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“Shitty job market” is an awfully charitable way to say “illegal, anti-market activity is de-facto sanctioned now”. We spent the lion’s share of the 20th century building a vast “sovereign wealth fund” of technology via effective partnerships between the public and private sectors (substantially though not exclusively under “defense” budgets of one kind or another): everything from the transistor to the laser to the packet-switched Internet to Unix, the list goes on and on. Then, somewhat abruptly in the scheme of things, a few things happened around the same time: “Dutch” Reagan was sharp enough to realize that he was a fucking movie star not a policy person, and needed some academic and intellectual heft to round out a serious presidential bid. The exact causal structure remains unclear to this day, it seems mostly to be related to cashing in on a Cold War that was winding down but good for one last corruption orgy, but somehow he and Milton Friedman and Ayn Rand and Alan Greenspan all got together and sold the public on a bunch of policies that were and remain disasters (Greenspan has since grudgingly admitted that he was wrong about pretty much everything in the kind of tortured language people like that use when they’re wrong about everything), Lewis Ranieri realized that in his words “Mortgages are math” and began a disastrous trend of extreme complexity financialization that created modern K Street (basically figured out how to buy up the commons for pennies on the dollar by gutting any remaining taboos against flagrant bribery of elected officials) and smoothly pivoted all of this into the Clinton Administration while codifying “Goldman Sachs is where we source finance people” in the form of Robert Rubin and his heirs, and the piece de resistance: brought Larry Summers into the mix, whose biography reads like the prelude to impeachment proceedings: everything the guy has ever touched has been illegal, icky, stupid, racist, misogynistic, kleptocratic, corrupt, or all of the above. The last person to put up a serious fight was Brooksley Born, who was in the middle of preventing both the 2001 and 2008 financial meltdowns (and therefore almost certainly preventing the rise of reactionary populism in the Western World) when the cabal of incompetent Randian fuckups knee-capped her (using gender discrimination as a lever) and basically started running the “build a technology-denominated sovereign wealth fund” process in reverse: it’s been game on regarding raiding that cookie jar if you have the right “network” ever since. The Department of Justice was taking time out of its typical day chasing around terrorists and human traffickers and what not to try to police stuff like trivial collusion and flagrant wage fixing in technology as recently as like 2011-2012, but seems to have kind of given up: it’s a losing battle. The last major legal action around big cap tech wage fixing wound down with a 400MM parking ticket in ~2011. Three guesses where Summers is putting his greasy thumbs (the rest of that clique is dead or retired) on the scale now and who is the heir apparent to this nightmare. |
I’ll be convinced when they do NVIDIA and wage fixing, but they’re at least making some noise.