The bearish arguments of 1907. Swap earthquake with covid and many of these points could be recycled todayWarlover1 t1_jaaccyh wrote
What the book says is when the poor make money the economy crashes.
CreepingFog OP t1_jaacviq wrote
And when the poor spend money the economy blooms.
throwawaytorn2345 t1_jad778v wrote
Nonono bad economy is them snowflake millennials fault for spending so much, only MAGA GOD FEARING BLESSED BOOMER spending leads to good economy. Guy on FOX said it and he is right.
computermademedoit t1_jad9rh4 wrote
this sub has a no politics allowed rule, cuck
​
take your political fever dreams to r/politics
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Painty_The_Pirate t1_jaax1fo wrote
No it actually says when the rich make their money illiquid in real estate, you can bump into issues
mrnoonan81 t1_jaclpon wrote
Not that it's you making the argument, but you can't make money illiquid.
Painty_The_Pirate t1_jaayfvt wrote
Nvm poor people definitely play a role, I just had ChatGPT estimate the total amount of invested capital in the US that's in retirement accounts...it came up with ~4 trillion in 2019 just for households headed by someone 55-64. That's 10% of the S&P's total market cap TODAY (still slightly higher than 2019).
nikchi t1_jabfwbw wrote
This guy really thinking chatgpt has accurate data and isn't just Markov chaining a guessed bullshit answer in a convincing format.
We're doomed lol.
Loose_Screw_ t1_jacdm06 wrote
Yeah ChatGPT often fails at even basic arithmetic for this reason. It can only guess likely continuations based on similar sentences, it isn't deterministic.
Painty_The_Pirate t1_jabkumr wrote
It cited its sources, is it known to lie about those I didn’t check them
Zegano t1_jabo4pk wrote
Yes, it frequently cites sources that don't actually exist.
wickedmen030 t1_jacra2a wrote
Just like normal people do
[deleted] t1_jab9ees wrote
[removed]
uZeAsDiReCtEd t1_jabqdb9 wrote
But I’m poor and not making any money? What am I not being told
Warlover1 t1_jadp97l wrote
Get another credit card and max that puppy
uZeAsDiReCtEd t1_jadvkks wrote
I’d have to ask my mom first
Odd_Explanation3246 t1_jad0vca wrote
All of the above points are irrelevant…fed was the main reason why a recession turned into a depression..ben bernake, former fed chairman and whose phd was on analysis of great depression is the only fed person to ever accept that the fed caused the great depression. (https://www.federalreservehistory.org/essays/great-depression)
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