On the one hand… on the other hand… on both together
Heterodox Economist reminds us of a useful point: Wall Street types might deserve to eat a bear market in some sense of getting their just deserts, but the connections between the financial world and the rest of the economy (including millions of working stiff jobs, etc) mean that the bear is likely to be shared around with plenty of people who don’t deserve the downside. The system as we know it is rigged in favor of the owners. Because they own, they cannot be allowed to suffer for their suffering trickles down much faster than any of their advantages. He also talks about Rosa Luxemburg, which is cool.