- Nov 16, 2005
- AFL Club
- Port Adelaide
- Other Teams
- PORT ADELAIDE
no, the uber rich are generally strung out, heavy margin loans on speculative assets that need immediate payment. highly exposed to swing markets with a huge amount of their assets tied up in luxury property/ assets/ shares etc which drop like a stone in times like these. the average punter like me may see their house price drop a tiny bit, but I am not selling now so who cares, I might see my super drop a bit, but I am not retiring tomorrow so doesn't matter now. the uber rich pay the highest price, they have the most to lose, after all if you are poor, what do you have to lose?. my boss had 2 investement properties in bali, he has gone quiet on how they are going now.No, the rich get richer. Who do you think has the cash to load up when the market panics? Pick up distressed assets? Their drop in wealth is temporary but they will be back stronger if their gains from the market recovery haven't already outstripped their losses. The real losers are the middle and working class with the exception of government employees who go along as if nothing has happened.
rivkin sold out early, told his investors to do likewise, put his coin in gold/ silver and new emerging industries, but the average Richie rich has lost far more than you and I could dream of.
same as the great depression, do you think it was working class people jumping out of high rises when the market slumped?. no. that was the opportunity, socially and economically for the working class to assert themselves and buy back some of the assets held in trust by the uber wealthy. history is very interesting. you can learn from it or ignore it at your peril