Good it's called capitalism. We need creative destruction to move forward.
>> Retirees and the public were left holding the bag.
This!
Largely because the finance industry(or perhaps the world) is run by sales people.
Don't be a sucker, if you don't understand your financial assets in detail(e.g. if you are buying an index fund, understand why, not just based on past performance, go deep, what's the weighting?(currently float weighted which makes it easiest to sell to you, but the worst possible weighting makes it buy high and sell low).
Fuck that's a shit fuck ton of work for just a surface level analysis. But you should do much more research into your mutual funds/stocks than you do your next car purchase.
So yeah, it's not that they were left holding the bag, it's that they were sold free money that turned out to be not so free. Imagine that.
Equity is an entirely imaginary value store. What’s the point of the majority holding all the corporate equity when it goes poof constantly?
80% of last generations Fortune 500s are gone. Retirees and the public were left holding the bag.
Meanwhile, the aristocracy retains generational control of all real assets.
This is another emotional boondoggle, wrapped in numbers to provide some sort of concretized framework. It’s the same old scam:
Load the public up on ownership/stewardship of ephemeral nonsense (previously religion) insulate the most pious/rich.
The bottom will fall out on the value of the equity, they can buy up more of the real property cheap. Rinse. Repeat.