It’s The Economy STUPID!

[Huntn]

Posted on Mastodon:
"Five of the world’s richest people attended Trump’s inauguration. They have lost $209 billion since that day
Elon Musk’s net worth has tumbled by $148 billion alone since Trump took office."
~ Katie Hawkinson

William Lindsey :toad: (@wdlindsy@toad.social)

"Five of the world’s richest people attended Trump’s inauguration. They have lost $209 billion since that day Elon Musk’s net worth has tumbled by $148 billion alone since Trump took office." ~ Katie Hawkinson #Musk #Trump #economy #stagflation #recession #StockMarket #billionaires #tariffs...

toad.social

He’s so rich he didn’t notice, or figures he’ll be able to recover if from US taxpayers…

 

[rdrr]

I know the stock market is not the economy, but it sure seems to be a barometer on the sentiment of where the economy is heading. I also know that it changes from day to day.

With those to statements out of the way, it sure seems like we are heading in a very bad direction. All gains for the last half of 2024 if not more are gone. Watching my day of retirement moving further and further out... And the prices of eggs are still higher than the election.

 

[Chew Toy McCoy]

The absurd part is they could lose 10 times that and it still wouldn't impact their lifestyle or influence in the slightest. All this does is diminish their bragging rights between themselves. It's all money they have no intention of spending anyway.

 

[GermanSuplex]

Give a chimp and machine gun and I’m sure he’ll fix the economy - an economy that was the literal best in the world.

 

[Chew Toy McCoy]

Give a chimp and machine gun and I’m sure he’ll fix the economy - an economy that was the literal best in the world.

I was almost willing to go all in on the belief that voters were tired of Democrats telling them the economy is great when that didn't reflect their reality, and there is some element of truth to that. But there was also no shortage of man on the street interviews where they said the economy was bad while admitting they were doing pretty well but heard some people somewhere else weren't.

Trump loves himself a good graph as I'm sure others do. I don't think it would be that difficult to create one showing economic data over the last year of Biden and then showing the dates Trump took specific actions or threats and what happened immediately after with that economic data.

 

[Alli]

The one thing I figured was safe was crypto. But since inauguration, I've lost $200 and I didn't have much to start with.

 

[Huntn]

The one thing I figured was safe was crypto. But since inauguration, I've lost $200 and I didn't have much to start with.

I don’t like crypto because it’s subject to manipulation, more so then The dollar, but I freely admit now all bets are off, regarding the stability of the US dollar

 

[Nycturne]

I don’t like crypto because it’s subject to manipulation, more so then The dollar, but I freely admit now all bets are off, regarding the stability of the US dollar

For me the issue is that crypto currencies at the end get controlled by capital in some way. Either because a small number of people "own" enough of it to control the currency, or own/control enough of the compute to control the currency (Bitcoin). That’s before you get to the inherently deflationary nature of certain crypto currencies like Bitcoin.

Crypto is basically the end-game of Reaganism "privatize-everything" dressed up as giving control back to the people, when the reality is that it’s more likely to become the new company scrip in the next gilded age.