this post was submitted on 01 Apr 2024
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We haven't had a real recession--one where the rich have had to make to with less--in a long time, and the rich are absolutely terrified at the idea of making less money this year than last.
Not losing money, just making less profit for a bit. We've had one long cheap-money-fueled boom since around 2001 and didn't make meaningful corrections after 2008. Almost every billionaire alive is where they are because of this quarter-century-long sluuuuurp at the trough, and they don't really have the mental equipment to deal with not making more money.