Quote (ofthevoid @ 9 Jun 2020 21:15)
Aside from the jobs, there are other very negative effects. I can guarantee hundreds of thousands of savers pulled money out of stocks either on the way down or at the bottom. They shifted towards cash or a more conservative strategy and probably missed at least a certain portion of the move up. So in essence, they got fleeced.
What about the businesses that lost 30, 50, 70% of their revenue? What about the fact that when you increase the money supply, that itself is inflationary and pretty much anyone that has savings will see their wealth eroded because of the overreaction? What about the subsequent generations that will somehow have to finance another x trillions through higher taxes?
People should care, but i agree most are either too stupid or just too busy with getting along in life to understand the repercussions.
yes, downturns affect the downtrodden most. meanwhile our investment thread is filled some with immigrants and minorities who worked their way up and that northern cheese-eating hick snipa laughing our way to the bank lmao!!! (Inb4 reported).
the haves get more opportunity when there is a downturn, this is a tale as old as time. fortunately for some of us the fault of this downturn lies 100% at the feet of the Chinese govt and liberal (D) American politicians. Of course some will blame the President but he didn’t do this.
i hate that small businesses get screwed the most. this has a personal appeal to me; i did my best to support the local shops i frequent in my city even though they were shut down. I made quite a good handful of friends at these places, most of them employees or owners of said shops. buying gift cards and ordering takeout as much as possible. still this doesn’t come close to replacing their losses. and no one, other than maybe the SBA, even gives a damn about them.
minorities get double-whammied if there is a covid-19 surge. all the rich white lefty liberal privileged protesting kiddies will get mommy and daddy to fund their treatments
This post was edited by excellence on Jun 9 2020 07:23pm