so all else being equal cheap money shouldn't increase the proportion of stupid investments
All else isn't equal because it's not a free market. You can't just say "Oh, Uber looks good, I think I'll invest in them." It's not even rivalrous, it's simply private.
So, cheap investor money has to find an outlet some other way.
All else isn't equal because it's not a free market. You can't just say "Oh, Uber looks good, I think I'll invest in them." It's not even rivalrous, it's simply private.
So, cheap investor money has to find an outlet some other way.