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The Silicon Valley creates wealth, Wall Street steals wealth. My vote goest to the SV.
Exactly. Wall Street is just a financial system for controlling wealth and power-it's not needed in the same way that innovation and creativity will always be needed. In reality, our current and colluded economic system is not needed at all.
Our financial system was created by The Warburgs, Rockefellers, Rothschilds and Morgans in only 1913.
Humans have always needed new inventions and technology throughout history though.
Wall Street stifles innovation and creativity as it is made up of old corrupt institutions desperately trying to keep current power mechanisms in place as well as the publics' faith in their institutions. They are desperate because they know that institutions and financial systems are temporary but people and their innovations are infinite.
The Silicon Valley creates wealth, Wall Street steals wealth. My vote goest to the SV.
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Originally Posted by 2e1m5a
Exactly. Wall Street is just a financial system for controlling wealth and power-it's not needed in the same way that innovation and creativity will always be needed.
Let's pump the breaks on the evil Wall Street posts. Wall St of course has some bad eggs, but that's not representative of the system as a whole. For the most part, Wall St creates wealth for its employees and its investors. If any of you have a 401(k) or Roth IRA, odds are it's being controlled by a Wall St firm, or a similar investment firm not located in NYC. Wall Street gives people the opportunity to make more from what they already have and that's not something we should scoff at or villify because it's helped to shape this country.
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In reality, our current and colluded economic system is not needed at all.
It's helped make the US what it is today. It allows M&A to happen at a whole different speed than it would otherwise. It may not be "needed" in order for the economic to function, but it wouldn't function at the level that it is without it and the US certainly wouldn't be the superpower that it is now. Also, a vast majority of companies use mercantile exchanges to lock in costs & hedge risk for everyday operations. Merc exchanges are 100% needed for some industries to operate efficiently.
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Our financial system was created by The Warburgs, Rockefellers, Rothschilds and Morgans in only 1913.
Humans have always needed new inventions and technology throughout history though.
The concept of investing in companies, issuing debt, etc. has been around for centuries. This isn't some evil scheme hatched by the Illuminati.
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Wall Street stifles innovation and creativity as it is made up of old corrupt institutions desperately trying to keep current power mechanisms in place as well as the publics' faith in their institutions. They are desperate because they know that institutions and financial systems are temporary but people and their innovations are infinite.
Not sure how Wall Street would stifle innovation and creativity. If anything, you could argue it does just the opposite because while it doesn't necessarily make innovative companies create new things, it holds the promise of wealth for whoever comes up with the next big thing. Liquidity is a fantastic thing to have, and there's no stock markets more liquid than the NYSE/NASDAQ.
There's plenty wrong with Wall Street, but it's certainly not as evil as some are trying to portray here.
The people who work in wall street aren't the smartest or the most creative. They just know the right people (family or friend got them a job) and can work the system. Silicon Valley is pretty much the opposite -- very entrepreneurial and innovative.
Some of them, yes. Actually, the northeast was actually where almost all the cutting edge tech was until the last few decades, especially concentrated around New York City with Bell Labs and IBM. SV itself is fairly new and there were other corridors that held the mantle before it and sort of slipped while SV surged ahead.
NYC area has always been a tech hub in many ways (AT&T, IBM, Bell, etc) but a very 'cut and dry' slash vertical hierarchy work atmosphere. Back in the 1950s and 1960s, east coast and midwest tech people left these types of companies in droves to work in Silicon Valley (which at the time was thought of the anti-establishment.) Back then it was rare for company men to pick up leave a corporation before retirement, yet bouncing from company to company was a theme of the Silicon Valley. These types were sick of working in highly political vertical corporate structures.
This basically set the stage for the 'start-up' mentality culture of the 1980s & 1990s which is very prevalent in the current cloud tech boom of today.
NYC area has always been a tech hub in many ways (AT&T, IBM, Bell, etc) but a very 'cut and dry' slash vertical hierarchy work atmosphere. Back in the 1950s and 1960s, east coast and midwest tech people left these types of companies in droves to work in Silicon Valley (which at the time was thought of the anti-establishment.) Back then it was rare for company men to pick up leave a corporation before retirement, yet bouncing from company to company was a theme of the Silicon Valley. These types were sick of working in highly political vertical corporate structures.
This basically set the stage for the 'start-up' mentality culture of the 1980s & 1990s which is very prevalent in the current cloud tech boom of today.
Sadly not anymore for the Silicon Valley to enforce its establishment presence in the High-Tech Industry around the nation & globe.
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