Stock Market Crash

[JuiceCrewAllStar]

]
I'm not sure I understand being frustrated with a partial stock market rebound.

people are frustrated with the exacerbation of inequality

watching the stock market climb while people's personal employment and income situation worsens creates a very visceral reaction

 

[PhDeac]

It's only a partial stock market climb though. So perhaps you should have a very partial visceral reaction.

 

[wakelaw13]

The stock market recovery matters a lot to middle class workers who have been contributing to their retirement plans for 20+ years, are approaching retirement, and watched their account drop by a third. It’s not just rich people.

 

[JuiceCrewAllStar]

The stock market recovery matters a lot to middle class workers who have been contributing to their retirement plans for 20+ years, are approaching retirement, and watched their account drop by a third. It’s not just rich people.

of course, I'm not dismissing the importance of the stock market to some people

but something like 80% of the stock market is owned by 10% of people and something like 45% of the country does not have any ownership in the market

 

[BillBrasky]

The stock market recovery matters a lot to middle class workers who have been contributing to their retirement plans for 20+ years, are approaching retirement, and watched their account drop by a third. It’s not just rich people.

These same people have also watched for the last decade as their money doubled and tripled while they did absolutely nothing. It is no different than going on a hot streak in Vegas, at some point it balances out. It corrects.

For some reasons the retirement class (mostly boomers) has gotten it in their head that the can't lose. That the government should guarantee the profits of their market speculation. It is sickening and embarrassing. When you play a game of chance (which the stock market is) you should know the risk.

 

[birdman]

The stock market recovery matters a lot to middle class workers who have been contributing to their retirement plans for 20+ years, are approaching retirement, and watched their account drop by a third. It’s not just rich people.

This speaks to the value of a pension system as much as it speaks to the importance of the stock market.

 

[birdman]

These same people have also watched for the last decade as their money doubled and tripled while they did absolutely nothing. It is no different than going on a hot streak in Vegas, at some point it balances out. It corrects.

For some reasons the retirement class (mostly boomers) has gotten it in their head that the can't lose. That the government should guarantee the profits of their market speculation. It is sickening and embarrassing. When you play a game of chance (which the stock market is) you should know the risk.

Yeah, but a lot of market investors are people in their 401ks and mutual funds that have no other options for saving for retirement. My employer’s only retirement benefit is a 401k contribution matching plan. I lost a lot of future money in the last 6 weeks and it’s not because I was taking chances and being risky, it’s because I was contributing 5% of my pay check to a retirement fund that some one manages for my employer.

 

[PhDeac]

It’s problematic that the path to prosperity isn’t work hard, spend wisely, and save wisely. The path is put money in the stock market so someone can get their fees and just hope things go well in the world.

 

[BillBrasky]

Yeah, but a lot of market investors are people in their 401ks and mutual funds that have no other options for saving for retirement. My employer’s only retirement benefit is a 401k contribution matching plan. I lost a lot of future money in the last 6 weeks and it’s not because I was taking chances and being risky, it’s because I was contributing 5% of my pay check to a retirement fund that some one manages for my employer.

But how much money did you make in the last decade by contributing 5% of your pay check? I understand that not everyone does it voluntarily, but losing is a part of the game your employer is playing with your money. You do realize that? It is one giant game of speculation and gambling.

I also lost a decent chunk of change, as the money I inherited when my dad passed away was placed in the market at my mother's behest a few years ago. But I understand that's how the stock market works and I understand the risk. I don't think the government should prop my personal investments up at the expense of future generations who will have to pay for it. It is woefully irresponsible and incredibly selfish behavior. Americans fucking suck.

 

[birdman]

But how much money did you make in the last decade by contributing 5% of your pay check? I understand that not everyone does it voluntarily, but losing is a part of the game your employer is playing with your money. You do realize that? It is one giant game of speculation and gambling.

I also lost a decent chunk of change, as the money I inherited when my dad passed away was placed in the market at my mother's behest a few years ago. But I understand that's how the stock market works and I understand the risk. I don't think the government should prop my personal investments up at the expense of future generations who will have to pay for it. It is woefully irresponsible and incredibly selfish behavior. Americans fucking suck.

Nah, we, the little people lose and the corporate overlords that paid politicians to create these “investment products” and then force people into them are winning.

