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Comment by zach_garwood | Hacker News Reader

> “I have nothing against investment bankers. They could all retire and nothing much would change. [Truckers] all quit, everything comes to a halt,” President Joe Biden said this week at a White House event...

I don't agree with the president on much, but I share this sentiment.

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He could say the same about himself.

If he doesn’t want investment bankers, maybe he needs to help overhaul the laws to simplify capital raising, M&A, etc.

It's nonsense of course, if investment bankers were unnecessary, they woudn't have jobs.

> It's nonsense of course, if investment bankers were unnecessary, they woudn't have jobs.

By this logic, con artists are necessary.

Of a short time horizon, he's absolutely right though.

If investment bankers all went on strike for a month, civilization would carry on. If all truck drivers went on strike for a month, it'd be a catastrophe.

As are landlords.

I actually argue that landlords are relatively useful. Having to look for realtor to sell and buy property each time you move even for short term would be lot worse. And how could those without enough savings like students go anywhere?

No one needs luxury goods, yet jobs exist to make them.

Jobs exist because there is demand, not necessarily a necessity.

Humans have shown that they are capable of surviving in isolation, so there is no job – here to mean work done for someone else – that is a necessity as you have used it. In this context, necessity and demand are equivalent.

You both have just arrived at the rub:

Capitalism has fooled the common man into thinking that desire is necessity.

That's not the case. Rather, the definition of "necessity" changes in this particular context. It turns out that words can have more than one meaning.

The invisible hand does not deal with parasitism efficiently. Investment bankers may be necessary but the return they get from their work says less about the value of their services than it says about the demand for their services by entities that are willing to pay.

Investment analysis is a real job, but 90% of IB is wheeling and dealing, often kickstarted by your parents getting you a plum job.

Parasites are considered living organisms.

Unlike investment bankers.

counter point: real estate agents

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