Is it true that some Trump voters are saying its good that the stock market is collapsing?
Last Updated: 01.07.2025 02:02
The stock market is owned to some 80% or more by the ultra-rich. The rest is owned by people who are still well off. They are the ones feeling the immediate pain. Not the average redneck Maga.
And that’s why I wrote “redneck Maga” here. They are already in a miserable place, and don’t mind at all that misery gets spread all over like horse manure on a field. In fact, they’re likely to ask for a bigger shovel to help spreading it.
Of course.
S&P 500 squeaks out record high even as new trade tensions emerge with Canada - The Washington Post
Of course they like it. Because you don’t, and they’re just used to it.
Unfortunately, what we have here is the other sort of collapse: investors doubt the fundamental ability of companies to even make money in the first place. That’s the sort of thing that translates directly into bankrupcies, livelihoods lost, and misery all around.
Now, if this had been a speculation bubble collapsing, it’s not unreasonable to see this as a necessary adjustment. In a bubble, the ultra-rich get even richer by peddling hot air, essentially. From a working class perspective, losing speculative riches just serves them right: the wealth never even existed in the first place.