 

[BillBrasky]

Nah, we, the little people lose and the corporate overlords that paid politicians to create these “investment products” and then force people into them are winning.

True, but its not like us little people are doing much of anything to change this. Sadly most Americans are a toxic combination of greedy, selfish and/or stupid.

You are either self aware and hold yourself and others accountable, or you are the problem.

 

[mako1331]

Brasky, you shoulda jumped in hard on the market about a month and a half ago, man. I'm about to dump a shitload of stock. It's gonna dro.p precipitously again soon I fear

 

[birdman]

True, but its not like us little people are doing much of anything to change this. Sadly most Americans are a toxic combination of greedy, selfish and/or stupid.

You are either self aware and hold yourself and others accountable, or you are the problem.

What else can I do but donate, campaign for and vote for Bernie Sanders and Elizabeth Warren? Despite all the “We the people...” language, self aware people like myself have no power.

 

[BillBrasky]

What else can I do but donate, campaign for and vote for Bernie Sanders and Elizabeth Warren? Despite all the “We the people...” language, self aware people like myself have no power.

IDK man. It truly sucks. Nobody in power (Dem or Rep) actually gives a fuck about fairness or equality or the future. I guess those of us who do are just fools.

I guess that's the beauty of modern religion. You can join and have people stroke your ego and tell you how good of person you are even though your daily actions are all about self-interest and you truly don't give a fuck about the plight of your neighbor.

That and substance abuse is really all we have. Modern weaponry and military spending have made revolution impossible.

The only real hope is some sort of horrible economic depression. That's the only way we'll reform. Political scandals don't matter anymore, we're too desensitized. As a society we worship greed and selfishness, so we don't mind when are leaders act that way.

 

[mako1331]

What else can I do but donate, campaign for and vote for Bernie Sanders and Elizabeth Warren? Despite all the “We the people...” language, self aware people like myself have no power.

The game is the game, man. I do what I can to help on a micro level while voting to fix things on a macro level. I can sleep at night knowing that my investments will hopefully be able to get my kids through college without a shitton of student debt.

 

[BillBrasky]

Basically I'm the bad guy in the newish Batman movies who thinks Gotham must be destroyed to save it. I've lost all faith in humanity, seriously. Maybe its the quarantine and the knowledge that I will be raising a child soon, but I look around and am disgusted.

 

[mako1331]

Basically I'm the bad guy in the newish Batman movies who thinks Gotham must be destroyed to save it. I've lost all faith humanity, seriously.

You must teach in a shitty situation, man. I don’t know how you have that perspective being around teenagers. The selfless things I see a lot of my students doing right now give me hope that people are inherently good.

 

[birdman]

The game is the game, man. I do what I can to help on a micro level while voting to fix things on a macro level. I can sleep at night knowing that my investments will hopefully be able to get my kids through college without a shitton of student debt.

This is exactly how I try to approach. My only point was that it sucks to shit on people who had no choice but to play in the the shitty rigged game. They are not taking chances and understanding the risk, they are pawns in a big system set up to transfer wealth to already wealthy people.

 

[BillBrasky]

You must teach in a shitty situation, man. I don’t know how you have that perspective being around teenagers. The selfless things I see a lot of my students doing right now give me hope that people are inherently good.

Yeah, its not great, but I do (did) see selflessness everyday. And it is the best part of my job.

However I know how stacked the world is against them, and makes me wonder, "what's the point?". The kids who aren't college ready will end up working some shitty jobs, maybe end up in jail, and have a 5-10% chance of being remotely successful. The kids who are college ready will do much better, sure, but there are not many of them. And those kids are still going to struggle as our general quality of life decreases due to our pyramid economic scheme.

IDK maybe I need to quit and open my own business or something. Do something honest, and if I lose, I lose. But now that I have a wife and a family that's not cool either. I just don't know if I keep blowing smoke up the asses of the children who have no chance to succeed in our system. I could switch to a less impoverished school but I'm don't think my message will resonate there either. Maybe I'll just drink more.

 

[PhDeac]

You must teach in a shitty situation, man. I don’t know how you have that perspective being around teenagers. The selfless things I see a lot of my students doing right now give me hope that people are inherently good.

I feel the same from teaching college students.