Comment on $1.8 trillion was wiped out from the US stock market yesterday, where did it go?
jaykrown@lemmy.world 1 week agoThe market is mostly irrational, there are no ways to judge intrinsic wealth in a late stage capitalist stock market where we don’t have free markets and protectionism through tariffs.
bedwyr@piefed.ca 1 week ago
Idk about that, no perfect metric, but a company that earns 15 billion a year, and is likely to continue to do so, is worth about a billion in stock price.
Obviously tech especially is out of whack. The entire market is out of whack, partly because the last two big downturns had the government bailing them out to make more than if the market didn’t crash at all.
But the lack of enforcements of regulations or consequences, is another big factor, and there are others.
That said, I don’t think late stage capitalism even captures where we are right now. It’s an oligarchy, a partial fascist one, a police state. Plus the government is taking stock in companies now. Intel, now this Venezuela oil deal, (a joke, they can’t get any more oil to speak of, not even in the 25 years their contract is for, that’s why the oil majors declined, but that’s another story, other than the government gets to buy at production cost, and gets like 25 percent of the company.)
It’s oligarchic repression, sliding into authoritarianism. But my argument is admittedly just semantic and not well fleshed out perhaps.