7 ms·

Per Gemini: In the United States, stock market wealth is highly concentrated, with the wealthiest 10% owning a record 93% of all stock market wealth, while the

Per Gemini: In the United States, stock market wealth is highly concentrated, with the wealthiest 10% owning a record 93% of all stock market wealth, while the bottom 50% owns just 1%. OP isn't wrong.

hobs 2y ago
Yes, they are - the "rich" will take a haircut and not care because they fundamentally own the economy itself. The "middle class" or what's left it (see techies and their RSUs) are the ones who actually care about the stock market in the short/medium term because all their money is tied up in it, and their lucky bets are all that stand between them and being working class. The working class has been screwed six ways to sunday, so they don't really care except insofar as it might mean we're doing stupid stuff like getting in more wars, or making it impossible to pay rent.
- eszed 2y ago
  Yes. From that standpoint (which I want to persuade everyone to adopt), we're all "Working Class", and we need to stand together.
- 01100011 2y ago
  You mean the techies who saw massive gains over the past few years and were fools if they adjusted their spending as if it was going to continue forever? No man, I think we will be fine. Sorry if you can't send your kids to a top school or buy another tesla. If you consider your RSUs part of your salary and not a bonus you are not being responsible with your family's finances.
OmarIsmail 2y ago
On a relative and even absolute basis the wealthy will lose substantially more money. On a personal quality of life basis the middle class will get hit the hardest. It will impact retirement timelines, vacations, home renovations, car purchases, etc. seeing their 401k go down will make them feel poorer and want to save more and thus reduce their discretionary spending and reducing the amount of fun and entertainment they enjoy.
- amazingamazing 2y ago
  this simply isn’t true at all. ignore the top 10%, the vast majority of americans do not have any real exposure to equities.
- 01100011 2y ago
  At most it will hit retirement timelines of anyone retiring in the next 5 years. Come on man. Most people don't hold cash for vacations in the stock market. Anyone doing 60/40 isn't doing all that bad right now anyway. And this "market crash" (haha compare to '00 or '08) is on top of massive gains in the past few years.

hobs 2y ago

Yes, they are - the "rich" will take a haircut and not care because they fundamentally own the economy itself. The "middle class" or what's left it (see techies and their RSUs) are the ones who actually care about the stock market in the short/medium term because all their money is tied up in it, and their lucky bets are all that stand between them and being working class. The working class has been screwed six ways to sunday, so they don't really care except insofar as it might mean we're doing stupid stuff like getting in more wars, or making it impossible to pay rent.

eszed 2y ago
Yes. From that standpoint (which I want to persuade everyone to adopt), we're all "Working Class", and we need to stand together.
01100011 2y ago
You mean the techies who saw massive gains over the past few years and were fools if they adjusted their spending as if it was going to continue forever? No man, I think we will be fine. Sorry if you can't send your kids to a top school or buy another tesla. If you consider your RSUs part of your salary and not a bonus you are not being responsible with your family's finances.

OmarIsmail 2y ago

On a relative and even absolute basis the wealthy will lose substantially more money. On a personal quality of life basis the middle class will get hit the hardest. It will impact retirement timelines, vacations, home renovations, car purchases, etc. seeing their 401k go down will make them feel poorer and want to save more and thus reduce their discretionary spending and reducing the amount of fun and entertainment they enjoy.

amazingamazing 2y ago
this simply isn’t true at all. ignore the top 10%, the vast majority of americans do not have any real exposure to equities.
01100011 2y ago
At most it will hit retirement timelines of anyone retiring in the next 5 years. Come on man. Most people don't hold cash for vacations in the stock market. Anyone doing 60/40 isn't doing all that bad right now anyway. And this "market crash" (haha compare to '00 or '08) is on top of massive gains in the past few years.