In Reply to: I find it interesting how the narrative has changed from past posted by NorthBruin40 on April 06, 2025 at 17:03:44
was until recently?
My position has always been that high stock market indicates moneyed classes feeling confident that they're going to keep making more money but not whether the overall economy is healthy (given the way wealth continues to flow towards the upper levels if the class pyramid) and that we keep judging the health of the economy through metrics that naturally keep the pulse the upper classes alone.
That said, what's going on now suggests that (a) the moneyed classes are also feeling less secure about their money making prospects,and (b) the middle class whose life savings depend on how the market is doing are getting negatively impacted by all this.
As a general rule, if middle and upper classes are getting nervous about their future, there is less than zero chance that the lower classes are going to get any break under the same conditions. So a tanking stock market is usually an indicator that everyone's going to get screwed.
That's where I stand wrt this whole episode as someone who thinks of himself as an out an out leftist and this sympathetic to progressives.