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return2ozma@lemmy.world to News@lemmy.world · 2 months ago

Fear that Trump tariffs will spark recession wipes out more than $2 trillion in value from US stocks

apnews.com

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Fear that Trump tariffs will spark recession wipes out more than $2 trillion in value from US stocks

apnews.com

return2ozma@lemmy.world to News@lemmy.world · 2 months ago
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Wall Street retreat extends into second day after China retaliates against Trump tariffs
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U.S. companies were getting hammered again in the stock market Friday after China matched President Donald Trump’s tariffs in what is a rapidly escalating trade war.
  • Geetnerd@lemmy.world
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    • cmhe@lemmy.world
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      Nah. Rich people profit from recessions and other crisis. They have enough money to buy everything and then are even richer afterwards.

      That is why everyone lets Trump do whatever he likes.

      • Knock_Knock_Lemmy_In@lemmy.world
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        They have enough money

        Their money is in shares and bonds, not cash.

      • Geetnerd@lemmy.world
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        • cmhe@lemmy.world
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          I understand that perfectly, they like the crisis situation because they hope to acquire more, and maybe even loose a couple of aspirant mill- or billionaires on the way.

          They do see it as a game, and thus big disruptions create great new chances for them to gain even more.

    • lumony@lemmings.world
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      • Knock_Knock_Lemmy_In@lemmy.world
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        These tariffs are a tax on the working class, which they will gladly pay.

        When taxes rise consumption falls. The wealthy live off the fat of consumption.

    • booly@sh.itjust.works
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      Nope. This is more like The Oligarchs Who Came to Regret Supporting Hitler or, in The Dark Knight Rises, the billionaire who finds that funding Bane’s rise to power doesn’t actually give him any power, or another business dude learning that working with Bane doesn’t even save him from the movement itself.

      The billionaires thought they could buy influence and just get the things they want, while stopping Trump from getting what he wants. For whatever reason, Trump is a true believer in tariffs, so that’s what giving him power will result in.

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