alt Hacker NewsCapital owners allocate their capital to their "pet projects" all day every day. That is how the whole thing works.
I'm not saying "this time will be different". I'm saying this is business as usual.
Capital owners allocate their capital to their "pet projects" all day every day. That is how the whole thing works.
I'm not saying "this time will be different". I'm saying this is business as usual.
$500b is not business as usual for any corporation. Centralized planning doesn't fail because of government bureaucrats, it fails because there is too much spending to be decided on by too few people.
Zuckerberg lost $30bn or more trying to create a VR amusement park. Scale that up to $500bn and see how much waste and dead-weight losses are created.