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"Good News, the Stock Market Is Plunging: Thoughts on Wealth
Written by Dean Baker
Published: 09 November 2018..."
Good News, the Stock Market Is Plunging: Thoughts on Wealth | Beat the Press | CEPR
Dean Baker offers the following thoughts on the inverse relationship between economic equality and rising asset prices:
"Several people on my Twitter feed touted the drop in the stock market last month as evidence of the failure of Donald Trump’s economic policy. I responded by pointing out that he was reducing wealth inequality. I was being only half facetious...."
" In the case of the stock market plunge, the vast majority of the losses go to the richest 10 percent of the population and close to half go to the richest 1 percent, for the simple reason that this is distribution of stock ownership."
The real value of the stock market has roughly tripled from its recession lows.
Since the richest 1% hold close to 40% of stock wealth, and the richest ten percent hold more than 80%, why would those who believe rising wealth inequality is bad not think a drop in the market is good?
"Good News, the Stock Market Is Plunging: Thoughts on Wealth
Written by Dean Baker
Published: 09 November 2018..."
Good News, the Stock Market Is Plunging: Thoughts on Wealth | Beat the Press | CEPR
Dean Baker offers the following thoughts on the inverse relationship between economic equality and rising asset prices:
"Several people on my Twitter feed touted the drop in the stock market last month as evidence of the failure of Donald Trump’s economic policy. I responded by pointing out that he was reducing wealth inequality. I was being only half facetious...."
" In the case of the stock market plunge, the vast majority of the losses go to the richest 10 percent of the population and close to half go to the richest 1 percent, for the simple reason that this is distribution of stock ownership."
The real value of the stock market has roughly tripled from its recession lows.
Since the richest 1% hold close to 40% of stock wealth, and the richest ten percent hold more than 80%, why would those who believe rising wealth inequality is bad not think a drop in the market is good?
