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Dow hits 40,000 for the first time as bull market accelerates
(www.cbsnews.com)
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this post was submitted on 16 May 2024
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Yes, it is trickling down... But not as much as it should
I dont understand why lemmy talks about the stock market like only moustached men wearing top hats and monocles are benefiting....
Regular ass working class people with retirement funds are benefiting as well.
I agree, the stock market disproportionately rewards the rich.... But until we come up with a better system, cheering for the collapse of the stock market hurts pretty much everyone
What's a retirement?
Shit must REALLY suck for you that you have no retirement plan... But its not really helpful for us to attack other working class people with retirement accounts tied to stock market investments
Fighting each other and is exactly what the 0.1℅ wants is to do (forget the 1%... Thats just misguided bullshit meant to further divide us)
You got to remember, most of the wealth is still in very few hands. So telling yourself "the stock market also benefits the people who are retiring" makes it sound like there's a good side to this when really it's only a silver lining to an otherwise meaningless and arguably downright hurtful event.
The economy is as bad as it is, we're seeing fascism rise as much as we are, partially because our major economic systems aren't designed to actually benefit the people they're built on sucking value out of.
So no, I don't care that everyone currently cashing out of the system just got a little bit more money or more time out of the recent layoffs and the recent COVID profitteering and the recent inshitification. I think we have to be careful defending bad systems even minorly, despite that being rational and logical, because it feels like we're coming to a tipping point and minor defenses like that make it seem as if we can extend the shelf life of these systems a few more decades, a few more unnecessary deaths, a few more degrees of warming, etc. Idk, only politics is weird. At least you're participating, so thanks for that.
I'm all for dismantling capitalism, but until we come up with a better system, i'm not about to liquidate my accounts just to stick it to the man. Thats cutting your nose off to spite your face
Pensions arent a thing anymore. Retirement savings accounts and lottery tickets are the only two options if you dont want to work until you're dead...
It's not about capitalism vs something-other-than-capitalism, it's about all the small systems that make up our way of life. As a simple example, housing shouldn't be a vehicle for profit seeking. It should be illegal or so greatly discouraged that owning an unhealthy amount of properties is non-viable because if house prices must always go up and everyone needs a place to live - the cost of living must always go up. A subsystem of capitalism that needs fixing, not "a new system that isn't capitalism".
And I'm not suggesting people not have 401k's or not invest or not save money, I've got my retirement fund too. But we have to realize that that system isn't doing it's job and it's harmful to society and the more we participate the more incentivized to keep it harmful, to keep it around. So participate like an intelligent person and then leverage your power and position to better the systems for everyone - eventually at an expense to yourself.
I think the person was speaking to the fact that the median savings account of the average American (big average) is 84,000 https://www.federalreserve.gov/econres/scf/dataviz/scf/table/#series:Retirement_Accounts;demographic:agecl;population:all;units:median
Or that the average person under 35 has less than 18,000
https://www.federalreserve.gov/econres/scf/dataviz/scf/table/#series:Retirement_Accounts;demographic:agecl;population:all;units:median
The average American isn't winning big with stock market gains. Crashing the stock market might wipe out my measly 15k, but I don't own a house yet and I can't touch that money for another 30+ years, so it can't help me at all anyway.
We'd better come up with a better system fast because regardless of who is or is not cheering for what, no asset market goes up in value forever. Market corrections are a natural part of any market cycle and many people believe the stock markets are generally overvalued at present. Some people would even say that the current market "bubble" is being propped up by people who don't want a correction to occur because it would mean a decrease in their retirement savings, but all that does is all but guarantee that when the inevitable correction does occur, it will be more severe than it needed to be.
I'm all for dismantling capitalism, but until we come up with a better system, i'm not about to liquidate my accounts just to stick it to the man. Thats cutting your nose off to spite your face
Pensions arent a thing anymore. Retirement savings accounts and lottery tickets are the only two options if you dont want to work until you're dead...
I didn't say you should. I am saying that under the current model, investors, including individuals whose retirement accounts are tied to the stock market, need to accept and allow for periodic market corrections, otherwise asset bubbles will form, making much more severe crashes inevitable. The problem is, investors don't plan for or are willing to accept periodic corrections, they will only accept their accounts going up, at an increasing rate, forever. Needless to say, that is impossible.
It may be trickling down, but only to the ever shrinking middle class. Normal working people used to have pensions, then 401ks popularized a nation wide obsession with gambling for retirement.
Employer matched retirement benefits are getting rarer by the day and it's understandable why so many people don't care about the stock market doing well. Why would anyone care if the market is making a killing if they have no access to it?