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It’s important to remember that the rich in the US will profit off this as the working class gets fucked, it’s not “haha trump dumb,” it’s a planned thing to increase the wealth of the super rich
it’s a planned thing to increase the wealth of the super rich
The prior generation of neoliberal economics was doing this just fine. Trump is being buoyed, in large part, by a generation of middle managers, professionals, and small business owners who have eaten shit through a generation of consolidation and de-skilling of advanced labor.
But his policies still suck. His neglect of critical infrastructure and his race to defund public goods and services and his clumsy implementation of pseudo-scientific economic policies won't benefit anyone in the US, rich or poor. The rich will endure the catastrophes better (probably). And they'll have the resources to flee when shit really starts to hit the fan (for the most part). But the idea that the biggest shareholders of Boeing, Microsoft, Exxon, and JP Morgan Chase are somehow positioned to come out ahead on a massive contraction in real economic production is delusional.
American kleptocrats have made the choice to rule in hell, rather than to pay a 36% marginal tax rate in heaven. And you only have to look as far as Russia, Saudi Arabia, South Korea, and Israel to see where this miserable policy ultimately leads. Sergey Brin and Eric Prince are going to trade places with Ahmed bin Abdulaziz and Yevgeny Prigozhin, entirely for the opportunity to avoid dealing with the IRS.
$5T? That's just $16K per person. No big deal.
Edit: Forgot the "/s"
Yeah, what is that? A couple grocery trips? Small price to pay for making America so great.
It's a banana, Michael, what could it cost, $10??
$5T yet
Sort of but not really.
They aren't really "the US economy". Most of those corporations live outside the bounds of nations. They just have their HQ in the US. Manufacturing etc is done wherever is cheapest, and now they're finding out that they might have to pay real wages and real money to make things in the US.
The losses per person are lower because people from all over the world have investments in those stocks. It's been overvalued for a while and still is.
Americans will still end up poorer though, because even if they move the manufacturing, they'll no longer be able to buy things at Chinese poverty wages.
Trump has gone even more bonkers today. More tariffs on Canada and threatening our country.
Trump: This is all Biden's fault, and the Democrats.
MAGA: clapping and cheering
Me, a liberal in 2025: "Those stupid conservatives will never learn. They keep supporting the same tired crop of losers and idiots, while the situation in this country just gets worse by the day."
Also me, a liberal in 2028: "I'm extremely excited to vote for Hillary Clinton because she's the most qualified person for the job and she will definitely fix everything."
The fact that spooking the market could wipe out such an absurd amount of money, larger than many GDPs - and the economy hasn't even crashed completely at all yet - should provide a good reference for how much of billionaire wealth is actually just abstract numbers representing nothing tangible but raw power over people and processes.
At some level of wealth, money stops being conceptually a medium of exchange for goods and services, and just becomes a scoreboard for bragging rights.
At some level its a scoreboard, sure. But at a much more important level, it is a claim on future consumption. Currency and credit consolidated in the hands of a tiny minority create a de facto oligarchy. Corporate industry decides national policy entirely from within board rooms and on billionaire chat groups devoid of democratic participation or oversight.
If it was just a high score or a championship ring, the consequences would be far less severe. But imagine a football team that - upon winning the Super Bowl - got automatic first pick on every draft-eligible college student. That's the real danger of this wealth consolidation. It puts businesses in a position such that they can greedily gobble up the most valuable resources, entirely for the purpose of over-performing into the next season and maintaining their lock on championship title indefinitely.
And then imagine of the city that hosts the Super Bowl gets a "Hunger Games" style socio-economic dividend, affording them a quality of life that radically outstrips their neighbors. And then we run this cycle quarterly for a solid century.
More or less, although it's important, that it still very much is a medium of power, as its role as financial capital and/or in national budgets ultimately decides which projects and actions are allowed to exist and go through and which aren't
The guy who bankrupted a casino is tanking the biggest economy in the world. Who knew!
bankrupted a casino
That’s false. He bankrupted multiple casinos.
Thats false. He’s bankrupted multiple casinos and hotels.
That's true.
Not quite, he is also morally bankrupt
The guy who bankrupted a casino is tanking the biggest casino in the world. Who knew!
The american stock market is the ultimate casino boss fight for him.
Holy s***. If you have money in that Jones Trading company, you're getting played, my friend. They would allow themselves to be quoted saying that no one expected that things might not go smoothly? It's their job to plan for such things. The rest of us all expected things to go downhill, so what the heck were they doing?
I’m sure a significant chunk is middle class retirement savings. (Sources are not definitive, but over 40% of the value in the stock market is 401k and other retirement savings).
Gonna F the job market again, too; as people who would retire won’t because their nest egg dried up.
Granny, time to get a second job, we need eggs.
Buy the ticket, take the ride
1 - Gloating
2 - Hubris
3 - Denial <-------We're somewhere about here, depending on the individual's MAGA level
4 - Doubt
5 - Leopards ate my face
Billionaires call this a fire sale. They get richer.
Not yet. Still a ways to go before proverbial (and maybe literal) blood in the streets.
Good thing I sold off my entire 401k last month 30 years early in anticipation of the market taking a massive dump
Good job. For what it's worth you should still take your employer match and invest it all outside North America. Don't leave that free money on the table because the US is headed for a depression.
I sold the stocks we had for a down payment on a house late last month too. I have avoided $9000 in losses SO FAR. I was talking about this a couple days ago and was essentially told I'm an idiot for trying to time the market instead of riding the dip. Then yesterday early morning before open I was told I got lucky and better buy back in to lock in my winnings. $5000 of those losses would have occurred yesterday if I'd bought back in. I'm not putting money back in the casino until it's under new management.
Glad you got it out! And glad you didn’t buy the dip before it dipped even harder. Definitely don’t think now is the time to be playing the stock market game unless you have extra money laying around to gamble with.
I think that’s not enough.
More!!! 🗣️
They say there is no crystal ball in investment, but it's hard to not have predicted this outcome.
Hello easyspeezy here, today we got quite a special order, we are doing a bankruptcy speedrun!