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America Loses 500,000 Millionaires in Coronavirus Pandemic Market Crash

The wealthy are most affected by the stock market crash.

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Market Crash
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(TMU) — The drop in the stock market since the coronavirus outbreak began has resulted in huge losses for millionaires in the United States. At the start of the year, there was a record 11 million people in the country with over a million dollars in assets, according to a new study published by research firm Spectrem Group.

However, after the fluctuating losses and gains of the past several weeks, approximately 500,000 people who were on that list are no longer millionaires. While that number is sure to change from day-to-day, it seems safe to assume that when all is said and done there will be fewer millionaires after the pandemic than there were before.

While there are some ripple effects experienced by the general population, the wealthy are most affected by the stock market crash. The top 1 percent of households owned 53.5 percent of equities and mutual fund shares, according to data from the Federal Reserve.

According to the Bloomberg Billionaire Index, the world’s 500 richest people have lost nearly $1.3 trillion since the beginning of the year. The nation’s wealthy certainly lost the most money in the past few months, but they had much more to lose, and many of them have private bunkers, or at the very least enough resources to get them through this difficult time.

People who live paycheck to paycheck may not have lost much money in the stock market, but many of them have lost their jobs and fear that they won’t be able to afford to survive in the coming weeks and months. It was reported this week that 3.3 million Americans filed for unemployment, shattering previous records.

The Labor Department said in a statement announcing the numbers:

This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was 695,000 in October of 1982.”

The United States government has been working to pass a $2 trillion stimulus bill which includes a small payout to some workers, but critics say that the bill has included too much corporate welfare, and not enough cash to the struggling hourly employees who need it the most.

By John Vibes | Creative Commons | TheMindUnleashed.com

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Corruption

Man Who Spent Decades in Prison Gets $6 Million After Cop Found to Have Faked Evidence

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A North Carolina man who spent decades in prison was awarded $6 million in damages by a federal jury after it was found that he was wrongfully convicted thanks to evidence fabricated by a detective.

Darryl Howard languished in prison for over 20 years on double murder and arson charges in 1995 for killing a woman and her teen daughter in 1991. Last Wednesday, a jury in Winston-Salem found that former Durham police detective Darryl Dowdy simply faked the evidence that resulted in his conviction.

In 2016, Howard’s 80-year sentence was stricken down by a Durham County judge who cited the misconduct of police and prosecutors. The $6 million award was the result of a 2017 federal civil rights lawsuit filed by Howard, reports the News & Observer.

Dowdy, 65, denied the accusations in the lawsuit. The former detective was a 36-year veteran of the Durham Police Department before he retired in 2007.

Howard and his legal team have expressed satisfaction that the jury recognized the grave injustice he faced, but are disappointed that the $6 million is a mere fraction of the $48 million in damages they requested.

Attorney Nick Brustin, who represented Howard, said that Dowdy’s defense attacked Howard for his past gunshot wounds and history of selling and using drugs.

“I think to some extent the racist defense that they have been implementing since the beginning of the ligation has in some ways succeeded,” Brustin said. “I think the verdict doesn’t value the suffering that Darryl went through.”

Howard himself noted that the heavy damage dealt by his long incarceration have completely altered his life.

“I am happy about the verdict, but I am kind of upset about the damages,” Howard told the News & Reporter.

“Just imagine, 23 years I stayed in prison,” he added.

Brustin also highlighted the systemic nature of the injustice his client suffered as a result of Dowdy’s police work.

“The kinds of misconduct are pattern misconduct,” he noted, adding that Durham police need to review other cases handled by the crooked cop.

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Happy Holidays? Billionaire CEO Fires 900 Workers in Zoom Call

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The boss of an online mortgage lending company has come under fire as callous and heartless after he unceremoniously fired about 900 staff members in the run-up to the holidays – all on one single Zoom call.

Vishal Garg, the chief executive of New York-based mortgage firm Better.com, didn’t mince words in the call, telling employees:

“This isn’t news that you’re going to want to hear … If you’re on this call, you are part of the unlucky group that is being laid off. Your employment here is terminated effective immediately.”

