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Economist Warns That Elon Musk Is About to Cause a "Deep, Deep Recession" (lemmy.blahaj.zone)

submitted 2 days ago by florencia@lemmy.blahaj.zone to c/whitepeopletwitter@sh.itjust.works

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Source: https://bsky.app/profile/jrothst.bsky.social/post/3liin7up3ck2z

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[–] Rolder@reddthat.com 2 points 2 days ago* (last edited 2 days ago) (2 children)

Hmm, I have a decent chunk in a savings account, I’ll have to diversify that out it seems. Maybe wait for the market to start tanking and turn the savings into stonks

[–] BradleyUffner@lemmy.world 2 points 2 days ago* (last edited 2 days ago)

Credit unions are covered by the NCUA, which is serves a similar function as the FDIC, but is a completely separate entity. I've been moving funds to my credit union account for the time being to act as a buffer. I'm not confident they won't go after both the FDIC and the NCUA, but I'm hoping the NCUA can buy some time if the FDIC goes down first.

[–] sugar_in_your_tea@sh.itjust.works 1 points 2 days ago (1 children)

Consider tbills and other forms of bonds instead of stocks for savings. They're great for consistent returns and exist outside of the banking industry.

[–] BradleyUffner@lemmy.world 1 points 2 days ago (1 children)

Didn't Trump say something about not honoring Treasury debts recently?

[–] sugar_in_your_tea@sh.itjust.works 1 points 2 days ago* (last edited 2 days ago)

Maybe? But that's not really his call, that's Constitutional law. The Supreme Court and Congress are not crazy enough to let him get away with it, especially with such a narrow margin in the Senate. Also, not honoring Treasury debts would absolutely kill the stock market and piss off all of his supporters.

So no, it's just fluff.

If you're really worried about it, you can buy corporate bonds, but if government bonds aren't honored, you'd be better off investing in canned food and bottled water, since everything would collapse. If the government doesn't honor its debts, nobody would trust the US dollar since government debt is a major component of money supply regulation (i.e. inflation).

He'd be impeached faster than he can say "MAGA" if he intentionally defaults on our debt.