Eli5; Why is the US economy so dictated by the ups & downs of Wall Street?
In: 15
Because the economy, well the news about it, is owned by, controlled by the wealthy who are very interested in it.
by some extent, many of us have our futures, our retirements invested there.
but for most of us, the US economy has had a greatest expansion in history since WW2 with just a few hickups that basically gave some folks a buying opportunity. that said, the vast majority haven’t benefited, wages for a good job won’t let you buy a house like my parents could with just a postal worker’s pay. I could pay my way through college with my JOB.
wall street has enourmous wealth and million dollar bonuses but minimum wage hasn’t changed in 20 years.
but we have to remember that the great depression pretty much happened in a short period, and we came *this* close to another one with the great mortgage crash of 08
but there’s the old joke about the gambler taking a cab to an underground craps game, being told that the game is crooked, but the gambler says, yeah but its the only game in town
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