this post was submitted on 25 Oct 2024
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Do you have a 401k?
I don't because I'm not working in the US but I do have a retirement fund. I can critize the system we live in and those that revel in exploiting it while also realizing that if I completely eschew investment I'll be a pauper. I'm not going to bankrupt myself and be unable to afford my partner's medical expenses to win an argument on the internet.
I'm aware that the stock market is slicing off income from laborers in an unjust manner - it slices off my income as well... I don't celebrate participating in this system, but I do participate in it while acknowledging how bad it is. It isn't a significant portion of my income and if I could personally will it out of existence I would.
I think the stock market is fine. It allows the people to own a bit of the companies they work for and buy from.
I donβt see anything wrong with that in theory.
It's a critical element of the financialization of the economy that has lead to it becoming even more irrational and unstable than it was before. Easy example, look up stock buybacks. It's not just that though, it's the entire system of obligation to shareholders to deliver quarterly gains with no concern for employees or even the long-term health of the company.