America is a terrible place to be stupid

Modern-day capitalism in America is to flatten the risk curve for people who already have money by borrowing from future generations with debt-fueled bailouts for companies. Rugged individualism and capitalism on the way up, privatizing the gains — and then socialism/cronyism — on the way down, as we socialize the losses with bailouts.

Interesting read in New York Magazine today by Scott Galloway.

The terrible thing about crises is they always happen. The wonderful thing is they always end.