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this post was submitted on 20 May 2024
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"Everything is very expensive, and people can't save money"
FTFY
Its a curious state of affairs, because the stock market has been booming all the while.
If you have savings you're getting enormous passive incomes. 20-30% jumps in accumulated investments annually. If you don't have savings you're watching prices skyrocket while salaries flat-line in the face of anti-inflation economic policy.
This does kinda raise the question "Where are equities markets getting all this extra cash from?" And the answer appears to be... its very profitable to charge people more and pay them less.
The stock market is a measure of how much wealth can be extracted from the working class.
It does not measure the health of the economy. That sometimes the market is doing well as the economy is doing well is closer to coincidence than causality.
The fact that the working class can no longer save money, and must spend every dime is great for the stock market. Next they will come for the dollars we have not spent yet. Because mortgages are no longer feasible for most people they'll have to find new debt traps. Cars will skyrocket in price, you'll be able to take out a loan to rent an apartment. Student debt will spiral to laughably unrepayable levels.
They'll take every dime we have, then they'll take every dime we'll ever make. And when it gets to the point where there's no more money to bleed, unless a new source of endless dollars can be found, the market will feed on itself.
If you think peacefully protesting Wall Street is going to fix that, I'll sell you the Brooklyn bridge.
They've already taken every dime we'll make, plus every dime our children and grandchildren will make... That's what the trillions of dollars in debt is.
I'd argue it goes beyond that. Quite a few ticker symbols on the NYSE are speculative above and beyond anticipated surplus extraction. They're functionally auction prices on coveted luxuries.
These have largely come to pass. The "loan to rent" is just your deferred payment on credit card debts to cover rising rental rates.
Sure, I can buy it. I just don't try to cross it for fear the NYPD will arrest me.
stocks are as divorced from actual value now as cryptocurrencies. real estate too. it's all grift all the time. have a look at the value of djt or tsla, they're nfts.
Its decades of cheap lending to people with all their consumer needs satisfied. If I can borrow at 4% and get 20% ROI, I'm going to borrow every dollar I can get my hands on.
On the flip side, you've got private lenders offering double-digit interest rates to the underclass. They're lucky to get a cost of living increase year over year. So you're asking people to borrow at 20% with the expectation of a 2-4% ROI.
DJT is fucking hilarious, because its pure vaporware. But TSLA does actually have factories and vehicle stock and revenue streams and such. Its mismanaged and overvalued, but there's some amount of there there.
But who is holding Tesla? Vanguard Group, BlackRock, State Street Corp, and Geode Capital Management all have access to the Fed credit window - either directly or through proxies - and can borrow at miniscule rates. They get a positive ROI so long as Tesla appreciates at all. And the long term ROI on an electric car company looks pretty good, even if its overvalued in the short term. So buy buy buy!
Look up the Haymarket square protest.
"A harsh anti-union clampdown followed the Haymarket incident and the Great Upheaval subsided. Employers regained control of their workers and traditional workdays were restored to ten or more hours a day. There was a massive outpouring of community and business support for the police and many thousands of dollars were donated to funds for their medical care and to assist their efforts."
bootlickin' since time immemorial
Support for the 8 hour day also blossomed after the Haymarket incident. It lead directly to May day.
you're right, but i'd love to see, just for once, the people clap back with fierce resistance that amounts to "FUCK YOU I WON'T DO WHAT YOU TELL ME". fuck the waiting period of change. i just want to know that we have the power to resist without compromise.
and when i say 'the people', i really mean the radical progressives.
Literally nobody was confused by those grammatical mistakes, this is just a stupid grammatical rule designed to be a gotcha that grammar people can wield as proof that someone isn’t well educated.
Put the apostrophe wherever the hell you want, just write in a clear way that gives enough context that unless someone is a computer program incapable of tolerating slight grammatical mistakes they will understand fine.