[ary]

> Despite skepticism from Volcker and Buffet, financial innovation has been and will continue to be a massive net positive for humanity.

Juxtaposing yourself with Warren Buffet and then hand-waving away his wisdom is probably the reddest of flags when discussing finance (not that Buffet is always right). "Innovation" in payday loans is akin to inventing new ways to feed living, breathing things into a meat grinder. In this case it's the poorest among us. The author goes on to say:

> Is financing your lunch a sign of societal decay? Maybe, maybe not. But it’s definitely an evolution in Market Completion.

This is undiagnosed sociopathy.

There is a point when making a thing that you must ask "what affect will this have on the world?" or you risk destroying far more than you create. Finance types have learned absolutely nothing since Buffet laid down his "newspaper test":

"I want them to not only do what’s legal obviously, but I want them to judge every action by how it would appear on the front page of their local paper written by a smart but semi-unfriendly reporter who really understood it to be read by their family, their neighbors, their friends."

[rybosome]

> Is financing your lunch a sign of societal decay? Maybe, maybe not. But it’s definitely an evolution in Market Completion.

Yeah this is a fucking crazy statement, as if the “but” justifies the former statement because it touches a Proper Noun.

“Is getting beaten to death in broad daylight a sign of societal decay? Maybe, maybe not. But it’s definitely an evolution in Practical Fitness.”

[xg15]

This. Also, I like the term "net positive" in articles like this. If you lose everything, but I win even more, it's technically still a "net positive". Even if only one person would be happy about it.

[Tyr42]

Yeah you want Pareto Optimal or whatever. Which means everyone is better off, rather than surplus utility generated.

[neilv]

I'm happy someone else also had the same thoughts, and put it better than I could.

Incidentally, regarding Buffet's sensibilities, I once felt it worthwhile to write to Berkshire Hathaway's little office, about a new shady thing one of their holdings was rumored to be doing towards employees, and whether that fit BRK's standard of good management. My note almost certainly got tossed into the crazy-people round-file, but it'd be nice if Warren Buffet called up a CEO or Chair, and said, "Hi, Bob. This is Warren. What kind of shop are you running over there?"