Comment by mystraline
10 hours ago
> Finance, Law, VC guys were good too in the beginning but when the value/status change happens it attracts certain kind of guys who are average in talent but excel in demonstrating value and social management of the value/status.
Those career paths were always crooked. We see that going back to my great grandparents time with Black friday of 1929. They fucked around with unrestricted capitalism, and found out. Quite a few killed themselves by throwing themselves off of buildings.
It was only when FDR took office and worked with Congress to make tons of rules keeping the money hoarders from destroying the economy yet again. And it bloody worked. For those of you who say FDR was a communist, absolutely not. He was fighting against a large contingent of the population who were socialists and communists. He did appease some of their demands, bit not many.
FDR led us into our most glorious 20 years, the 1950's to 1960's. Cheap education, cheap homes, plentiful well paying jobs, only needed 1 worker per house. Thats what the boomers remember and want.
And it was systematically dismantled piece by piece.
'VC guys were good too'?!?! I take it you do t remember the 1980's Mergers and Acquisitions crisis? Thats when enough data was available for a company, that mergers, acquisitions, and liquidations coukd make a handful of people scads of money, and destroy the economy to boot.
And i also scarce remember a time when 'Finance' was good. Their slur was beancounters. Something costs $20 but saves $1000? Nope, its -20$. The loss is never analyzed. Every job Ive woeked in has had this perverse logic.
And especially with money, Goodharts Law comes to mind. "When a measure becomes a target, it ceases to be a good measure".
"Men living in democratic ages have many passions but most of their passions either end in the love of riches or proceed from it." Alexis de Toqueville
Unless you were black then you might think good god these yts gonna displace us again with a new new deal.
I know youre trying be inflammatory, but also accurate.
US culture has always had an out-group that could be sacrificed to the capitalist machine. And even Northern rhetoric woukd have people believe that slavery didnt exist there. Ive been in Boston at the slave docks. Banned in 1830's btw there. And slavery also benefitted the North even if banned.
And after the Civil war, black folks were still 3rd class. Took another 100 years to get the same legal rights. And even now, blacks are underpaid compared to the same jobs by whites.
Most of wealth extraction to black communities is mostly complete. Musk runs datacenters using methane generators in black communities, horrifically polluting them. And the republicans who run the cities/states dont care.
But the USA has effectively run out of people to sacrifice. Now, theyre coming for the middle-income whites. Thats the squeeze we're seeing. And thats not going to end well. Likely will be horrifically violent.