The full title of the original article is : “Age of the Unicorn: How the Fed Tried to Fix the Recession, and Created the Tech Bubble”
Its the article I have been wanting to write … meaning to write … and then not writing it. But Doug did an excellent job - and way better than I would aspire to - much less do. I was taken with this closing quote - but really click through and read the whole thing.
Congressional Republicans’ eagerness to slash Amtrak funding by $242 million got some headlines, but the railroad’s $1.3 billion current level of federal funding was none too generous to start with. But Uber has had no problem raising almost $7 billion so far, and rival Lyft another $1 billion. This is a staggering misallocation of capital. Nor do we have the imagination or funding to follow up on the suggestion by Mike Konczal and others to “socialize Uber,” by turning the thing into a driver-owned cooperative. There really are some more urgent tasks than devising a better way to hail a cab—or buy a mattress—and it would be nice to steer some money towards them instead of towards capitalist phantasms.
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