My family lost a great deal of invested wealth in that 2008 crash with the death of Mellon Bank. It does not seem like a lot today but … if it had been invested in say Chase or G-S… it would have probably been double what it was by now. I am sure my dad was twisting in his coffin when that happened. I am glad he did not suffer that when it happened (he died in 2005).
Those data centers drive up energy costs for us and increase global warming. They don’t help at all. Plus AI steals IP of creatives.
The best thing us poors in the US can do is eliminate our consumer debt, pay it off or do a bankruptcy and pray(hope really hard and vote) we do get a president who can effectively forgive student debt. This means no spending, strict budgeting and eliminating any and all subs, discount phone, etc. If you are already there, getting more paid work if possible.
I think the top 10% are author of more than 50% of the spending/consumership. That is about to become larger.
I am in the US. In regard to employer based retirement, there are a few pension programs still available, mostly union based. In other corporate environments that do not offer union pensions (as they are non-union)- they offer the 401K if a for-profit or a 403B if non-profit. As you get closer to retirement, many 401K/403B recalibrate to a larger proportion of Bonds vs riskier stocks/futures. Although I also invest in some ETFs that are not pretax (only the earnings are taxable).
Is this going to be like Squid Game, Pentagon Edition?
Consider that the federal agencies are now demanding that state agencies provide information on all the people who receive benefits like SNAP, WIC, Housing assistance, HEAP, etc. Families who qualify for SNAP (foodstamps) also qualify for other benefits including higher ed scholarships. These are usually grant monies that the state is allowed to distribute. Now they want more info… because “waste and fraud” - why not trust the states to determine that??? so after the immigrants, they focus on the homeless… then move on to the poors.
yes, We can’t prevent the bubble burst. We can hope it happens sooner rather than later but the bubble is baked in. So what companies and individuals can to is basically buy up their detritus at bargain prices. And then use them to make better, more solid companies that do not require $3T investment while showing no fucking profit.