Here’s the problem with American capitalism from your favorite Business Expert...

It’s a con. It’s Lucy Van Pelt with the football. Every Harvard hedge fund manager, every PE fund partner, and every scumbag LBO guru is a “ruthless capitalist” until their bets break bad. 1/ https://twitter.com/jordanuhl/status/1248374194447892483

When they do—and they ALWAYS do eventually because systemic risk is ever-present—you’ve never met a bigger bunch of crying, pissbaby, but-think-of-the-terrible-fallout corporate socialists in your life. Because no bigger bunch has ever existed. 2/

Every one of them sat in a Harvard Business School (or the remainder of lesser institutions—zing!) praising the “creative destruction” of capitalism as the engine of prosperity. Now here they are, hat in hand, begging for someone to please think of them in these trying times. 3/

Because just like Boris Johnson never thought his plan of “let’s let the whole UK get COVID” would land *him* in the ICU, these client-dinner-at-Nobu smartest guys in the room never thought they’d get the pointy end of creative destruction. That was for someone else to suffer. 4/

Chamath is right. Let them fail. Let management & investors go down with the ship. The idea that an airline going bankrupt will fire everyone is a myth and a scare tactic. There have been 65 airline Ch 11 bankruptcies, incl. 7 flag carriers. AA was in Ch 11 only 7 years ago! 5/

It’s all a con game. Hedge funds, PE firms, and the rest of the size movers will spend their dying breath convincing you to let them privatize their gains and socialize their losses. You can’t have healthcare because we “can’t pay for it.” We can. We just don’t. 6/

In closing, every noodle-armed MBA in Tod’s loafers who uses “summer” as a verb thinks it’s America’s job to bail out his “put it all on black” bet on unsecured debt.

Everybody wanna be a free market capitalist until it’s time to do free market capitalism shit. 7/