Yet you also use it to denote people who seek status or money.
I use "douchebag" for those for whom status and money are top-tier goals, and those who are willing to make ethical sacrifices in order to further their career and material well-being. People who fit this profile tend, in addition to being shallow, to be relatively useless because their only skills are political play.
My investment banking peers were some of the most outstanding people I've ever met.
I've met some great people at all levels of investment banks, but there's no denying that (except outside of a few ivory-tower quant groups) investment banking has a douchebag culture. Face time, moronic machismo, authoritarianism, and professional hazing all play into that. Most of the well-adjusted bankers have an almost heroic ability to keep themselves centered in spite of their insane environment.
"Douchebags" seldom get anywhere in business unless they're related to someone important [...]
This is generally true in technology, but not as true in business as a whole. What underlines a douchebag-friendly environment is one crucial element: opacity of contribution. Douchebags generally spend too much time playing politics to contribute under their own power, and usually get ahead by taking credit for others' work, assigning themselves (and people whom they know will let them take credit) easy but important-seeming projects, and playing politics. In technology, it's harder to pull this off than in most other businesses.
You're also confusing "asshole" and "douchebag"-- two related but distinct concepts. An asshole is a mean, obnoxious, and tactless person. A douchebag is a socially successful and smooth, but mean-spirited and worthless person. Assholes are assholes to everyone and generally reviled for this, but douchebags aren't douchebags to anyone important, and will only be mean if it improves their social standing. So you don't necessarily know, in all circumstances, who the douchebags are. Douchebags climb corporate ladders easily, due to the opacity of douchebaggery. Assholes, on the other hand, almost never rise; if no one else takes them out, a douchebag will, because the reviled asshole is an easy target.
First of all, I think your thesis is an example of "agent bias". Humans have a tendency to scapegoat, to blame someone for events rather than impersonal forces.
Based on what I have read about monetary crises, financial panics, and recessions (past and present), I find it hard to accept the thesis that if we only had fewer "douchebags" in the world, that we could avoid all problems. Financial flows would still induce bubbles, and bubbles would still play on mob psychology. Devaluing a currency would still push GDP above its natural level, and require a period of readjustment.
Furthermore, the corporate culture of the 2000s and the 1990s was far, far, far more professional and less "douchebaggy" than what I've heard of the 80s. Why, you can get fired for sexual harassment nowadays, which would have been impossible 20 years ago.
Again the system you describe where "douchebags" rule is far different from my experience in the system. You say that non-"douchebags" cannot climb the corporate hierarchy because it is stacked with "douchebags". Your crude term does not describe the majority of the MBAs, CEOs, MDs, associates, CFOs, accountants, lawyers, and others that I had the pleasure to be acquainted with, although there was a minority of people that I certainly would not like to ever see again.
Lastly, I suspect you are getting upvotes merely for using rhetoric that makes teenagers giggle, which I find sad. Such a juvenile word choice lowers your credibility, because it appeals to the inner snickering child, and not the logical mind. An observer is left to conclude that your point could not stand on its own without the use of crude emotional appeals.
There would still be bubbles without the douchebags, but the douchebags made the human costs of this economic cycle far greater. It's douchebags, after all, who have created the collection of trends known as "middle-class squeeze".
The Clinton regime had an expansion and a recession. So did the Bush regime. Neither leader nor political environment was able to alter the underlying business cycle. But, under Clinton, we had an unprecedentedly prosperous expansion and a mild recession; under Bush we had a shitty expansion ("jobless recovery" into 2004) and a devastating recession. Douchebags, enabled by the lax regulatory climate, had much to do with this change. Although there are certainly plenty of douchebags on both sides of the political aisle, the fact is that a Republican political and economic culture is more douchebag-friendly. Douche Czar Erik Prince, for example, thrived in the Bush administration.
Douchebags aren't responsible for the fact that a bubble occurred, but they influenced the character of it greatly, and magnified the human cost immensely. Most notably, there is the fact that this bubble was in real estate, a type of investment that appeals greatly to the status-driven douchebag mind. (If you don't consider house flippers and real estate speculators to be vintage douchebags, you're seriously out of touch.) A bubble in real estate has a monstrous human cost, whereas one in gold is relatively irrelevant to most people.
I use "douchebag" for those for whom status and money are top-tier goals, and those who are willing to make ethical sacrifices in order to further their career and material well-being. People who fit this profile tend, in addition to being shallow, to be relatively useless because their only skills are political play.
My investment banking peers were some of the most outstanding people I've ever met.
I've met some great people at all levels of investment banks, but there's no denying that (except outside of a few ivory-tower quant groups) investment banking has a douchebag culture. Face time, moronic machismo, authoritarianism, and professional hazing all play into that. Most of the well-adjusted bankers have an almost heroic ability to keep themselves centered in spite of their insane environment.
"Douchebags" seldom get anywhere in business unless they're related to someone important [...]
This is generally true in technology, but not as true in business as a whole. What underlines a douchebag-friendly environment is one crucial element: opacity of contribution. Douchebags generally spend too much time playing politics to contribute under their own power, and usually get ahead by taking credit for others' work, assigning themselves (and people whom they know will let them take credit) easy but important-seeming projects, and playing politics. In technology, it's harder to pull this off than in most other businesses.
You're also confusing "asshole" and "douchebag"-- two related but distinct concepts. An asshole is a mean, obnoxious, and tactless person. A douchebag is a socially successful and smooth, but mean-spirited and worthless person. Assholes are assholes to everyone and generally reviled for this, but douchebags aren't douchebags to anyone important, and will only be mean if it improves their social standing. So you don't necessarily know, in all circumstances, who the douchebags are. Douchebags climb corporate ladders easily, due to the opacity of douchebaggery. Assholes, on the other hand, almost never rise; if no one else takes them out, a douchebag will, because the reviled asshole is an easy target.