1/9
We're in the worst recession since the Great Depression, but the S&P 500 is within striking distance of its ALL TIME HIGH. 25 years ago, as a young reporter, I’d have called this good news because, back then, markets served as a barometer for the broader economy. #velshi
We're in the worst recession since the Great Depression, but the S&P 500 is within striking distance of its ALL TIME HIGH. 25 years ago, as a young reporter, I’d have called this good news because, back then, markets served as a barometer for the broader economy. #velshi
2/9
Almost half of Americans surveyed in 2020 say they DO NOT own stock. Among the 55% who DO own stock, >80% of all stocks are owned by the country's wealthiest 10%. That’s just the math. #velshi
Almost half of Americans surveyed in 2020 say they DO NOT own stock. Among the 55% who DO own stock, >80% of all stocks are owned by the country's wealthiest 10%. That’s just the math. #velshi
3/9
The real problem is that U.S. economic policies overwhelmingly favor the wealthy. We’re facing the greatest economic calamity since the Great Depression. The walls are closing in on middle-to-low income Americans. Yet, somehow, the rich have found a way to get richer. #velshi
The real problem is that U.S. economic policies overwhelmingly favor the wealthy. We’re facing the greatest economic calamity since the Great Depression. The walls are closing in on middle-to-low income Americans. Yet, somehow, the rich have found a way to get richer. #velshi
4/9
Stocks are high for 2 reasons, both having to do with the Fed. Early in the crisis, the Fed (widely) made it easier & cheaper for businesses to borrow money to stay afloat. But slashing interest rates made saving unattractive. Stocks became the only game in town. #velshi
Stocks are high for 2 reasons, both having to do with the Fed. Early in the crisis, the Fed (widely) made it easier & cheaper for businesses to borrow money to stay afloat. But slashing interest rates made saving unattractive. Stocks became the only game in town. #velshi
5/9
The collapse of interest rates has also made buying real estate—for those with good credit & funds for down payment—the best deal it’s been in over a decade. Money begets money. The rich get richer. It’s the American Way. #velshi
The collapse of interest rates has also made buying real estate—for those with good credit & funds for down payment—the best deal it’s been in over a decade. Money begets money. The rich get richer. It’s the American Way. #velshi
6/9
We've had 20 straight weeks of 1,000,000+ new Americans filing for 1st time jobless benefits. Congress’ COVID negotiations are at a standstill. Trump is trying to gut the Affordable Care Act as we exceed 161K deaths. But, hey, at least we have soaring stock markets! #velshi
We've had 20 straight weeks of 1,000,000+ new Americans filing for 1st time jobless benefits. Congress’ COVID negotiations are at a standstill. Trump is trying to gut the Affordable Care Act as we exceed 161K deaths. But, hey, at least we have soaring stock markets! #velshi
7/9
For most Americans, their economic prospects are in shambles. Stock market records won’t pay the rent or put food on the table. This IS the capitalism we know & so many hate. I AM a capitalist, but I don’t believe it needs to be this way. #velshi
For most Americans, their economic prospects are in shambles. Stock market records won’t pay the rent or put food on the table. This IS the capitalism we know & so many hate. I AM a capitalist, but I don’t believe it needs to be this way. #velshi
8/9
Americans have been made to fear policies that redistribute wealth. But no system has re-distributed wealth from the poor to the rich as effectively as our own. #velshi
Americans have been made to fear policies that redistribute wealth. But no system has re-distributed wealth from the poor to the rich as effectively as our own. #velshi
9/9
If the poor can’t work cheaply enough, they lose their jobs to poorer people who’ll work for even less. Then they lose their healthcare & their homes, which the rich buy at a discount with low interest loans. This IS the American Way. But it doesn’t have to be. #velshi
If the poor can’t work cheaply enough, they lose their jobs to poorer people who’ll work for even less. Then they lose their healthcare & their homes, which the rich buy at a discount with low interest loans. This IS the American Way. But it doesn’t have to be. #velshi
