Millions of working class Americans have been economically wiped out. They can’t pay their rent or mortgage and don’t know how they will put food on the table. But according to Social Capital CEO, Chamath Palihapitiya:
On Main Street today people are getting wiped out. And right now rich CEO’s are not, boards that had horrible governance are not, hedge funds are not
Palihapitiya advocates for a policy to let big businesses fail, without layoffs, and let the rich stakeholders and speculators absorb the pain. These “sophisticated” investors took on the risk and should now take the loss.
The Fed is funneling $Trillions to protect the irresponsible, over-leveraged toxic investments of billionaires and throwing crumbs to workers and small business. When a small business can’t pay the rent. It’s over. The business is closed and the workers lose their jobs. More than half of Americans work for small businesses. When a mega-corporation goes bankrupt, it does not shut down, workers do not immediately lose their jobs, it goes through a bankruptcy process.
