It's even worse. Wall Street boasts about having the "smartest people in the world" but can't, not only, avoid large stock market crashes, they also create and inflate them.
The logic is that since they're so smart they will make the market's invisible hand work, and if the crash is inevitable they're able to make the last buck of the bubble and avoid the crash, inflating it.
They are locked in a system where business as usual is smartness while being outside the norms is seen as stupid and disqualifying, according to Karen Ho. Being 'smart' is legitimacy, and we all need legitimacy in all spheres of today's society.
by Hynjia 2019-08-24
>In short, at the very moment information-age capitalism detaches many working-class men from stable careers, the autonomy ethos teaches that it’s right to be semidetached, that the best life is one lived in perpetual flux, with your options perpetually open.
​
There is a similarity in Wall Street's adventure to squeeze profit out of everything and then liquidate it before it becomes too unprofitable regardless of the consequences to whole regions of people and the lives they lead. For more, I'd refer to you a wonderful book called Liquidated: An Ethnography of Wall Street.
It's even worse. Wall Street boasts about having the "smartest people in the world" but can't, not only, avoid large stock market crashes, they also create and inflate them.
The logic is that since they're so smart they will make the market's invisible hand work, and if the crash is inevitable they're able to make the last buck of the bubble and avoid the crash, inflating it.
They are locked in a system where business as usual is smartness while being outside the norms is seen as stupid and disqualifying, according to Karen Ho. Being 'smart' is legitimacy, and we all need legitimacy in all spheres of today's society.
>In short, at the very moment information-age capitalism detaches many working-class men from stable careers, the autonomy ethos teaches that it’s right to be semidetached, that the best life is one lived in perpetual flux, with your options perpetually open.
​
There is a similarity in Wall Street's adventure to squeeze profit out of everything and then liquidate it before it becomes too unprofitable regardless of the consequences to whole regions of people and the lives they lead. For more, I'd refer to you a wonderful book called Liquidated: An Ethnography of Wall Street.