• Sludgeyy@lemmy.world
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      1 year ago

      I hate the stock market as much as the next guy. Glorified gambling.

      But, the stock market is tied directly to the economy

      What do you think most people’s retirement accounts are tied to?

      According to a quick Google, 61% of adults in US own stock. Which means more than half the population has an interest in the stock market not crashing.

      Yes the 1% probably owns the majority of stocks. Quick Google says 54% of all stocks.

      US Dollar is a fiat currency. It’s only backed by the faith of the people behind it.

      It can absolutely crash and while the 1% will suffer, we will all suffer at least a little bit.

      • player2@lemmy.dbzer0.com
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        1 year ago

        The stock prices wouldn’t be affected except in the short term. The fundamentals of the companies wouldn’t change and so the price would recover quickly. Any dip is due to a temporary imbalance of buyers and sellers.

        These stock sales would likely be spread over longer durations so as not to crash the price which would also be bad for the billionaires because they would have to sell more stock to cover the tax.

        • ChemicalSlippers@lemm.ee
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          1 year ago

          Exactly. There are smart ways to implement these taxes. It’s not just make them sell and tank the economy. This is all just a system made up by humans, we can control it.