Low rates and mis-allocation

Dave Stockman says Amazon is a scam driven by low rates:

And after nearly three decades of operation, Amazon still generates limited operating free cash flow relative to its nosebleed valuation. In fact, at today’s magic $1,000 per share, Amazon is being valued at 51X its last twelve month (LTM) operating free cash flow.
And that gets to the larger point about Amazon’s predation and value destruction. Between 2010 and 2016 Amazon’s net sales exploded from $34.2 billion to $136 billion. But its pre-tax margin, which was already thin at 4.4% in 2016 clocked-in at just 2.9% in the year just completed.

Jeff gets away worth it because Kanosians insist government always balance, even if it means low rates for Jeff.  In the low rate, low volatility of our government COLA economy, Amazon gets to operate with an impossibly high PE.

In other words, wealthy folks are in a permanent money making scam because a bunch of ignorant MIT basket weavers are clueless.

The cure is Swamp defaults, and the time is running short for the sandbox to get those working. It is true, Amazon has reaped its destruction because a bunch of MIT economists took government money and created a fictional economic theory.  I am sure the Democrats would have found other methods to feed the wealthy, and the wealthy would have found other methods to obtain socialist currency insurance.  But why did progressives get involved with the scam?