Adding that he did “not want to do this,” he explained that “this is the second time in my career I’m doing this … The last time I did it, I cried.” 

While the 43-year-old CEO claimed that the mass sacking was a painful ordeal, he also noted that the “market has changed” and the company required streamlining to deal with the cool-off in the recent housing boom.

However, Garg neglected to mention that the company recently received $750 million from investors just last week.

According to Fortune, the chief executive also was the anonymous author of a blistering blog post to professional network Build that put his own employees on blast.

“You guys know that at least 250 of the people terminated were working an average of 2 hours a day while clocking 8 hours+ a day in the payroll system?” Garg wrote, adding that “they were stealing from you and stealing from our customers who pay the bills that pay our bills. Get educated.”

Garg also has come under fire for his poor management approach and history of abusing workers after an email he sent to employees was published by Forbes last year.

“You are TOO DAMN SLOW,” the CEO wrote. “You are a bunch of DUMB DOLPHINS… SO STOP IT. STOP IT. STOP IT RIGHT NOW. YOU ARE EMBARRASSING ME.”

Regardless of his personal frustrations with employees, social media users were stunned by news of the mass firing, calling the move “cold,” “a horrible move,” and “harsh” – especially with Christmas around the corner.

Employment law and business experts have also lambasted Garg’s actions, noting that such mass firings run counter to the law in most countries, and are not only abusive but destructive toward morale, despite being perfectly legal in the United States.

“Existing employees will look to how the company treats people as a signal to how it will treat them in the future,” Gemma Dale of the Liverpool John Moores University in the UK told the BBC.

“There are ways to do these things which, even in difficult conditions, are empathetic and decent,” she added. “There is a right way to do these things both morally and legally.”

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Environment

China Was Just Caught Literally Changing The Weather For Communist Party Celebration: Study

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In recent years, China has made a number of head-turning and downright dazzling technological advances. Now, according to a new study, the East Asian giant has successfully managed to literally change the weather.

According to a recent report from the South China Morning Post, scientists at Tsinghua University say that during the 100-year anniversary of the Communist Party of China, authorities succeeded in modifying the weather in Beijing to clear the sky and improve air quality for the masses gathered to celebrate the party’s centenary in Tiananmen Square.

The large-scale operation involved lacing the clouds above the capital with chemicals to usher in rainfall over suburban parts of Beijing before the July 1 centennial event. According to the Tsinghua researchers, eyewitnesses report rockets being launched from mountains outside the city in the run-up to the event.

The Beijing researchers claim that the artificial rain managed to reduce the level of PM2.5 air pollutants by over two-thirds, bringing air quality to “good” conditions from “moderate” levels per World Health Organization Standards.

The use of chemicals to modify weather conditions is a practice that dates back to at least the 18th century, when European states used gunfire to shoot at storms in hopes to prevent hail from harming crops.

By the turn of the 20th century, dozens of hail cannons were deployed for commercial purposes despite the unproven nature of such primitive geo-engineering methods.

Fast forward to the 2020s, and the People’s Republic of China has reportedly invested vast resources into weather modification programs that will be tested in a region spanning 5.5 million square miles by the year 2025. The impact of such geo-engineering efforts could lead to regional tensions with China’s increasingly nervous neighbors.

Meanwhile, as the potential for a new cold war with the people’s republic continues to grow, professional China skeptics have stoked fears that the ruling Communist Party could use its newfound ability to manipulate the weather for military purposes. However, it’s worth noting that the United States military has been hoping to weaponize the rain since at least 1967.

However, with arid conditions and extreme drought threatening the food security of populations across the globe, the ability to literally make rain fall may not be as frightening as some make it out to be.

Additionally, some researchers have claimed that geoengineering could play a role in mitigating the impact of rampant climate change. However, it remains far too early to know the long-term impact of lacing skies with chemicals on a widespread, regular basis.

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