Comment by howunfortunate
2 hours ago
> I don't care that will be expensive, thats a shareholders problem.
"I have no empathy for the two-thirds of Americans who will lose their personal savings that they need to retire" really undermines your case.
Edit: thoughtful tradeoffs against the stock market are reasonable. "I don't care" is not a carefully weighed tradeoff
You just unknowingly pointed out the real problem - the system is setup so that we think we are in on it, but as a wise man said "It's a big club and you ain't in it".
Also "lose their personal savings" is a hyperbolic bad faith argument. If anyone's entire net worth is put into Meta stock, they get whats coming. Second, 93% of the stock market is owned by 10% of the population. The average American has more to gain from holding companies accountable than letting them rape and pillage our society so the richest people can have even more money.
It's also possible that it would benefit those same people. It doesn't necessarily need to be expensive.
93% of equities are held by the top 10% of households. Most middle class wealth in the US is primary residence real estate. The stock market isn’t the economy. No one is entitled to wealth, nor it maintaining it's value.
> As of 2022, about half of households with a worker age 55 and older had no retirement savings, and 32% had no retirement savings or a defined benefit plan.
The scaremongering about equity values and your average person’s holdings and exposure is not grounded in facts and reality. It’s simply scaremongering.
https://news.ycombinator.com/item?id=49357337 (citations)
This line of argument ("think of the retirees!!!") could be used in many cases, however when is it acceptable to break companies for the greater (non-financial) good?
On a parallel, can't we criticize any decision reducing the market cap of companies as an attack on the retirement portfolios? Say, if we required connected glasses to display a red light of more than x lumens when recording, would that be ok, even if it decreased Meta's market cap?
> decision reducing the market cap of companies as an attack on the retirement portfolios
Any decision that results in a long term net loss across the entire public economy? Yes.
That's something that hurts a lot of people and that hurt should be carefully weighed against whatever the assumed benefit is. Sometimes that's worth it, sometimes it's not
But it's never OK to just hand wave with "well I don't care about that class of people so screw them"
And let's not move the goalposts. OPs proposal was a corporate breakup of massive scale, not a minimum lumens requirement.
I'm not saying that we should or shouldn't, I would like to know the line of demarcation. Splitting Meta would have a very low effect on the economy as the services are individually profitable and would continue to be operated, without the all-knowing centralized database/24h Telescreen.
At some point, similar to the camera/face recognition debate, it's about a choice of society that we want to live in. I think that's an interesting debate.
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