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There is a simple semiotics around the missing billionaire submarine, and it has nothing to do with “culture wars.”

Since 2008, government and institutions have cultivated a reckless culture of socialized losses for the many and privatized reward for the few, enabling irresponsible billionaires to pursue ever greater risks and hand over the costs of failure to the rest of us.

Now a set of reckless billionaires have finally done something so stupid that nobody can bail them out. It’s notable.