Imagine the employees with options worth millions a few months ago. Waiting for ipo and the wait period to cash out. Imagine the retirements, homes, vacations, goals, etc that people were dreaming of. Now all gone. It's must be like buying the winning lottery ticket only to lose it. Lots of hopes and dreams died for sure.
Economics has an identity crisis. It is trying to be a science when it is an art/humanity. Rather than embracing it's nature it is trying to be what it is not. It's like Christianity trying to be a science via creation science. It simply does not work.
Doesn't this also explain why traditional media, politics, religion, academia, etc are all toxic? Is it that social media is toxic or that the toxic world has now adopted social media? Moral grandstanding has been around for millennia before social media.
Virtue signaling doesn't work in business. Should yc do any business in the US which is mired in illegal wars and regime change operation all over the world? What about Saudi arabia? Should silicon valley and traditional media give up the billions in Saudi investment? Every major economic player is evil in some form or another. And the parallel with china isn't nazi Germany. It's with 19th century US.
Yesterday we had a story about google's anti-union activities and hn was saying how evil and untrustworthy they were. Now hn is praising Google for censoring and being arbiters of truth just because they think Google is going to censor "correctly" or in line with their political leaning. One day google can't be trusted. The next day google should determine the political discourse of countries.