[ExI] philosophy poll

[spike at rainier66.com]

From: extropy-chat <extropy-chat-bounces at lists.extropy.org> On Behalf Of William Flynn Wallace via extropy-chat
Sent: Tuesday, August 27, 2019 2:59 PM
To: ExI chat list <extropy-chat at lists.extropy.org>
Cc: William Flynn Wallace <foozler83 at gmail.com>
Subject: Re: [ExI] philosophy poll

 

Regarding stock market failures in 2008, that was success: without outside assistance, the invisible hand of capitalism found the real value of the investments being sold.

 

spike

 

>…It was very good that they found out for themselves what they did wrong, but too late to avoid trillions (?) of dollars lost by people's retirement funds et alia….  Propping up GM with our money.  Success?  I would have let them die.

bill w

Ja, huge companies going out of business is a market success.  If that company bets it all on ventures too risky, than that company will fail.  Propping up GM with our money should have been illegal, and it certainly was wrong.

Regarding trillions lost in 1987, sure that is bad.  Evolution has a lot of pain in it.  Investors must realize that the growth that comes from investing in business has risk to it.  A lesson to be learned within the next couple of decades is that governments can fail too.  Their currency, even if long regarded as stable, cannot survive forever if they borrow money just to meet normal expenses.

There is no too big to fail.  For example, keep watching Elon Musk’s empire.

spike

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