[quote=pri_dk]There will always be some shenanigans in the business world. There will always be ups and downs in the markets.
I gotta agree with mm33’s basic point here:
Silicon Valley, although imperfect, is the “good” kind of capitalism. The kind that our economy should be built upon.
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Pri: And I’m sure those self-same “shenanigans” were the cause of the Crash of 2008? You’re also missing the larger point, as Markmax did.
It wasn’t isolated “shenanigans” during the tech run-up. It was pervasive, endemic and systemic, just as it was prior to the 2008 crash. It’s tied to perverse incentives and arguing that Silicon Valley provides “good” capitalism also misses the point: It’s all of a piece.
Wall Street does largely perform it’s function (efficient allocation of capital), but when the incentives get skewed in favor of short-term, bonus-driven programs, well, you get predictable results, whether it was the tech boom or the mortgage meltdown.
