alt Hacker NewsWhich proportionately affects those with large investments, removing growth that was speculative in the first place, meanwhile bailouts are paid by tax payers.
Which proportionately affects those with large investments, removing growth that was speculative in the first place, meanwhile bailouts are paid by tax payers.
It also affects unionized firefighters and teachers with pensions.
If a multi-millionaire loses 50% of their net worth, they are still a multi-millionaire. When normal people lose 50% of their net worth, they have real problems.
Not arguing for a bailout, but the "it mainly hurts rich people" argument is pretty weak, and may actually be backward.