I have experience in Go, Ruby, Python and I'm excited to hack again.
This is one of the biggest fallacies in modern finance. COVID was merely the catalyst which exposed terrible finances. The idea of unforeseeable black swans has become nothing more than a trope of an excuse that it's lost all meaning. Sure, the pandemic itself is a "black swan" but the subset/collection of events that lend itself to economic disaster is actually not that rare. Case in point: 9/11, Tech Bubble burst, Financial Crisis, Covid-19. This was all in a span of ~20 years.
So let's revisit this: Is economic collapse really that rare? No. But people construct their businesses as if they are, and we always see these house of cards tumble. The other group of businesses who acknowledge the possibility of an economic collapse subscribe to the false pretense that THEIR company is immune because they're so "essential." In both cases, growth at all costs seems to be the mantra. How is this sustainable beyond the Fed Lottery? At this point, it hasn't become a Lottery anymore.
In values, I have read a lot praise for risk taking over years and rewards for it. I have read comparatively less praise for prudent decision making or what happen when risk part of risk happen. People are said to get rich because they "took the risk" and are poor because they were either lazy or did not took risk. But the part when people take the risk and become poor is never said, as if we wanted to pretend it never happens.
In finances, companies that risk a lot and grow and now are about to fail are way more likely to be saved then a company that was more responsible.
When every org, smb, landlord and individual takes on too much leverage, it is the macro economic system we exist in that is at fault
Which is something else then "my company took on way too much leverage".
I never pretended I am poor. I work as programmer and so does my partner. Most people on this forum are not poor. We are comparatively well paid group.
There is debt and then there is excessive debt or "leverage". Ans when management take on excessive leverage so that you fulfill your dream of being big and then company fails, yes it is management fault.
"We took excessive debt and then failed by no mistake of ours" is an oxymoron and illogical statement. That is not nearly the same as debt because your kid would die without it or something like that.
But the downside to that is: if in fact you can’t pin this moralistically on bad actors, then you are definitely going to see the same behavior over and over, until policies change.
Artificially setting interest rates so low (say 1%) that by saving money, you are actually losing money to inflation (real inflation at least 5%, if you include healthcare, real estate and higher education) promotes over-leveraging and that's what we got.
https://www.massive.se/job/online-infrastructure-engineer-si...