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Economist Warns That Elon Musk Is About to Cause a "Deep, Deep Recession" (lemmy.blahaj.zone)
submitted 2 years ago by to c/whitepeopletwitter@sh.itjust.works
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Source: https://bsky.app/profile/jrothst.bsky.social/post/3liin7up3ck2z

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[–] 15 points 2 years ago (1 child)

Maybe? I do know that Elon is going after the agency that runs the FDIC. The FDIC insures the bank's money. I don't see how they don't see how shitty this is going to be for all of them too. It's insane.

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  • [–] 22 points 2 years ago* (3 children)

    Oligarchs have their money tied up in property, investments, and hidden from the taxman in foreign banks. Destroying the stock market would hurt them a bit, but destroying banks? The way they see it, only poor people have their money in a savings account.

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  • [–] 11 points 2 years ago*

    I remember the first time I realized that. It was when watching the Futurama episode, "Insane in the Mainframe."

    Judge Whitey: The charge is bank robbery. Now, my caddie's chauffeur informs me that a bank is a place where people put money that isn't properly invested. Therefore, robbing a bank is tantamount to that most heinous of crimes - theft of money.

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  • [–] 2 points 2 years ago* (2 children)

    Hmm, I have a decent chunk in a savings account, I’ll have to diversify that out it seems. Maybe wait for the market to start tanking and turn the savings into stonks

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  • [–] 2 points 2 years ago*

    Credit unions are covered by the NCUA, which is serves a similar function as the FDIC, but is a completely separate entity. I've been moving funds to my credit union account for the time being to act as a buffer. I'm not confident they won't go after both the FDIC and the NCUA, but I'm hoping the NCUA can buy some time if the FDIC goes down first.

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  • [–] 1 point 2 years ago (1 child)

    Consider tbills and other forms of bonds instead of stocks for savings. They're great for consistent returns and exist outside of the banking industry.

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  • [–] 1 point 2 years ago (1 child)

    Didn't Trump say something about not honoring Treasury debts recently?

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  • [–] 1 point 2 years ago*

    Maybe? But that's not really his call, that's Constitutional law. The Supreme Court and Congress are not crazy enough to let him get away with it, especially with such a narrow margin in the Senate. Also, not honoring Treasury debts would absolutely kill the stock market and piss off all of his supporters.

    So no, it's just fluff.

    If you're really worried about it, you can buy corporate bonds, but if government bonds aren't honored, you'd be better off investing in canned food and bottled water, since everything would collapse. If the government doesn't honor its debts, nobody would trust the US dollar since government debt is a major component of money supply regulation (i.e. inflation).

    He'd be impeached faster than he can say "MAGA" if he intentionally defaults on our debt.

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