I love how bluntly Palihapitiya points out the absurdities of the system to people who try to pretend that the stock market hasn’t become a weird casino for rich people and completely detached itself from reality in the last decade. It’s honestly quite refreshing.
https://twitter.com/itsavibe/status/1354484760115081217
And yes, 52% of Americans own stocks, mostly through index funds, IRAs, and 401k plans. I’m one of them. But the top 10% by net worth own 81% of all stocks and the top 1% own 38% of all stocks. Those stocks make up the vast majority of their wealth in the first place.
If you’re saying that what you see with this Reddit grudge match stock rally and Elon Musk becoming the richest man in the world in a recession year thanks to bets on Tesla instead of SpaceX is absurd, you’re absolutely, 115% correct. It’s completely freaking bonkers.
And yet, we not only allow these absurd things to happen, we have millionaires in suits on the idiot box and in government offices trying to justify that these weird games aren’t just rooted in basic economic fundamentals, they’re the only way things should ever be. It’s insane.
Even more bizarre is when we try to fix this, many of the people suffering the worst consequences of these asinine games with imaginary trillions claim that attempts to root ourselves firmer in reality is a conspiracy by Chinese communist lizards in pizza sex basements. In short:
• • •
Missing some Tweet in this thread? You can try to
force a refresh
