Andreessen Horowitz and 'zero interest rate phenomena'
"Zero interest rate phenomena" sounds smart to non-econ people the way "cryptocurrency" sounds smart to non-tech people. The fact that a lot of people were making bad investments (apparently mostly in tech, since job growth is up in other sectors) had very little to do with the interest rate. Failure might come a bit quicker, but this is all just pure, unprocessed copium from a sector that routinely fails to duplicate its own magic.Apple is on its third or fourth life depending on how you slice it. Microsoft is coming back strong. But Facebook and Netflix are getting lame and Amazon is turning into something other than an online market. Google has never had as profitable and revolutionary of a product as search depending on how you rate Android. I doubt Apple gets a fifth life or Microsoft a third.Meanwhile, the rest of the economy continues to do OK even without "zero interest rates." And interest rates didn't trigger the tech stock crash in 2000 or the general recession in 2008.I understand that they're trying to say "people will do anything to get a return." But isn't that always true? Maybe more people will park their money in bonds. But people will look for a return that beats inflation because most people don't borrow money directly from the fed and most of the commercial rates haven't gone up that much.I dunno, these people are chronically full of shit.