r/technology • u/DontFearTheCreaper • 2d 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
67.5k Upvotes

91% Upvoted

2.1k comments sorted by

View all comments

11.7k

u/a-base 2d 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.

6.1k

u/clueless_as_fuck 2d ago

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

1.8k

u/DouglasHundred 2d ago

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

933

u/ovirt001 2d ago edited 2d 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.

1.2k

u/reddollardays 2d ago edited 2d 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.

129

u/NatPortmansUnderwear 2d ago

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

328

u/GoldandBlue 2d ago

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

-1

u/blindsk02 2d ago

As a moderate Dem, thats not exactly fair;

Bush during the 2000s didnt destroy the economy, the Dot Com bubble followed quickly by the twin towers attack and subsequent wars did.

The financial crisis at the end of his term also was not a direct result of government policy or lack of policy but rather banks being gambling addicts

And in the 1st term of Trump the economy was continuing the upward trend following the financial crisis until COVID shut down the entire world and its economies.

Its not accurate to imply they directly ruined it, when there were massive world events that took place in those times

3

u/Ina_While1155 2d ago

Deregulation in the financial industry that allowed banks to engage in hedge fund trading with derivatives because of the repeal of the Glass Steagall Act in 1999 did mean the governments cutting of regulations did play a part in the meltdown of 2007-8 yes.

0

u/blindsk02 2d ago

There was never a repeal BUT forget that, the changes had little effect on the crisis in 2008 based on most everyone consensus. Heres NPR which has one of the more bleak views out there for the changes effects:

"The 1999 changes to Glass-Steagall led to much bigger banks, but that was, at best, just one factor in the 2008 financial crisis."

https://www.npr.org/sections/thetwo-way/2015/10/14/448685233/fact-check-did-glass-steagall-cause-the-2008-financial-crisis

1

u/Ina_While1155 1d ago

That article says it played a part, just not the whole part.

→ More replies (0)