Normally that’s true, but tech companies and investment firms that are completely controlled by billionaires, are holding stupid amounts of liquid assets right now. They literally can’t find enough to buy, so it’s just piling up in various liquid assets.
No dis on Stiglitz, but it really doesn’t take a well educated economist to see reasons why Trumps policies will cause disaster. I mean for one thing, it’s an intentional result. The more destruction he causes, the more he and his friends can buy up in the fire sale.
I mean look at the biggest billionaires in the US, they’re all sitting on mountains of cash because they can’t figure out what to buy. Destroying the economy, makes it a buyers market for billionaires. Problem solved as far as they’re concerned.
The man, the myth, the legend. Just had to let more people see that smile.
Berkshire is selling off the US market and holding cash or Japanese investments. 364 billion and counting with nothing to buy, because we stopped investing in America decades ago.