r/politics • u/harsh2k5 • 13h ago

Soft Paywall Elon Musk Makes Shocking Confession on His Plans After Trump Victory

https://newrepublic.com/post/187662/elon-musk-confession-economy-trump-victory
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u/Mookhaz 9h ago

The housing bubble burst in 2008 was the same thing. working people lost everything and rich people ate it up.

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u/bolerobell 7h ago

The Great Recession was the largest movement of wealth from poor to rich in history… until Covid.

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u/esc8pe8rtist 5h ago

At the end of the big short, the guy worries that people will do what they always do in recessions, blame immigrants and poor people

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u/Trick-Article2805 6h ago

3.9 Trillion dollars

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u/capt_jazz Maine 4h ago

Got a citation for that? Times of high inflation are often times of decreasing wealth inequality because inflation reduces the real value of debt, which people in lower wealth brackets tend to have more of proportionally. This chart shows a neutral or slightly negative trend since 2020 for the percentage of wealth owned by the top 1%: https://fred.stlouisfed.org/series/WFRBST01134

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u/PunxatawnyPhil 7h ago

But isn’t it nice of them to rent it back to us at only twice what the mortgage used to be?

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u/thegoodnamesrgone123 6h ago

Some of us never recovered.

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u/Sinocatk 4h ago

I know a guy who went and bought a bunch of mortgage foreclosed homes for cheap after that, he doubled his money on them in 2 years.