On Monday, the Dow dropped further than it has since 2011, by four percent, according to Reuters. If you're not an economist or into stock trading, this probably doesn't mean an enormous amount to you. In reality, most of us don't make enough money to feel the widespread panic in the finance industry.
On Tuesday, the stock market has continued to "see-saw," the Wall Street Journal reports, and it is worrying that an economic crisis might eventually push the U.S. into another recession. But again, if you don't actually have any cash invested, you're probably fine right now? The world hasn't ended, but a bunch of sweaty men are yelling at each other on the stock market floor right now.
Vox reports that this has actually been a long time coming. Minimum wage is rising, and more people are employed, which is good. But it makes investors scared, because their profit margin is smaller if people are being payed fairly for their work. Capitalism, am I right? It may also lead to inflation, which will increase interest rates, which again makes investors nervous. So everyone is freaking out.
There are two main responses to this news on Twitter, which are "chill out."
And then people who are like, "This is catastrophic! Thanks, Trump!"
But this take is getting one guy dragged on Twitter.
Scott Budman is a reporter for NBC News who mostly covers tech and business. I think our friend here may be in too deep, because his tweet on the crash was basically, "Won't someone think of the poor rich people?"
Yes, the amount of money that Mark Zuckerberg, Jeff Bezos, Bill Gates, and the founders of Google lost on Monday is staggering. That's because they possess an insanely disproportionate amount of the wealth in the world.
As people were quick to point out:
Many just celebrated rich people taking a loss:
What do you think?
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