“How can it be that a person who has spent more than ten years training to become a medical doctor and whose end of year “results” are measured in lives receives compensation that is meagre compared to that of a trader or a hedge fund manager?” page 98.
I hate it when I see arguments like this. We could make so many comparisons asking why this person is poor doing this job while that person is rich doing nothing. For thousands of years people have asked these questions. The buddha answered “life is suffering.” The notion that doctors are poor is mis-leading as well. I recall a conversation, while working in an ER, and the staff was discussing “Obamacare.” One of the doctors was upset that the government was going to be stepping in and regulating what he would be making. This never happened but it was being discussed at the time. His argument was “why should the government step in and change my life plan thirty years into my life. If I plan to have four houses, three cars and two ex-wives I should be able to have that.” This does not sound like the complaint of a poor man who wishes the government would step in and change his pay to be comparable to a hedge fund manager. The argument continues with the Great Reset crowd, asking why the medical community is paid so bad? Depending on the level of schooling a nurse can make $40-50 dollars and hour. If they specialize in a certain field like being anesthesiologist assistant there is a good chance, they are making more money that the doctor doing the surgery because of the insurance and other cost of the profession. These are things that are considered when these people choose these fields. The amount of pay that you can earn in healthcare is equivalent to the level of education you have. The only exception is in administration. At the hospital I worked at the director made 3.3 million a year and he had never passed meds, wiped a butt, started an IV, performed surgery, or did chest compressions. By the time he was done running the hospital it was in debt and he received a massive payoff for retirement. His previous experience, running United Way.
The average hedge fund manager is a college graduate who specialized in math or a stem field and decided on investing because the money was better. The same is true with hedge fund manager Dr. Michael Burry, best known for the film The Big Short. Burry is a physician who realized he was better at investing than he was being a physician. When you look at the amount of work it takes to run an office why wouldn’t someone choose to look at numbers all day instead? Burry warned people about the housing bubble in 2008. He is warning people about the inflated level of the stock market now. As for hedge fund managers making too much money, the playing field may have changed. Take a large group of people talking on Reddit, have them invest a few hundred dollars into a stock like GameStop and watch as the money pours out of the pockets of hedge fund managers as their shorts turn into a major liability.
Schwab argues that these fields need to be regulated. He makes the childish assessment that life is not fair and somehow government, and his ideas, can somehow fix this. We are already seeing this play out with the Biden administration’s policies with the Covid-19 relief bill. In the bill it sets aside money for black farmers hurt financially during the pandemic while not aiding white farmers because of the color of their skin. In someone’s mind this is “fair.” Ask the farmers what is fair and you will likely get another answer. Be leery of anyone in power who thinks they are going to set the world right. Usually there is a trail of bodies behind them.
“Young people have a deep desire for radical change because we see the broken path ahead.” Page 102.
This quote is from the New York Times article where a college junior is being interviewed. My guess is that this junior skipped his history class during his sophomore year. Young people don’t have a deep desire for radical change, destroying what is before you is easier than working hard to make things better. ANTIFA and BLM march in the streets and set buildings on fire because its easier than putting a black child through college. The actions of their “protest” (riots) did little to help black people in the country if anything it divided the country more in a way it did not need to go. The path that college students see isn’t broken it just looks hard. The long hours and determination to create something without knowing if it will work is a scary thing to see. The easiest way to avoid a disappointing life is to not try at all therefore you can’t every say you failed. But you can also never say you accomplished anything either. I knew several of these people twenty years ago, friends now long gone having given up on their dreams. This idea has been pushed on our current generation through television and film. The 2009 movie, Mr. Nobody tells the fictional story of a man that nobody knows. His life has different paths and tales told in a way that tells the audience that it doesn’t matter what you choose in life it all turns out the same. The message some of my former co-workers took from the film, “don’t bother trying because it doesn’t matter.” This is what art and culture are giving us these days. We now have a do-nothing generation that expects everything on a silver platter for the privilege of accomplishing nothing. Schwab points out how unfair life is then offers the world to an unmotivated generation on the backs of the same people he says are being paid unfairly. Who is going to pay for this radical change? The doctors and labor force that pay for everything already. You want to know what’s not fair? Forcing people to pay for those who choose to do nothing.