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Pandemic has exposed our inequality in a very ugly & impossible to ignore way
While some work from 2nd homes, or live off savings, others are out of work & missing rent payments, or being put at risk in essential job.
But I think it will also make the rich even richer (1/N)
While some work from 2nd homes, or live off savings, others are out of work & missing rent payments, or being put at risk in essential job.
But I think it will also make the rich even richer (1/N)
It seems crazy to believe that in a crisis that crashes the US economy something like 15% and world like 10%, that the rich could come out better from all of this.
But it wouldnât be that surprising for a few reasons (2/N)
But it wouldnât be that surprising for a few reasons (2/N)
Reason 1: Diversity limits losses
Even in a crash there are winners & the rich likely to own them
Think 2nd homes. Certain rural regions are going to become "hot" & they are ones the rich already own in, partly offsetting their losses from NYC
Same with other assets. (3/N)
Even in a crash there are winners & the rich likely to own them
Think 2nd homes. Certain rural regions are going to become "hot" & they are ones the rich already own in, partly offsetting their losses from NYC
Same with other assets. (3/N)
Reason 2: Experience with $'s
Rich know $'s like farmers know crops. They have the info to navigate disasters. They know all options & have connections to access them
They can play futures markets, or private equity, or offshore opportunities
And more damningly.... (4/N)
Rich know $'s like farmers know crops. They have the info to navigate disasters. They know all options & have connections to access them
They can play futures markets, or private equity, or offshore opportunities
And more damningly.... (4/N)
Reason 3: Inside info
In both legal, gray, & outright illegal way. The rich are constantly being made aware of opportunities & shifting breaking news, before others
In a crisis there is a ton of that & they have $s to put to work at a moments notice, often ahead of news (5/N)
In both legal, gray, & outright illegal way. The rich are constantly being made aware of opportunities & shifting breaking news, before others
In a crisis there is a ton of that & they have $s to put to work at a moments notice, often ahead of news (5/N)
