Vegas Dave
Not a Real GameLiver
- Since
- Jan 28, 2010
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I love the idea that because the stock market is down 30% and AMC and United are going to either restructure or go under translates to millionaires getting slaughtered. Especially if you look past the next 18 months.
My household is definitely making financial gains in this environment and we're not in the super rich group. As long as we both keep our jobs (fiance and law seem to be booming actually), we've invested a bunch of $ that will surely be plus in 5+ years (even just by keeping our 401k contributions up). And when it's done there will be a glut of workers clambering over one another just to get a paycheck. The power wielded by even the smallest hiring budget will be much greater than before.
Yeah, no question that the millionaires and billionaires will come out of this a hell of a lot better than the lower and middle classes. That's always the case. Perhaps "slaughtered" wasn't the right word, but the facts remain... not all businesses are going to get bailed out. And those that do will still face financial repercussions. AND the lower and middle class getting fucked so hard by all of this means they'll have less money to spend, which will have a huge negative effect on a ton of industries that were booming a few months ago. You really think this current course of action is one that they would collectively choose? If they controlled the media and could blow this off as no big deal and keep everything open that they wouldn't have chosen that path instead? The fact that they will survive and rebuild doesn't change the fact that it's hurting them a lot more than it's helping them, and there will be plenty of business casualties that come from it.
Kudos to you and the misses! I'm fortunate enough that me and my fiancee are doing well, too. There obviously isn't a one-size-fits-all financial, emotional, or physical result of what's going on. But it's hard to argue it isn't a huge net negative (and will be for years to come) overall.