r/technology • u/DontFearTheCreaper • 1d ago

Social Media Tech CEOs who grinned behind Trump at inauguration lose billions in wake of tariffs

https://www.independent.co.uk/news/world/americas/us-politics/trump-tariff-bezos-musk-zuckerberg-b2727147.html
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u/a-base 1d ago

Much like the 2008 housing crisis in the US, these things tend to work out very well for billionaires - at a cost to the poor, lower- and middle- class.

  • Their losses are just theoretical, it's not like they have to cash out their stocks or sell assets and take any real loss.
  • Even with these 'losses' they are still billionaires and can access cash in numerous ways. They can quite comfortably ride out any period of instability.
  • More likely than riding it out, they'll use it to their advantage. With markets crashing they are perfectly positioned to swoop in, scoop up anything they like, and make out like bandits.

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u/clueless_as_fuck 1d ago

It's pretty obvious at this point that this is the plan.

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u/DouglasHundred 1d ago

I mean, it's an economic system they designed to work for their exclusive benefit, so it's hardly a surprise.

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u/ovirt001 1d ago edited 1d ago

There was a period of a few decades where taxes and regulations reined in wealth concentration. Since the 80s that has been carefully rolled back.

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u/reddollardays 1d ago edited 1d ago

Fuck Reagan, such a sociopath.

ETA: Thanks for the awards, appreciate the sentiment - SOLIDARITY IS KEY!

Anyone else, please consider donating to the ACLU or a certain SMB character's legal defense fund. Eat the rich.

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u/NatPortmansUnderwear 1d ago

At least Reagan went through the great depression and understood how bad tariffs are, unlike genius T.

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u/GoldandBlue 1d ago

I have seen 3 Republican presidents in my lifetime. All 3 destroyed the economy. When will we learn?

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u/JaneksLittleBlackBox 1d ago

When will we learn?

Never, so long as their voters are delusional enough to believe the RNC is god’s chosen party on Earth.

I grew up Mormon and GTFO of that cult at 18, but I saw enough from my parents and extended family to know they’ll always vote straight-ticket Republican because they’ve bought into the Republican “family values, God, Bible” bullshit for so long that the party will always have the delusional Christian vote.

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u/korben2600 1d ago

I can just imagine their contempt if Obama had like 15 kids from 6 different women while skipping out on child support. Or was hawking overpriced made-in-china bibles with his name on the cover while paying off porn stars. You know, "family values". They wouldn't have anything if they didn't have hypocrisy and double standards.

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u/Maleficent-Way5072 1d ago

This is a very good point!