17. Read "The Big Short." Michael Lewis at his best.
Capitalism has always worked just fine at moving investment money to useful projects.
Productive Capitalism, that is.
The non-productive organizations of capitalism are another matter. Financial Capitalism is always threatening to run off the rails -- misappraising risk and moving risk from the risk-takers to the marks who provide Other People's Money for the scams.
Financial Capitalism.
Lewis got this exactly right with "Liar's Poker" in 1989.
Selling the sell-side brokerages to the public as newly-minted common stock companies was a scam. Risk went from the betting/risk-taking partners over to Fools/investors who own stock.
It's been the same since Rome. That we know about.
Wouldn't bet a dime against Sumer having had a Big Bubble in bronze-and-turquoise ear rings, truth be known.
Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators
Important Notices: By participating on this discussion
board, visitors agree to abide by the rules outlined on our Rules
page. Messages posted on the Democratic Underground Discussion Forums are the
opinions of the individuals who post them, and do not necessarily represent
the opinions of Democratic Underground, LLC.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(714 posts)
Send PM |
Profile |
Ignore
