on private equity as far as "sketchiness".
  - neilv 2y ago
    Good points. Would you say this is all PE, or only some?
    - mandmandam 2y ago
      I can't speak for all PE. However, even their lauded 'success stories' - Hilton Hotels, AirBnb, Tesla etc - seem to generally turn out pretty evil. How can they not... The whole goal of PE is to extract value from workers and the Earth, and funnel it into the pockets of the .01%. This, in a world where inequality is stifling our potential as a species, and as a planet, on a truly unimaginable scale? Beyond the hype and the rationalizations, fundamentally, the investors always win and society always loses. They've turned our industries into a casino, and they're the house. Sometimes good people win in a casino, and sometimes they even get paid out, but it's a fucking mugs game that preys on our blind spots and is leading us into some very dark places.
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