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
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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.

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u/clueless_as_fuck 2d ago

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

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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.

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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.

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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.

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u/NatPortmansUnderwear 2d ago

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

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u/GoldandBlue 2d ago

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

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u/Minute-System3441 2d ago

Oh, they have a track-record way longer than that. Republican administrations, while boasting about their economic expertise and business acumen, have been responsible for the following ‘wins' across 3 ‘centuries' now:

  • Civil War Recession 1861–1865
  • Post-Civil War Recession: 1869–1870
  • Long Depression: 1873–1879
  • Depression of 1882–1885
  • Panic of 1907
  • Post-World War I Recession: 1920–1921
  • Great Depression: 1929–1933
  • Recession of 1953
  • Recession of 1957–1958
  • Recession of 1969–1970
  • Recession of 1973–1975
  • Early 1980s Recessions
  • Recession of 1990–1991
  • 2001 Recession
  • Great Recession: 2007-2009
  • COVID-19 Recession
  • And the soon to be 2025 - Greater Recession or even New Depression

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u/WhoAreWeEven 1d ago

**2025 Great Recession, Some Say the Greatest Recession, My Uncle Went to Harvard and He Knows Recessions He Said this Is Greatest Recession Hes Ever Seen™