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I love this so much He identifies a problem with the claim but it's THE WRONG PROBLEM aesthetic af
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Replying to @eigenrobot
What's the right problem? That a majority of their wealth is in stock holdings that they can't significantly liquidate without losing value?
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Replying to @FunkyDuffy
I honestly can't recall what I was thinking when I wrote this More like the particular framing was like Almost right but just super not right
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Replying to @eigenrobot @FunkyDuffy
Basically the dumb part of this statistic is that yeah gross wealth doesn't mean nearly as much as net wealth Like--if I take out a $10T loan wow I'm the richest man on Earth in gross terms, but my net wealth has not changed (and is decreasing every second interest accrues)
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Replying to @eigenrobot @FunkyDuffy
And the thing is that (I think!) more people are net debtors than net creditors and so this becomes extremely dumb quickly Like if I give a beggar with no debt a dollar boom he has more net wealth than the bottom 50% of Americans combined
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Replying to @eigenrobot
OK, I'm not an economist so I don't know what the terminology is, but is there a way to assign a value to creditworthiness? The people who can convince someone to lend them money, despite having exactly the same net worth as the beggar on paper, obviously have something more.
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Yup, good thinking (You can extend this critical template and get a bunch of similar examples) There are lots of ways of putting values on these things A fun one is "how much would you pay to swap places with this person?" Or "who would you rather be"
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Replying to @eigenrobot @FunkyDuffy
A fun one: would you rather be Warren Buffet or a sixteen year old random teen in Boise Not a few people would choose the teen which implies something interesting about varieties of wealth
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