Key Points

  • The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter.
  • All of the gains came from stock holdings thanks to an end-of-year rally.
  • Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.”

The wealth of the top 1% hit a record $44.6 trillion at the end of the fourth quarter, as an end-of-year stock rally lifted their portfolios, according to new data from the Federal Reserve.

The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million, increased by $2 trillion in the fourth quarter. All of the gains came from their stock holdings. The value of corporate equities and mutual fund shares held by the top 1% surged to $19.7 trillion from $17.65 trillion the previous quarter.

While their real estate values went up slightly, the value of their privately held businesses declined, essentially canceling out all other gains outside of stocks.

  • nickwitha_k (he/him)
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    48 months ago

    That’s a very emotional response

    Emotions are an inseparable part of being human. Engaging with them in a productive manner is extremely important and does not invalidate an individual’s points (emotional vs logical is a false dichotomy that you appear to be using to dismiss them and avoid examining the factuality of your statements). They make some very logical and scientifically-backed points.

    (which I expect, people have a lot of feelings about chemical stimulants)

    As one who went their entire childhood and most of adulthood without any treatment for ADHD, I think that this statement is correct but not in the way that it appears that you intend it. People with ADHD have well-studied neuro-physiological changes in their brains, as compared to neurotypical individuals. Notably, in the prefrontal cortex, which is associated with administrative thought, including emotional regulation and behavior related task and time management. Things that are extremely important to surviving and thriving in the modern world.

    Having experienced going from the struggle of trying to function without treatment and the positive impact that treatment has had in my life, there are definitely emotions associated and that’s not a bad thing.

    Wellbutrin (poor man’s cocaine)

    JFC. This is why we can’t have nice things. Humans will try to get high off of or screw anything.

    “Here’s a SNDRI medication with fairly low dependency-forming characteristics that is literally saving the lives of people suffering from major depressive disorders and addictions. Can I have sex with it? Not in a practical sense. What if I cram that shit up my nose or mainline it?”

    Whippits are also a thing. They contain milk products. Should we ban dairy and treat people who have milk in their tea and infants like addicts? People ARE going to try to abuse anything. It’s a fact of human history. There was even a mesoamerican empire that was united entirely by drugs and tamales.

    Many cancer treatments are literally poisons, acting on either characteristics that occur me frequently in cancer cells or lower resiliency against the toxins. They can be used to murder people. Should we ban them and let those with cancer die without treatment to avoid that risk?

    You come across as demonizing medications that show low addiction potential in the people who need them to function in a meaningful way in the modern world. Have you ever been treated like a junkie by a pharmacist for trying to pickup your prescription?

    It really doesn’t matter what you think, or what I think, people actively taking small amounts of a highly addictive habit forming stimulant to get through life at an alarmingly increasing rate. And that’s reality. And your emotional response to belittle me does nothing to change that.

    This statement makes me suspect that you are falling for a reporting bias as well as potential a bias against the existence of documented mental illnesses (I certainly hope that is not the case). In the past, adult ADHD was completely untreated. Prior to research involving brain imaging, it was assumed to be a disorder only impacting children (a great example survivorship bias - those diagnosed as children were often given tools to cope as adults, and those who were not diagnosed had little study into reasons for their negative outcomes). So, the greater number of people being treated with medications for ADHD and major depressive disorder is heavily influenced by these disorders actually being diagnosed and treated, rather than ignored.

    • @Krauerking@lemy.lol
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      8 months ago

      Oh for sure to be emotional is to be human, I was simply trying to point it out so we could move past the obvious emotional side of their argument and argue based on facts and not pedantry meant to make me appear wholly uninformed in an area that I do have knowledge in for various academic and personal stakes.

      But also yeah I understand that people who have felt supported by these drugs would very much have an emotional response to them. And the fact that they are needed to function no less true for the modern age. But man does it feel insane to be taking synonymous drugs that were taken during war time to keep your gunners alert for air raids to keep up in your work life balance.
      And excusing it away by saying their is a perfect version of a brain that needs to be achieved by taking this drug causes an emotional response in myself.

      But again I have never suggested a ban or restrictions on any of these items. Go back through the conversation and you will see I don’t stoop to tell people we shouldn’t have a thing even if it’s abused or even if it helps or not. But pointing out the insanity of taking neurologically modifying drug that alters chemistry of your nervous system to survive what should be a better world because of less direct environmental dangers is what I’m trying to point out. And that there are inherent risks with handing out large amounts of these drugs much the same way we later discovered to be true of opioids.

