Who Is Getting Wealthier During Covid-19?

Bill Gates and Jeff Bezos getting rich during Covid-19

Billionaires have a combined wealth of more than $3.6 trillion, and their collective wealth will soar by $1,130 between 1990 and 2020. Bezos, Bill Gates and Warren Buffett had the second-largest increase in their wealth during the pandemic. Bezos and Zuckerberg have added $35 billion and $25 billion to their fortunes, respectively. In total, the 20 richest people in the United States, including Bezos, Zuckerberg, Gates, and Buffett, as well as the rest of the world's ten largest billionaires, had a combined wealth of $3.6 trillion by August 5, 2020. 

This makes sense as retail is getting killed and Amazon benefits and Bill Gates gets to sell more vaccines to the world. Meanwhile, 40 million Americans filed for unemployment during the pandemic, but billionaires saw their net worth increase by half a trillion dollars.

First, the government disproportionately gave more aid to banks and corporations. In 2008, the Emergency Economic Stabilization Act was signed into law, creating a $700 billion program to purchase devalued assets from banks. This was called the Troubled Asset Relief Program, or TARP. Later, President Obama would direct $75 billion in funds from TARP to help reduce interest payments for homeowners. That means homeowners received around 10% of the direct relief that banks and corporations did.

And this leads to reason No. 2. When the stock market bounced back, the unequal bailouts meant that the wealthy still had money on hand to invest and thus profit, while the middle and lower classes did not. In 2008, the Federal Reserve lowered short-term interest rates to near zero. They would remain that low for nearly a decade. This paved the way for a historic bull market on Wall Street that began in 2009 and lasted until March 2020, when the pandemic hit. The Ponzi scheme continues with no restructuring of bad behavior insight  

Popular Posts (Last 7 Days)

Topics

5G Activist ADE Advertising Air Quality Airlines Alchohol Alex Berenson Allergic Angry Moms Antibody Antitrust Apple Apps Arizona Aspirin Astra Zeneca Australia Bankruptcy Banks Banned Bars BBB Beaches Bell's Palsy Ben Shapiro Biden Big Pharma Big Tech Bill Gates BioNTech BitChute Black Rock Blackmail Blood Clots Booster Brave Brownstone Institute Bryan Ardis Business California Canada Cancer Candace Owens Cares Act CDC Censorship Chart Chicago Children China Class Action Clinical Trials Closures CNN Comirnaty Conspiracy Contact Tracing Corruption COVAX Cover Up Crimes Against Humanity Cult Cuomo Dan Bongino DARPA Data David Martin Deaths DeSantis Diabetes Died Suddenly Disinformation Doctor Reiner Doctors DOJ Dominion Dr Michael Yeadon Dr Reiner Dr Shiva Dr Zelenko Drugs Durability DWAC ECDC Education Election Elon Musk Email Enforcement Europe Exemptions Extortion Facebook Fact Checkers Fake Laws Fake News Fake Tests Fake Vaccine False Positive Famotidine Fauci FBI FDA Fear Mongering Federal Reserve Feds Fines Florida Flu Flu Shots Fluvoxamine Fox France Fraud Free Speech Freedom FTC Gain of Function Research Gavin Newsom Geert Vanden Bossche Genome George Soros Germany Glenn Beck Globalism Google Government Guillain-BarrΓ© Halloween Harvard Health Health Department Healthcare Heart Herd Immunity Hero HHS Hospitals How To Humor Hydroxychloroquine Hypocrisy Immune System India Injured Insurance Investment IRS Israel Italy Ivermectin J&J Japan Jeff Bezos Jim Jordan Jobs Joe Rogan Judy Mikovits LA County Larry Elder Lawsuits Leadership Let Them Breathe Lies Loans Local Laws Lockdown Los Angeles Mandates Map Masks Mass Hypnosis Media Medicaid Melatonin Mental Health Michigan Microsoft Minnesota Moderna Money Montana mRNA Mutation Myocarditis Nanoscience Nashville Natural Immunity NBA New Jersey New Media New York New Zealand Nextstrain NFL NIH Nursing Homes NY NY Post Ohio Omicron Omricon Opinion Opposing View Oppression Outdoors Parks Passport Patents PCR Pennsylvania Pericarditis Peter McCullough Pfizer Phishing Physicians Declaration Placebo Pneumonia Police Politics Poll Pollution PPP Prevention Pro Choice Project Veritas Protest Racism Rand Paul Real Estate Refuse Regeneron Relief Checks Remdesirvir Restaurants Restraining Order Robert Kennedy Robert Malone Ron Johnson Rudy Giuliani Rumble Russia Safegraph SBA Scams Schools Science Scott Gottlieb Senate Seniors Side Effects Sidney Powell Social Distancing South Korea Spain Sports Stadiums Stakeholder Capitalism Stay at Home Sterilization Steve Kirsch Study Substance Abuse Surveillance Sweden Swine Flu Symptoms T Cells Taxes Teachers Technology Teslaphoresis Testing Texas Tips Tom Cotton Tony Bobulinski Transmission Treatment Tribunals Trojan Horse Trump TruthSocial Tucker Carlson Twitter Tyranny UK Unemployment United Nations Unity Project Vaccine VAERS Video Vietnam Vitamin D War Warren Buffett Washington WEF Whistleblower WHO Wisconsin Women Workers Comp Zinc