Re:U.S. Judge Halts TikTok Ban
by vorpalhex on Tuesday December 08, 2020 @12:19PM
(#25348284)
If the US were pure Libertarian-esque capitalist, you'd be right.
But we're also a country with medicare and food stamps and we recognize pure capitalism isn't flawless. Had a company like GM been allowed to fail suddenly then entire major cities would have seen unemployment go up 3x or 4x, and that's a lot of people who don't have jobs in a city that just lost it's primary industry. Most of those people are not white collar professionals who can hop over to SV - there are very limited jobs building cars.
As a country where we do sometimes engage in non-capitalist behavior (FDIC insurance, jobs programs, so on) it's sometimes more efficient to prop up a bad business and let it fail slowly then to entirely take a hands off approach.
But we're also a country with medicare and food stamps and we recognize pure capitalism isn't flawless. Had a company like GM been allowed to fail suddenly then entire major cities would have seen unemployment go up 3x or 4x, and that's a lot of people who don't have jobs in a city that just lost it's primary industry. Most of those people are not white collar professionals who can hop over to SV - there are very limited jobs building cars.
As a country where we do sometimes engage in non-capitalist behavior (FDIC insurance, jobs programs, so on) it's sometimes more efficient to prop up a bad business and let it fail slowly then to entirely take a hands off approach.