Whenever a major financial market crash occurs, why is it that (as shown in movies) the stockbrokers are shitfaced at the end? The investors should be fucked right? Why the stockbrokers, who just buy and sell for the investors?
In: Economics
Rich Americans don’t have all their money in stocks. A genuine billionaire would have real estate investments and some cash. Also T bills. Millions in cash. Artwork. The Star of the Ocean. They probably have far less than 50% of their wealth in stocks. If they sell stocks at a loss, they get a tax write-off.
Stockbrokers are rich when their clients are rich. They will be blamed for the crash. The Big Short guys anticipated the crash. Why didn’t you?
Basically the stockbrokers just lost their careers.
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