1/ I've been thinking some about Musk's Mars plan. One thing stands out as a flaw in his logic. He says that if he can get the cost down to
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Replying to @kevin_bowen
2/ a couple hundred thousand $ per seat, that makes it doable for ordinary middle class people, since that's what you spend on a house, so
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Replying to @kevin_bowen
3/ instead of buying a house you can just spend the money on a ticket to mars instead. The problem with that logic is that the only reason
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Replying to @kevin_bowen
4/ ordinary middle class people are able to afford a several hundred thousand $ house is because banks are eager to lend people the money
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Replying to @kevin_bowen
5/ for it, because it's a very low-risk loan, because it's collateralized by the house itself - if you miss your payments, they repo the
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Replying to @kevin_bowen
6/ house and aren't out any money. But no bank is going to lend you a few hundred k for a ticket to mars - it's completely
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Replying to @kevin_bowen
7/ uncollateralized! There's nothing to repo if you miss your payments!
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Replying to @kevin_bowen
the idea is that most people have a net worth of a few hundred thousand by the time they're in their 40s
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"most" was poor word choice what would I do there? Software, metalwork, reading, writing.
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