That's a straw-man. I've said nothing questioning capitalism. The stock market isn't a necessary component of capitalism any more than subprime lending is.
The cost of the stock market is clear. The stock market causes and amplifies inequality. This isn't controversial.
But I find proponents of the stock market have trouble defending it, when asked to really be clear about the benefit to society -- to people.
> That's a straw-man. I've said nothing questioning capitalism. The stock market isn't a necessary component of capitalism any more than subprime lending is.
The stock market, no, but the ability to invest/allocate capital is quite fundamental to capitalism. The stock market is merely one incantation of that. Let's take your criticism as only pertaining to the stock market.
> The cost of the stock market is clear. The stock market causes and amplifies inequality. This isn't controversial.
I'm not going to give you that one. The stock market enables the public to invest in these companies. That's why they're called public companies.
If you ditch it, suddenly only wealthy venture capitalists can do that. This has been happening more and more with companies starting private longer and longer thanks to abundant private capital that doesn't bring the onerous regulations of being a public company. Unfortunately that seems to be increasing inequality, as the public has been cut out of these kinds of riskier but high growth investments.
I'm sure there is a better way of doing it, but it isn't as cut and dried as you suggest.
That's a straw-man. I've said nothing questioning capitalism. The stock market isn't a necessary component of capitalism any more than subprime lending is.
The cost of the stock market is clear. The stock market causes and amplifies inequality. This isn't controversial.
But I find proponents of the stock market have trouble defending it, when asked to really be clear about the benefit to society -- to people.