Last edited Thu Jan 5, 2023, 08:58 AM - Edit history (1)
You know nothing . . . . . . . about my circumstances. Long-term savings? Investments? Some of us have $0 for that.
OK, I didn't claim to know anything about your finances, nor is it any of my business. I was just wondering what you were doing with your money if you did have enough to put away long-term. Fine, I'm sorry. And I was wondering what you thought we should do if we think the stock market is a ponzi scheme, a casino where the house has the edge and such. (As if the "safe alternative" of banks that dole out miniscule interest on savings and CD's don't have an edge).
Unfortunately, some of the reason some have so little saved for retirement is that they bought the radical "progressive" memes about the stock market being a Ponzi scheme or crap shoot at best, and so put what money that they could save in "safe" things that don't even keep up with inflation. Or they had some equities and panic-sold after a big dip that some around here think is really really hilarious.
You do your utmost to dissuade your fellow progressives to invest anything in equities. You've laughed after major drops in the stock market (e.g.
https://www.democraticunderground.com/111684367#post5 ) or apparently agreed with "Let it tank I couldn't care less now that we won the election. F Wall Street." (
https://www.democraticunderground.com/111625250#post65 and #66 ).
There are ... People who for one reason or another barely scraped by, day after day, who watched friends grow "rich" because they had those few extra bucks to invest.
If it bothers you that some of our fellow progressives have done well financially, I'm sorry.
Cheer on your fellow investors, but please, don't lecture me. Okay?
I didn't know I was "cheering on" my fellow investors. I often post how we're near or in a bear market with the S&P 500, and how inflation is making the losses even worse in the purchasing power of what's left.
People disagree with me all the time, and present their facts and opinions. That's what happens on a message board. I don't enjoy disagreeing with people, and I don't enjoy doing this, but I think it is important enough to have to weigh in.
Whenever you post JackPineRadicals-style memes that potentially harm the long-term financial situation of our fellow progressives, I will speak up with facts about the historic stock market performance. Every time you laugh at stock market plunges, I will respond. For example, this from a post of mine last April here -
Yes, when an oligarch loses half their net worth, it doesn't affect their lifestyle at all
the remaining half of their wealth is more than they know what to do with.
When a regular person loses half their savings, it sometimes means they can't retire when they planned to. Or there's not enough money for higher education for the children. Or themselves. Or they can't afford some earnings downtime as they pursue a different career or other goals, for example.
Also, sustained stock market declines adversely affect consumer and business confidence, resulting in a reduction in spending with ripple effects throughout the economy, causing slowdowns, reduced hiring, and sometimes recessions, that affect all people, hurting those with the least the most.
The stock market is a leading indicator. All recessions that I've looked at began with a severe stock market downturn several months before the GDP and employment downturns began. Similarly, most or all economic recoveries were preceded by stock market upturns.
As I said in my above post #3 -- "I hate to see my fellow progressives misled by anti-equity "progressive" propaganda and end up having to live a very financially constrained old age, not to mention having very little or nothing to give to Democratic candidates or progressive causes. And by default having to accept the minuscule interest that the banks dole out in savings and CDs and so on. "
Have a nice evening
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