The only ones that matter are the ones that occur after roughly 1995. Most people weren't in mutual funds or stocks the way they are today. When the stock market dropped 50% in 2008/2009, so many people in retirement age were ruined because their retirement money was in the markets. A greater number of people's financial health is based on the stock market in 2018 than it ever did in the 1930s or 40s. In 1987, when the markets crashed 25%, it was interesting and scary, but if that happens today, millions of Americans need to push back their retirement by a dozen years. It's much more meaningful today because so many more people are affected by it.
One of the great feats of social engineering that Wall Street has done in the several decades is convincing regular people that they should have their money in the stock market. That lets them make billions of dollars "taking care of" their money without any personal risk themselves.
One of the great feats of social engineering that Wall Street has done in the several decades is convincing regular people that they should have their money in the stock market.
Ironically you could call this “owning the means of production”
Too true! I sometimes wonder why the marxist/socialist types aren't pushing for some sort of government fund that owns a percentage of all listed stocks. That's essentially what they want, right? All the pieces are in place to easily and relatively painlessly do this. I mean I kind of like it as the basis for a basic income. The basic income can start small, but as the economy grows, even if that includes via robots and automation, the basic income will grow as well.
One of the great feats of social engineering that Wall Street has done in the several decades is convincing regular people that they should have their money in the stock market. That lets them make billions of dollars "taking care of" their money without any personal risk themselves.