I totally understand economics is not well understood among a group of musicians. Notes made a point that he doesn't care if hedge fund managers go broke. Ok, what would make them go broke? What is their money based on?

The stock market. What is the stock market based on? All the companies we all know and some love. Apple, GM, IBM, Chevron, Airlines, Tech, Healthcare and on and on. If the wealthy people who own tons of stock go broke it's because the market crashed. Why would the market crash? Because all these companies crashed. What makes them crash? Nobody is buying what they're selling. What do these companies do? They hire people to work for them, millions and millions of people who are then out of work.

So no, you do not want all the hedge fund managers and everybody else in the market to go broke. Very, very bad for all of us.

Here's the breakdown of the top 10% wage earners by income in 2018:

Top 0.1% of Earners $2,757,000 5.2%
Top 1% of Earners $718,766 13.4%
Top 5% of Earners $299,810 28.0%
Top 10% of Earners $118,400 39.1%

Look at the Top 10% number. Is 118K some greedy filthy rich person who rapes and pillages the "little people"? I have a client who's a deputy sheriff, he makes 75K and his wife is a nurse who makes the same. 150K household income. Where is their retirement money? In the stock market along with millions of others in mostly 401K plans. It crashes, the hedge fund managers go broke what happens to their 401K retirement?

I'm only giving this very basic lesson in economics here because it is the main point I made earlier that we WILL be going back to work relatively soon regardless of what the virus does because we have no choice. Government emergency financial bail outs do work but they're only a temporary bridge to help us get through the emergency then everything gets back to normal. All that is what the government is there for, it's why we "mostly, haha" agree to pay taxes. They take our tax money and then pay it back out for our general welfare. All good and normal in a free society.

But, with no tax money coming in how long can a government keep giving it back to us? If you want to use the Great Depression scenario, they can do it for 10 years but that would mean the majority of the population is barely living at a minimal subsistence level.

That's why we're all back to work sooner rather than later. Could be next month, maybe 3 months, I can't predict that. But stretch it to a year? Dunno, but I doubt it. At some point we will accept the stats and just deal with it.

Bob

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