Uber is breaking the monopoly of taxis. This is an example of a paradigm shift. Destruction of the old is part of creating the new. Creative destruction would have left citibank out of business, in 2008 and better bankers would have taken the good parts of the business and the depositors with less than $250000 in the bank ( the 99.9%) would have been protected by the FDIC. Mostly Arab bond holders would have paid the biggest price. Instead, Bush jr. Convinced the people, who forgot about capitalism, to bail the bad bankers out.
Posted on: Sat, 14 Jun 2014 02:44:41 +0000
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