alt Hacker NewsIt 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.
The hundreds of billions - in this case potentially trillion+ - of dollars not spent on bailing them out can be distributed to such pension funds instead, if that's truly the best avenue. These funds should already be very diversified in the firstly place.
Not bailing out absolutely primarily hurts rich people. This is trivial to ascertain from basic principles.