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by missedthecue
7 days ago
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No, that's not the right read. He said bubbles and exuberance still produce lasting value for humanity, even when investors lose money. Big money is going to build infrastructure which is fundamentally required for R&D. They aren't separate, they are the same thing. It sounds like you're complaining that Pfizer isn't investing in drug research, they are buying mass spectrometers and micron fidelity microscopes. Same thing! |
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Citation needed:
Bubbles destroy value, assign resources to wasteful endeavors. Just look at the financial bubble of 2008. So many people lost their jobs, so much money was moved from the average worker pocket to banks, people lost their homes, etc.
A focus on construction will have provided millions with homes, a focus on finance and money stole them of it.
The .com bubble wasted billions in bogus projects and scams. The web didn't became to improve until after the money run out and competition between companies took over.
> Big money is going to build infrastructure which is fundamentally required for R&D.
That is never true. Big money extracts value from society. It is the small investors, pension funds, etc. that move the economy. It is everyday's working class spending. It is educated people pursuing their passion that creates value.
Big money are parasites that steal from society. That pee-in-a-bottle Bezos is trying to convince people of the opposite is unsurprising.