François CholletVerified account

This article describes the classic failure modes of a centrally planned economy, but for some reason calls it "overcapitalization" instead. Whatever you call it, the tech part is a distraction. This is what happens in any society, at any time when money is assigned by capricehttps://twitter.com/ahcastor/status/1194340426511273984 …

The untold part of the story is how the move to central planning destroyed the greatest seedbed of innovation in American history, the tech startup economy. The startups are still there, but the only thing they innovate in is telling investors compelling stories

It's not like Softbank came along and ruined everything, either. We've had this pathology for a decade now. Remember Color, with 41M in funding for nothing? Yo, a joke company that raised $1.5M? Secret, whose founder looted a fair chunk of $35M?