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This is astronomically incorrect it’s basically an info hazard. A market crash like that would result in extremely broad layoffs, major global supply chain ins
by thunkingdeep 2y ago
This is astronomically incorrect it’s basically an info hazard.
A market crash like that would result in extremely broad layoffs, major global supply chain instabilities, and a cataclysmic knock on effect of capital losses into nearly every walk of life on earth.
Not to mention, as many already have, the federal govt would undoubtedly bail out the worst actors and leave the poor to fend for themselves.
Just yesterday the Treasury Department announced they aren’t going to enforce a money laundering law. You think they’re going to New Deal a major crash’s now? No way.
- anovikov 2y agoArguably even doing it the first time around was a mistake.
- itake 2y agoAlso the rich have cash flow and can continuously invest during crashes. The top 10% aren’t losing their jobs in a crash, but the bottom 50% might. So while the top 10% keeps investing and will maximize the recovery, the bottom 50% will cash out at the bottom and won’t return to invest for years after their emergency fund has recovered.
- JumpCrisscross 2y ago> the rich have cash flow and can continuously invest during crashes There are a lot of levered rich people. Musk would be screwed if he got margin called on Tesla.
- actionfromafar 2y agoSo you are telling me there is hope after all? (I mean, unless there's a federal ruling that it's unconstitutional to let a Musk and his money part ways.)
- Jensson 2y agoHope for what? Who would benefit?
- actionfromafar 2y agoThe American people, the Constitution, Ukraine, Europe, the whole world probably. The US is about to drag the world into a recession or a War Economy.
- Jensson 2y agoWhy would that change for the better if Elon lost a lot of money? People become more aggressive when they lose a lot, not less.
- actionfromafar 2y agoAnd that is often their downfall, overextending themselves.
- suraci 2y agowhen Musk and you are both screwed, which of you can get the big money from the government
- itake 2y agoI think its less than you think, but certainly not zero. Even if Musk filed bankruptcy yesterday, he would still end his life a multi-billionaire.
- itake 2y agoI remember reading during covid about how Zuck lost billions in a single day. But he never lost his job. Meta kept paying him and he continued to invest throughout covid.