Tuesday, July 01, 2025

Mamdani's family, for multiple generations, benefitted enormously from the generosity and openness of the West. And at every stage, his family has spit on that generosity, allying itself with third-world socialist and communist movements

... the idea has been broadly promoted that college is the way to go for career success. At the same time the idea has been promoted that noncollege jobs (and noncollege people) are inherently inferior.  There is a feeling that “I did what they told me and now look where I am.”

Here’s an interesting email that Peter Thiel wrote to some Meta executives and board members back in 2020. Excerpt:

Nick — I certainly would not suggest that our policy should be to embrace Millennial attitudes unreflectively. I would be the last person to advocate for socialism. But when 70% of Millennials say they are pro-socialist, we need to do better than simply dismiss them by saying that they are stupid or entitled or brainwashed; we should try and understand why. And, from the perspective of a broken generational compact, there seems to be a pretty straightforward answer to me, namely, that when one has too much student debt or if housing is too unaffordable, then one will have negative capital for a long time and/or find it very hard to start accumulating capital in the form of real estate; and if one has no stake in the capitalist system, then one may well turn against it.

College debt has contributed to the negative-capital phenomenon, and what is taught in all too many colleges has contributed to the feeling that it’s impossible to get out of the negative capital trap.

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