>rich people make stupid decisions. And stupid, in this case, means unproductive for the society/enviroment etc etc in general.
I completely agree but I think you've defined rich wrong. There's only so many multimillionaires and billionaires and most of their money gets plowed into business ventures (even if dumb ones), investments and other things like that that aren't too off the wall.
The economic volatility comes from the much, much more numerous hordes of upper middle class doctors, lawyers, techies and whatnot that are "post scarcity" enough that they can swing a fair amount of money around in pursuit of that.
When a large subset of them decides to do something, like buy toilet paper, or TSLA, or a second house or whatever, there's a huge effect and that's where you get bad tulip mania style volatility and economic patterns from. Nobody on food stamps and nobody with millions to their name lost their ass on beanie babies.
I completely agree but I think you've defined rich wrong. There's only so many multimillionaires and billionaires and most of their money gets plowed into business ventures (even if dumb ones), investments and other things like that that aren't too off the wall.
The economic volatility comes from the much, much more numerous hordes of upper middle class doctors, lawyers, techies and whatnot that are "post scarcity" enough that they can swing a fair amount of money around in pursuit of that.
When a large subset of them decides to do something, like buy toilet paper, or TSLA, or a second house or whatever, there's a huge effect and that's where you get bad tulip mania style volatility and economic patterns from. Nobody on food stamps and nobody with millions to their name lost their ass on beanie babies.