Comment on The ultra-wealthy just gained $49 trillion in wealth thanks to stocks

originalfrozenbanana@lemm.ee ⁨1⁩ ⁨month⁩ ago

• mozz@mbin.grits.dev ⁨1⁩ ⁨month⁩ ago

  Yes

  Nobody will say they lost $49 trillion if stock go down next week

  They cannot get $49 trillion out of the market by selling all their stocks

  It's just a weird misleading framing

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  • originalfrozenbanana@lemm.ee ⁨1⁩ ⁨month⁩ ago

    I guess the difference there is that the wealthy can take out loans and secure assets like houses against their stocks but yes the stock market isn’t real

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    • popcap200@lemmy.ml ⁨1⁩ ⁨month⁩ ago

      I mean, regular people can do that too, just not to the same extent. Robinhood is offering 6.75% now on margin loans, and IBKR has like 6.85% or so.

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• technocrit@lemmy.dbzer0.com ⁨1⁩ ⁨month⁩ ago

  Yeah, they got 7% richer over the past year. That’s about $3-4b “gained” over one year.

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  • originalfrozenbanana@lemm.ee ⁨1⁩ ⁨month⁩ ago

    Trillion, not billion, but yeah

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    • black0ut@pawb.social ⁨1⁩ ⁨month⁩ ago

      Imperial trillion, metric billion.

      In the US of A, 1T = 1.000.000.000.000 (1B is 1.000M, and so forth)

      In the metric system, 1T= 1.000.000.000.000.000.000 (1B = 1.000.000M, and so forth)

      That’s why in other languages you sometimes hear “a thousand million”, although I agree with you in that the most common way of counting on the internet is with imperial billions.

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