Geriatric and/or Managerial Socialism

“Letting firms fail, and share prices fall to their market level, also provides younger generations with the same opportunities that we, Gen X and boomers, were given: a chance to buy Amazon at 50x (vs. 100x) earnings and Brooklyn real estate at $300 (vs. $1,000) per square foot. Just as we pretend our service men and women are heroes, and then treat them like chumps, CNBC advertisers and Peter Navarro want to pretend they give a sh[i]t about younger generations so they can protect the wealth of old people and management/advertisers. Enough already.”

-Scott Galloway, “I’m not Done Yet!profgalloway.com. March 19, 2021.

While I don’t subscribe to free market fundamentalism, the strength of capitalism is supposed to come from the creative destruction that comes from driving underperforming firms out of business. If you save those firms, then you have a form of socialism, and if you are going to have socialism, the question is who is the socialism for? If it’s geriatric and management socialism, one has to wonder why that’s the value.

Champagne Wishes and Caviar Dreams

“I always want to say to people who want to be rich and famous: ‘try being rich first.’ See if that doesn’t cover most of it. There’s not much downside to being rich, other than paying taxes and having your relatives ask you for money. But when you become famous, you end up with a 24-hour job…”

-Bill Murray quoted in Tim Ferris, “11 Reasons Not to Become Famous (or “A Few Lessons Learned Since 2007”)“. tim.blog. February 2, 2020.

Lest you think suddenly becoming rich is going to “cover most of it”, try reading this Reddit chestnut, “You just won a 656 Million Dollar Lottery. What do you do now?” Still want to be rich?

The same applies to power. People tend to be preoccupied with attaining fame, riches or power. All of them are soul destroying if you achieve them in any significant measure.

What Really Happens When You Become an Overnight Millionaire?

“‘With some people an event like this would change them,’ says Shah, his Chicago friend. ‘And suddenly Peter’s life has changed — he went through a divorce, in every way Peter’s life has changed — but I feel like he is what he is.’”

—Stephanie Clifford, “What Really Happens When You Become an Overnight Millionaire?Medium.com. September 30, 2019.

The answer, apparently, is you start making bad life decisions because having heaps of money distorts your reality. Obligatory link to Reddit post on why winning the lottery is one of the most unfortunate things that can happen to you.