Like this recent stimulus bill. 90% of the commentary is on a) the inadequacy of the $600 checks, b) the fact that they shoved in the 3-martini-lunch tax break to get the deal done.
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The public balance sheet would add an equity stake in the rescued org in proportion to the disproportionate benefit to the “owner.” The less you matter to system survival, the lower your priority, and the higher the stake taken in exchange for rescue if you do get rescued.
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Bailouts are not a bad thing. We live with imperfect knowledge in an uncertain world, with complex patterns of risk coupling. We just need a science of bailouts. A financial equivalent of disaster preparedness and response capability. Instead of processing through a moral lens.
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A stupid thing about human-centric thinking is that every failure becomes a moral failure and the calculus of blame, reward, punishment, and justice becomes the theology of system repair. One reason is we use money allocation (both market and planned) as primary fix mechanism.
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It’s not a bad mechanism, but it has the unfortunate property of also being the primary enabler if individual human quality of life. It’s almost like we need different monetary systems for humans vs the system.
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Otherwise it leads to thinking Bill Gates lives 120 billion times better than average burger-flipper simply because he has a 120 billion times the net worth of the median person with no assets. Most of that money is Stack fuel. He probably only is 10-1000x happier than you and me
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Enterprise money vs consumer money? Not a bad idea actually. Things like food stamps get at that. As do things like earmarked capital equipment grants to industries. Separate power money from survival-and-hedonism money. Bread-and-circus bucks vs. infrastructure bucks.
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Financialization would actually be a good thing if it included almost everybody in its logic, and encoded what everybody knows about the system. It’s currently terrible because it reflects a tiny minority view of how the world works. A bunch of 0.1% idiots trading green lumber.
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Hey Dan, the thread from
@vgr is ready and compiled. Be sure to mention us from the last tweet to compile older threads. You can read it here:https://threader.app/thread/1341099812687466496 …
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Even a return to Bagehot's original prescription for Lenders of Last Resort would be a major improvement: "lend freely at high interest to solvent firms with good collateral". Central banks today lend freely but without any of the other qualifications ...
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