Mick WestDec 18, 2022
Robert Reich

RT @[email protected]

A large and growing sector of the U.S. economy produces nothing of value. Nada. Zilch.

Crypto. Derivatives. Private equity. Every winner comes at the expense of a current or future loser.

Shouldn’t a rational society heavily tax this zero-sum work? https://robertreich.substack.com/p/the-economys-large-and-growing-unproductive#details

🐦🔗: https://twitter.com/RBReich/status/1603867933708783616

The economy's large and growing unproductive sector

Listen now | It's also where you find many of the nation's ultra-rich

Robert Reich
Dec 18, 2022 at 10:03pmWeb
Show threadAquamanDec 18, 2022
@rbreich C’mon Robert. Time to follow me. You need some photography in your life. It’s not all bad out there.😎
Show threadThree plus or minus fiveDec 18, 2022
@rbreich Don’t forget high-speed trading.
Show threadTony TribbyDec 18, 2022
@rbreich Let's also include the portions of the revenue of companies who do produce "something" that is increasingly coming from nothing. Late fees, reconnection fees, possibly worst of all "software as a service" fees where you have to keep paying for an app every month and can never own it...
Show threadCTYankeeDec 18, 2022
@rbreich we need more people in real engineering (like developing fusion!) and far, far fewer in financial engineering!
Show threadAngryPupperDec 18, 2022
@rbreich you left out health insurance
Show threadJames DavidDec 18, 2022
@rbreich I agree, we are getting less than nothing from this junk. Grow your minds, read, stop playing games and get to work on smartening up! Too much is at stake!
Show threadGeeden_Of_ArdenDec 18, 2022
@rbreich How long have we been waiting for micro-taxes on programmed trading? Can't wait till Congress is filled with people younger than me.
Show threadcostrikeDec 18, 2022
@rbreich They don't just produce nothing. They're actively destructive via their energy use.
Show threadNancy HicksDec 18, 2022
@rbreich
We live in a country of predatory capitalism.
I don’t see why we can’t demand that profit making corporations be socially responsible in some way. Their profit is made because they benefit from all of our taxes and because of their overworked and underpaid employees.
Show threadGhost0x0Dec 19, 2022

@rbreich

Yes

Show threadDmitriy LikhtenDec 19, 2022

@rbreich You know, I'm glad you mention this. There's one thing I've been really looking for and that is a reasonable explanation on how stock valuations actually produce value? I know in the past it was a "loan" of sorts for companies to raise money and pay dividends, but at the moment there are no dividends and the company tries to show no profit.

What is driving value? Why is it still useful? Is it all just one big casino?

I assume there are some good articles or books to grok it.

Show threadCoffee PinewoodDec 19, 2022
@rbreich Every business run for profit does that, though.