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American billionaires got $434B richer during the pandemic (cnbc.com)
24 points by xoxoy 11 days ago | hide | past | web | favorite | 7 comments

Article picks the worst possible dates and stretching the truth. Bad reporting.

Ridiculous cherry-picking of dates. The middle of March was the lowest point the market hit after falling around 30% from February.

The point stands. Nasdaq is near all time highs in what is supposed to be a major economic contraction.

Amazon and FB both hit All Time Highs post-lockdown. Others are either near ATH or surpassed it as well.

Contractions dont hit all companies equally, especially this one. Amazon is hiring warehouse workers to keep up with the demand.

And we have an unprecedented government bailout. Cash payments plus massive increase in unemployment benefits. Someone losing their job today is not hurt as badly as someone losing their job in 1929 or 2008. We're taking on a lot of debt that will have to at one point or another be paid back. Either by inflating our way out of it, which hurts the bankers that make loans to the very indebted median american. Or by collecting taxes, which would put the burden on people that pay positive effective tax rates and couldn't really be imposed on people that currently net recieved money from the federal government. Or by austerity measures, which are politically unlikely and would still wipe away a good bit of market cap from these big companies. Paper money isn't real money.

What point exactly?

The stock market != the economy.

I didn’t say or suggest that?

Billionaires have become wealthier during whatever timeframe you want to pick pre and post Covid if their company’s stock is higher now in what is supposed to be a major economic shock than before.

Many people have increased their paper wealth from March.

You again claim that the stock market = the economic in your comment. Which isn't true.

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