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Honestly, we've needed this crash since back when Obama was president, and we got a bunch of propped up corporations. They socialized the losses, so to speak.
Nobody I know in poverty is affected by stocks, so fuck them all.
Umm, that is very shortsighted.
Sure, a market crash means nothing to someone who doesn't own stocks. But it means a lot to their workplace, food suppliers, electronics manufacturers, insurance company, healthcare provider, etc.
The poor always get screwed the most in economic collapses, they just get it second hand by prices going up, mass firing, rent going up, loans getting worse, and public services being cut.
It's not very shortsighted, it's quite long-sighted. Everything has been shit since the 2008 crash. Absolutely dog-shit garbage. Wages haven't changed, everyone's already in the hole.
I'd have loved a few more years of floating it, but the writing has been on the wall for some time now. It's going to suck for everyone, I'm sure - but the market never corrected in 2008. It was going to happen some time or another - I'm just happy Republicans are going to be on the hook for it.
It's going to take 10 years to come back from this - but I suspect in doing so, we'll be in a better place in the long term. Last people who did this weren't re-elected for damn near 20 years. We've all said this was the last gasp of a dying political party. It's gonna suck, sure -- but I'm hopeful for the future and the rebound it will cause.
On top of it all, I've been using it as leverage to fuck with every Trump voter I see in my shop.
I think the main reason we never fully recovered from 2008 was because of Mitch McConnell’s personal pet project, Citizens United, which handed full control of the government over to those who caused the problem in the first place.
This isn't some bubble popping or realized losses, this is an entire political movement (Trump and Republicans) literally destroying the world economy. This isn't just going to impact the US, but potentially hurt people in every country.
Its also in no way connected to 2008. What is going on here is independent of that and won't be seen as a lesson to mistakes made in 2008.
So we need a crash today because, ... checks notes ..., the 2008 crash made everything to shit?
Wtf are you on? Is this some elaborate "it's bidens/obamas fault" or something?
Sure sounds like wishful thinking.
I mean... I understand your point, but poor people will still suffer the most.
It's true, the market is terrible, this collapse was obvious for so many reasons. Still, the poor will suffer the most from it, short and long term
If you know anyone over the age of 60 who has a retirement plan other than social security, you know someone who is affected by stocks. If the market stays down for a long time, many elderly people will not have enough money to live out their retirement. This will certainly impact millions of Americans. If you think it's a small problem, you haven't thought it through very well.
Also, the crash itself doesn't make anyone's life any better. We didn't need the crash. We didn't need the crash before. We needed to do things to make life better for the average American, and especially for poorer americans, and we still need that. Crashes don't make that happen, and it's wishful thinking to suggest that they will.
The monopoly guy has entered the chat
You probably know fewer than 20 people who live in poverty yet think you know everyone who's poor?
I live in poverty but have a locked-in retirement fund from a former employer, invested in the stock market, that I cannot control.
It's now down 12% since the Bloviator was elected.
I'm surrounded by the dumb fucks in a deep red state in the country; nearly everyone I've ever interacted with my entire life lives in poverty. The fact that you have a RETIREMENT FUND AT ALL puts you well above that line.
You know what you can't have when you're in poverty? Retirement funds. Because it's considered equity and you're not allowed to have any in order to get government assistance. The only things exempt from that are your homesteaded house, and 2 cars (and only if both adults in the house are working!)
You know nothing. Stop thinking you do.