"On the micro side, seeing 20-something kids get 150k budgets to screw around for a year is maddening"
Nonsense. This is but an externality.
What is maddening is the current state of the financial system as a whole. Though its intellectual underpinnings should have been completely shaken by the events around 2008 and the subsequent rescue of its champions, vested interests would prefer to pretend the emperor still has clothing -- and thus the externalities of QA, of which startup money is actually among the most palatable.
Nonsense. This is but an externality.
What is maddening is the current state of the financial system as a whole. Though its intellectual underpinnings should have been completely shaken by the events around 2008 and the subsequent rescue of its champions, vested interests would prefer to pretend the emperor still has clothing -- and thus the externalities of QA, of which startup money is actually among the most palatable.