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The wealth of the 1% just hit a record $44 trillion
(www.cnbc.com)
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this post was submitted on 30 Mar 2024
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Sadly that wouldn’t have an impact on this. This is just unrealized stock wealth until it’s actually sold afaik. I think we shouldn’t allow people to take out loans on their stock holdings though. Or however it is people like Elon and such get their low risk loans to play with while keeping their money in the market.
The market adjusts.
When Elon was forced to buy Twitter, all those loans came due as Elon Musk had to sell TSLA stock to pay for capital gains, then sell TSLA stock to bring down his margin and stay good, then finally sell TSLA stock to pay for Twitter.
There's no free lunch anywhere. Elon Musk is the kind of guy who takes insane risks (and honestly, its beginning to look like its all collapsing). Yes, USA has a lot of opporunity and we provide a lot of loans for dumbasses to hurt themselves, but that's a good thing in the great scheme of things. Eventually, it always collapses. It does take 10 to 20 years sometimes for the bad effects to build up though.
That was interest-rate policy. Today loans are 10%+ for such effects. Our mistake was keeping rates too low for so long. But that's different than our tax policy.
Thank you so much for the insight. 🙌🙏