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Hypocrisy_Central's avatar

2.3 trillion dollars of wealth evaporated off Wall St. should the poor and working-class be rejoicing big time?

Asked by Hypocrisy_Central (21146 points ) August 10th, 2011

Many always talk about those who have stock portfolios have the edge or the deck stacked in their favor because they have the wealth to make the best use of the stock market. It seems the stock market bit a lot of them right in the rump. Shouldn’t the poor and working-class be dancing in the street that many Wall St. fat cats seen a huge chunk of fortune vanish like a drop of water on the hood of a black 1968 Comaro SS at high noon on a hot summer day? Should they be glad the dog had its day with the idle rich? If not, why should they not take pleasure in the rich being taken down a peg?

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15 Answers

athenasgriffin's avatar

I personally hope the American public isn’t so vindictive as to celebrate something that may “trickle-down” to them negatively.

mazingerz88's avatar

No. Because that money went to some other rich guys who probably shorted millions of equities shares, plus in a matter of few weeks or months, it could easily be regained. In the universe of the rich, money makes money and big money makes a ton.

Bellatrix's avatar

It isn’t just the rich who suffer. It affects all those hard working people who have put their money into superannuation (either voluntarily or because of government regulations) and those funds are now worth far less than they were. It isn’t only the wealthy who have money invested in the stock market.

creative1's avatar

No the working class and poor should be looking at what made these people and now that the stocks are low they should be taking a portion of their savings and buying into the market. I think that people should make themselves better instead of looking at others and wishing them less.

The time is now to be one of those sucess stories at the end when the market recovers from its down. If you look at the history of the market you will see that it will recover so this is the time to start looking at companies and seeing if they are strong. I would start calling and getting their annual reports and really reading and understanding them and make an informed investment in whom you feel is going to end up coming out on top when it does recover.

Why not become one of those fat cats of wall st and take advantage of this great opportunity instead of saying haha you lost money to the ones who do take advantage of it.

Cruiser's avatar

It’s the little guy that really takes it on the chin and makes knee-jerk reactions and sell off their stocks when things like this happens A lot of that money came back before the close at the NYSE yesterday as it will more so in the days ahead as it always does and has. That is why you buy your stocks and ride out these storms of volatility and play it cool and simply put another coat of wax on your black 1968 SS like I do! ;)

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zenvelo's avatar

What an odd reaction to even think in such a manner as to come up with this question.

The “idle rich” are few and far between. Most of the capital represented by shares listed on the Exchange is held by mutual funds and pension programs. CALPERS, the California Public Employees Retirement System, lost $18 billion from July 1 to Monday’s close. That’s the pension of all the little people that work for the State.

CWOTUS's avatar

If you really think that wealth “evaporates” on Wall Street, or in any other securities market, then you really don’t understand the markets – at all. There is always another person on the other end of every trade, and astute (and courageous) investors can ride the downs to tremendous wealth. The wealth doesn’t “go away”, it only changes hands.

Adirondackwannabe's avatar

Yeah, it’s friggin great all the pensions and 401K’s for the regular joes took a big hit as well. What an ignorant question.

tedd's avatar

That money doesn’t disappear, its simply moved around.

They took it out of stocks and put it into safe bonds and cash.

(facepalm)

wundayatta's avatar

When working folk do better, the owners do better. They all make more money.

When the rich folk do worse, the shit rolls down the halls to splatter on working folk. The rich may lose a few billions, but the working folk lose a few millions of jobs. The rich hardly hurt. The working people suffer hugely.

So no. Working people can not rejoice at the losses of the rich because they should know that it will soon hit them, ten times as hard.

flutherother's avatar

When the economy does badly you can be sure it is the poor who will suffer most.

Hypocrisy_Central's avatar

@Adirondackwannabe Yeah, it’s friggin great all the pensions and 401K’s for the regular joes took a big hit as well. The people I know that would have popped the bubbly, if they could have afforded it, don’t have pentions coming, at least not right now, and certainly no 401K. They don’t see any direct benefit from Wall St., they just see the rich getting richer. When the news said 2.3 trillions disappeared they know it wasn’t their money lost.

Ron_C's avatar

I hope you realize that the “banksters” covered their tracks pretty well and they have friends in high places. Instead of being sent to jail, they were bailed out by the FED printing money on their Xerox machines.

Any money actually lost was ours.

herculies's avatar

Much of the lost ‘wealth’ is money that could have been used to create jobs.

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