I’m not terribly empathetic to people who buy into bubbles (housing, stocks, tulips, whatever) hoping to make a quick buck. They’re playing in a casino, and they should know the rules.
I’m quite empathetic to many other people. I’m horrified by people being beaten or shot by police without good reason and by the general culture of official violence in the US. Same with victims of criminal corporations, like people affected by the Gulf oil spill. Tainted food or drugs? Sure. Victims of genocide and endless war, often ignited by superpower meddling? Definitely. Everyone has selective sympathy.
Thing is, people who buy a house, look at the numbers, and have them make sense probably won’t get burned since the long-term trend is up. Same with people buying diversified stock portfolios and holding long term.
I didn’t create the bubble-and-bust cycle. If I were emperor of the world, I’d probably get rid of it, but I’m not, so I aim to play it as best I can.
