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this post was submitted on 17 Oct 2023
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Cause they get rich during a recession by buying things on the cheap because the over-leveraged middle class suddenly can't afford things and have to discard them to remain solvent. They sell off the extra car or dump their shares for cash to make ends meet.
How do you induce a recession/downturn? By writing about an impending collapse. If enough people believe you, they'll tighten their figurative belts, save more and spend less, causing the very recession you wrote about.
(Above is oversimplified by you can see the general logic)
Equally big factor: they get rich when there's NOT a recession as long as interest rates are low. Low interest rates = high stock returns, more or less. So if they can bully the Fed into lowering interest rates to avert a recession, they still get rich.
Ever notice how the stock market tanks whenever there's a good jobs report? It's perverse, but wall street is rooting for main street to fail. (I mean, let's be honest, they never really cared about main street, but now their fortunes are directly tied to our failure).