      Pain killers are useful, but it can go to far and has fucked up a lot of people’s lives with addiction and having experiences they would rather not and it affecting those around them. I point out that people rather blindly or very happily hold up drugs as an incredible cure all answer while either happy to or all to ignorant of underlying issues, and an over-reliance would be negative as well.

      This statement makes me suspect that you are falling for a reporting bias as well as potential a bias against the existence of documented mental illnesses (I certainly hope that is not the case). In the past, adult ADHD was completely untreated. Prior to research involving brain imaging, it was assumed to be a disorder only impacting children (a great example survivorship bias - those diagnosed as children were often given tools to cope as adults, and those who were not diagnosed had little study into reasons for their negative outcomes). So, the greater number of people being treated with medications for ADHD and major depressive disorder is heavily influenced by these disorders actually being diagnosed and treated, rather than ignored.

      And this is where you lost me as you seem to imply that I’m thinking mental illness doesn’t exist, which as someone who suffers from rather severe depression I can tell you I don’t doubt the existence of neurological issues, but this idea that it’s just all people who are being under diagnosed and that there might not be environmental issues that are at play rising the numbers means you also think that brain chemistry is a thing to be controlled and fixed at will of those with the chemicals to try them out on other people’s brains.

      I assume likely that reality is as always a mix of multiple directional influences but this concept that just more people are being discovered to have issues is one I find utterly without base as a singular response and the narrowing of a single version of a good brain to be sickening. It goes to far as to feel like wish fulfillment and coping mechanisms for issues that as a whole humanity ignores.

      Edit: Also I’m too poor and overworked to see a doctor, so my pharmacologist doesn’t treat me like anything as I have never really interacted with one. But I get it, you don’t want to feel like you are taking an analogous drug to an illicit one when you are just trying to feel better about yourself but that’s an internal thing you need to deal with and respect that it is in fact related to harder drugs.

      • nickwitha_k (he/him)
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        38 months ago

        And this is where you lost me as you seem to imply that I’m thinking mental illness doesn’t exist, which as someone who suffers from rather severe depression I can tell you I don’t doubt the existence of neurological issues

        That is honestly a relief and why I mentioned that I was hoping that I was misreading you.

        this idea that it’s just all people who are being under diagnosed and that there might not be environmental issues that are at play …

        I do not think that it is likely one or the other but a combination of multiple things. I also strongly suspect that there are environmental issues at play too. With the well-established like between lead poisoning and aggressive behavior (not to mention the slew of other neurological problems), I strongly suspect that we’re likely to see similar from microplastics or another widespread exposure that we’re not yet aware of. And that’s just chemical environmental exposure. Not even touching on harmful social exposures. The high-stress environment of the modern world is extremely harmful to physical and psychological health.

        … rising the numbers means you also think that brain chemistry is a thing to be controlled and fixed at will of those with the chemicals to try them out on other people’s brains.

        I think of it as a spectrum running from “needed to survive without harming self or others” to necessary for harm reduction/mitigation due to neurodivergence that makes functioning in modern society very challenging. It’s not that there’s an “ideal” neurochemistry or neurophysiology but that there are neurobiological phenotypes and conditions that are either not well-adapted to modern society (or, in some, extreme cases, any society). Use of chemical and other available therapeutic means allows for such individuals to survive or thrive in an environment that is not ideal for them.

        But man does it feel insane to be taking synonymous drugs that were taken during war time to keep your gunners alert for air raids to keep up in your work life balance.

        Absolutely, it does. Medicine can be a bizarre thing. Similarly, like I hinted earlier, nitrogen mustards, as in “mustard gas” were the first chemotherapy agents for cancer treatment. Mustine (chlormethine) is still in actively used for this purpose.

        And excusing it away by saying their is a perfect version of a brain that needs to be achieved by taking this drug causes an emotional response in myself.

        Indeed. There can indeed be some denial, etc but, I suspect that a lot of it comes down to defensiveness due to societal issues. When people make a comparison to illicit stimulants, it often comes back to things like the ongoing shortage that has impacted a lot of people with ADHD. The shortage is caused, pretty definitively, by the DEA overcorrecting their enforcement of controlled substance, after they did fuck all about opioids. Amphetamines are a convenient target to “show that they’re doing something” because they sound like meth and are used to treat disorders that are either rare or not taken seriously.

        Loose enforcement of the past allowed pill mills to thrive and supply the illicit market. Now, they’ve clamped down, causing measurable harm to those legitimately prescribed. They don’t care because they’re just in it to justify their budget increases and get camera time.