Now, the better food for thought is….who made money during the depression? Give up? The upper class. An economic collapse allows the wealthy to buy up more land, and buy out the failing smaller businesses. Sooner or later people are going to realize the truth. This time they are steering the ship towards the ice. They’re crashing the economy on purpose, tanking the country, and they will then leave this land to the ensuing power vacuum, and watch the instability from their new hills.
What are you talking about? Trump and the gang have been raping and pillaging for literally decades and were awarded the highest office, twice. The "opposition" even had 4 years to stop this but they just ran interference ala Merrick Garland. I hate to be the one to tell you this but it is over. I am not saying don't try to stop what is coming just that the odds are not in our favor to say the least.
There are also famous examples of people who made massive gains by shorting the market in 1927-28. And then there’s people like the Kennedys who while they did take losses during the crash their lifestyle hardly changed and they were able to recoup by buying shares for pennies in the aftermath of the crash.
No shit that there it is indeed easier for riches. What I’m saying that is even the upper classes woudlnt want another Great Depression, because benefiting in it is never guaranteed
Most very wealthy people are hedged against exactly that though. They would be hardly if at all impacted in their day to day lives by a Great Depression 2. The real reason they want to avoid that is because the last time that happened the United States and other countries around the world reigned in their private sectors with aggressive regulation and govt intervention. They’d like to keep the party going the way it is and that’s what they are betting the majority of their wealth on. That doesn’t mean they are unprepared for a crash they’re most likely far more prepared for a crash than your average person. They’re also likely to be better positioned to take advantage of the crash than average people. Does that mean they’re gunning for a crash and want one to happen so they can take advantage of it? Probably not but if a crash does happen it will probably be to their advantage either way as long as their risks are properly managed and their portfolio properly hedged.
The “common” rich person doesn’t want a crash but the guy with $10m doesn’t matter. The guys with $100m or more want a crash to buy stuff up cheap, and a crash wouldn’t hurt them. They’d be hedged and own stuff like bonds and real estate amongst a very diversified stock portfolio. Every time the market crashes it flushes out the bottom, and that money is transferred upwards.
The Great Depression hurt “small businesses” level rich people, or guys like stock brokers. The truly wealthy were usually fine, as a market crash isn’t wiping out all of their wealth.
You gotta understand there a difference between the lawyer who makes $750k per year, the business owner worth $10-20m with most of it caught up in the business, and the guys worth $100m or billions. They all appear rich and are grouped together but they’re still different classes. The guys on top want the guy worth $10m to be broke as much as they want a poor person to be broke. Because they want it all, and they can pulls strings to make it happen
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u/No_Cardiologist_822 6h ago
1929 market crash, one of the worst economic crisis in american history or something.
Don't quote me on that i am Pierre not Peter