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Comment by thunkingdeep | Hacker News Reader

This is astronomically incorrect it’s basically an info hazard.

A market crash like that would result in extremely broad layoffs, major global supply chain instabilities, and a cataclysmic knock on effect of capital losses into nearly every walk of life on earth.

Not to mention, as many already have, the federal govt would undoubtedly bail out the worst actors and leave the poor to fend for themselves.

Just yesterday the Treasury Department announced they aren’t going to enforce a money laundering law. You think they’re going to New Deal a major crash’s now? No way.

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Also the rich have cash flow and can continuously invest during crashes.

The top 10% aren’t losing their jobs in a crash, but the bottom 50% might.

So while the top 10% keeps investing and will maximize the recovery, the bottom 50% will cash out at the bottom and won’t return to invest for years after their emergency fund has recovered.

> the rich have cash flow and can continuously invest during crashes

There are a lot of levered rich people. Musk would be screwed if he got margin called on Tesla.

So you are telling me there is hope after all?

(I mean, unless there's a federal ruling that it's unconstitutional to let a Musk and his money part ways.)

Hope for what? Who would benefit?

The American people, the Constitution, Ukraine, Europe, the whole world probably. The US is about to drag the world into a recession or a War Economy.

Why would that change for the better if Elon lost a lot of money? People become more aggressive when they lose a lot, not less.

And that is often their downfall, overextending themselves.

when Musk and you are both screwed, which of you can get the big money from the government

I think its less than you think, but certainly not zero.

Even if Musk filed bankruptcy yesterday, he would still end his life a multi-billionaire.

I remember reading during covid about how Zuck lost billions in a single day. But he never lost his job. Meta kept paying him and he continued to invest throughout covid.

Arguably even doing it the first time around was a mistake.

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