The Billionaire on a White Horse

Like Warren, only different.  from doomsters flickr.

Like Warren, only different. from doomster's flickr.

This is why we shouldn’t rely on the Billionaire on a White Horse to save the economy – be it Warren Buffet, Bill Gates or Mike Bloomberg.  The whole notion of mega-charity and high-dollar stunts by high-profile figures to instill confidence in the economy assumes that these folks are generally right (which probably isn’t true) and assumes that they’re willing to act in the interest of others.  Personal wealth necessarily comes at the expense of someone else who pays cost-plus for some good or service so that an owner can make higher salary.

More germane to the point here, it’s a bad way to make decisions.  Kerkorian’s investment in Ford was meant to shore up the company, but it more or less put the company’s future in the hands of one person.  the reason open source software is so effective is because it puts a lot of eyes on a product and makes sure it works.  Decisions made by Billionaire Fiat work in the opposite way – it only allows one (self-interested) person to make a decision for a lot of other people.  In this case, one 91 year old dude is putting a stake through the heart of a company that employs hundreds of thousands of people, and that’s kinda dumb.

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