The guy who bankrupted a casino is tanking the biggest economy in the world. Who knew!
bankrupted a casino
That’s false. He bankrupted multiple casinos.
Thats false. He’s bankrupted multiple casinos and hotels.
That's true.
Not quite, he is also morally bankrupt
The guy who bankrupted a casino is tanking the biggest casino in the world. Who knew!
The american stock market is the ultimate casino boss fight for him.
The fact that spooking the market could wipe out such an absurd amount of money, larger than many GDPs - and the economy hasn't even crashed completely at all yet - should provide a good reference for how much of billionaire wealth is actually just abstract numbers representing nothing tangible but raw power over people and processes.
At some level of wealth, money stops being conceptually a medium of exchange for goods and services, and just becomes a scoreboard for bragging rights.
More or less, although it's important, that it still very much is a medium of power, as its role as financial capital and/or in national budgets ultimately decides which projects and actions are allowed to exist and go through and which aren't
I’m struggling a little to understand the main aim of this comment. It’s not untrue, there’re just a lot of parts going in different directions and, potentially, coming from different places. Without context it’s kinda just a surface observation, ya know?
i think the commenter is just baffled at how drastically overvalued (over hyped) so many stocks are - a well known problem where speculative over investment can and does distort the whole economy and has power over the whole population. see for example, speculation bubbles like the dotcom overvaluation or subprime mortgages, or Theranos, or Bitcoin, or even how Tesla stock was being traded higher than the next 6-8 major car companies combined.
in other words, stock prices are a bunch of bullshit.
stocks arent exactly the same as "money" in the common sense so it confuses people when headlines say money was lost or wiped out. but stocks are similar to money in that they are placeholders for value, however much more susceptible to wild devaluations. because ultimately they're just speculative bets on what something is worth and can fluctuate rapidly, as rapidly and suddenly as human emotions.
1 - Gloating
2 - Hubris
3 - Denial <-------We're somewhere about here, depending on the individual's MAGA level
4 - Doubt
5 - Leopards ate my face
Billionaires call this a fire sale. They get richer.
Not yet. Still a ways to go before proverbial (and maybe literal) blood in the streets.
We can only hope that they're currently heavily leveraged with loans on equity holdings, such that they have to liquidate assets.
Nothing will stop them from gathering up all the low price shares.
Rothschilds and Waterloo, mortgage crises...
Sure bro, that's who's behind it.
The Rothschilds.
Trump: This is all Biden's fault, and the Democrats.
MAGA: clapping and cheering
I’m sure a significant chunk is middle class retirement savings. (Sources are not definitive, but over 40% of the value in the stock market is 401k and other retirement savings).
Gonna F the job market again, too; as people who would retire won’t because their nest egg dried up.
Granny, time to get a second job, we need eggs.
$5T? That's just $16K per person. No big deal.
Edit: Forgot the "/s"
Yeah, what is that? A couple grocery trips? Small price to pay for making America so great.
It's a banana, Michael, what could it cost, $10??
Sort of but not really.
They aren't really "the US economy". Most of those corporations live outside the bounds of nations. They just have their HQ in the US. Manufacturing etc is done wherever is cheapest, and now they're finding out that they might have to pay real wages and real money to make things in the US.
The losses per person are lower because people from all over the world have investments in those stocks. It's been overvalued for a while and still is.
Americans will still end up poorer though, because even if they move the manufacturing, they'll no longer be able to buy things at Chinese poverty wages.
Hello easyspeezy here, today we got quite a special order, we are doing a bankruptcy speedrun!
They say there is no crystal ball in investment, but it's hard to not have predicted this outcome.
Good thing I sold off my entire 401k last month 30 years early in anticipation of the market taking a massive dump
Good job. For what it's worth you should still take your employer match and invest it all outside North America. Don't leave that free money on the table because the US is headed for a depression.
I sold the stocks we had for a down payment on a house late last month too. I have avoided $9000 in losses SO FAR. I was talking about this a couple days ago and was essentially told I'm an idiot for trying to time the market instead of riding the dip. Then yesterday early morning before open I was told I got lucky and better buy back in to lock in my winnings. $5000 of those losses would have occurred yesterday if I'd bought back in. I'm not putting money back in the casino until it's under new management.
Glad you got it out! And glad you didn’t buy the dip before it dipped even harder. Definitely don’t think now is the time to be playing the stock market game unless you have extra money laying around to gamble with.
Holy s***. If you have money in that Jones Trading company, you're getting played, my friend. They would allow themselves to be quoted saying that no one expected that things might not go smoothly? It's their job to plan for such things. The rest of us all expected things to go downhill, so what the heck were they doing?
How close are we to global market crashes and bank runs?
once the FDIC is gutted, we're on our own with the banks.
It’s important to remember that the rich in the US will profit off this as the working class gets fucked, it’s not “haha trump dumb,” it’s a planned thing to increase the wealth of the super rich
I think that’s not enough.
More!!! 🗣️
In the words of the great man himself, “have fun!”
There go my investments….
Buy the dip 😊
Like the castle in its corner
In a medieval game
I foresee terrible trouble
And I stay here just the same...
Tarif go in to effect then he pulls out. Then back in. Dammed. I fell lile this a bad sex joke.
Trump has gone even more bonkers today. More tariffs on Canada and threatening our country.
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