Working class people are being subjected to ultra efficient hypercapitalism, as in Uber drivers discovering they worked for free when they need to purchase a new car. Meanwhile Wall Street has been bailed out 2 times in the last 15 years alone with monetary policy. How many people went to jail? (And they haven’t learned a thing, on the contrary and quite spectacularly so.) If you want to know where the tech bubble co…
It's interesting that you identify ultra efficient hyper capitalism as the problem, then point the finger at Wall Street traders betting on mortgage backed securities. They really have nothing to do with each other. To the extent you can blame anyone for ultra efficient hyper capitalism, blame programmers. It's programmers that allowed Uber to turn the inefficient and leisurely taxi industry into the Uber/Lyft rat ra…
Hyper-capitalism in the form of efficiency gains made possible by software-driven matching algorithms in markets that, when productivity is higher, don't need/warrant these efficiency gains. Such as the formalized platforms for the micro sharing of cars (Uber), personal living spaces (Airbnb), and labor (TaskRabbit, Mechanical Turk, Fiverr, etc.). We currently do more efficiency-shaving than actual new product building, so programmers are in high demand, but programmers aren't to blame. It's just business.
Then there's the hyper-socialism of government-back asset purchases in response to the 2008 financial crisis. For example the $700B in Troubled Asset Relief Program (TARP) funds were used to purchase equity in financial institutions and other important institutions, giving the government part-ownership of major banks, insurance companies, auto manufacturers, etc. - recapitalizing them so they could begin to shed toxic assets. Thankfully TARP is closed out and the government got paid back, with interest, so we closed the book on mass government ownership of private assets back in 2014.
Technically, the biggest boost to the economy - $4.5T of mortgage-backed securities, bonds, and assets by the Federal Reserve's 3 waves of QE - shouldn't be considered socialism, because the Federal Reserve is an independent, non-government entity. [1]
But it certainly feels like hyper-socialism because it undermines of the organizing principle of a democratic society - citizens should have both the right and the duty to elect officials to act on their behalf, and hold them accountable. Especially in such an important organization as a central bank, which basically plans and attempts to control major economic variables such as the rates of inflation and unemployment.
In the end, I believe that the governors of the Fed made the right call to bail out banks through lowering the FFR and engaging in QE. It probably saved many people's lives, without exaggeration.
Who knows what the hell the public would have voted for if they had direct representation in the Federal Reserve. If people voted for change over stability, many would have ended up shooting themselves in the feet. Ala Trump trying to remove healthcare subsidies for many of his voters.
But TARP and QE also set a terrible precedent. The bailouts undermined the idea/feeling of "economic freedom" that is probably the central and most powerful idea the United States of America has going for it. No taxation without representation? What about no bailouts without representation?
[1] Creation chartered by Congress, with the president appointing governors, but with monetary policy decisions taking effect without the approval of Congress or the Executive branch, does not receive funding from Congress, governors' terms span multiple presidential/congressional terms.