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Podcast: PRay TeLL, Dr. Hash
Episode: 1436 Paper Millionaires
Description: How many baby boomers who bought a modest house 30 years ago, and have their pension in a stock fund, are millionaires? Most of them probably. There are certainly some millionaires that would remain so if the stock market crashed, but paper millionaires will be wiped out. It won’t be the catastrophe it might seem because most of those people weren’t spending their pretend fortune anyway, and as long as they weren’t in debt, could make due with Social Security and whatever’s left. The ultra rich people won’t be overly affected either, and the young Bitcoin millionair...