I'm fine with critiques of capitalism that go to town on how this much wealth came to be concentrated in so few hands. But the free market did its job here! It showed that WeWork was not a viable business, quarter after quarter.
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At every stage of the process, normal people observed that WeWork's business model was not tenable absent billions of dollars of subsidy, nor did it have any tech component that would let them plausibly handwave this criticism away (like Uber woo about self-driving cars)
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WeWork is like a Ponzi scheme if Ponzi had just said "I'm going to take all the money" and investors had willingly given it to him, plus a fee for his trouble
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My question is—who actually lost money on this? Who pays into the SoftBank Vision Fund who will be left holding the bag? Or is it other people's money all the way down?
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The social cost of WeWork is not just the employees who got a raw deal, but the hundreds of thousands of successful tech businesses this money could have launched and didn't. Part of the reason innovation is dead in tech is that you have to compete against bros with free money.
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"The capitalist system of coordination by trade seems to be largely populated by indigestible lumps of socialism called corporations."
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Please to tell me from whence this quote came.
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People putting "Mayochup" on their sandwich are by definition not putting something else on it instead. Volume doesn't really change that much. Heinz may sell more, but Hunt's and store brand sell less.
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Yet this is now an integral part of capitalism. (It's not dictated by the market.)
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Yeah, it's a huge problem! Monopoly and finance "capitalism" are terrible for us
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