One group is subjected to ultra efficient capitalism.
Another group can benefit from a myriad of complex tax breaks, government deals, revolving door relationships between legislation and business, ZIRP, NIRP and when things get really dangerous for them: outright bailouts.
Not all mega-corps depend on all of these unfair perks. I actually have a rather positive view of SV and the tech sector. They derived huge benefits from ultra loose monetary policy over the last few years (Amazon included), but they also do some genuinely great stuff.
That's why I said it goes way beyond the tech bubble.
One group is subjected to ultra efficient capitalism.
Another group can benefit from a myriad of complex tax breaks, government deals, revolving door relationships between legislation and business, ZIRP, NIRP and when things get really dangerous for them: outright bailouts.
Not all mega-corps depend on all of these unfair perks. I actually have a rather positive view of SV and the tech sector. They derived huge benefits from ultra loose monetary policy over the last few years (Amazon included), but they also do some genuinely great stuff.
That's why I said it goes way beyond the tech bubble.