From a controversial billionaire’s new title to lawsuits and arrests galore, 2021’s “Golden Age of Grift” (as dubbed by Jack Raines) officially transitioned to the Era of Financial Karma in 2022.
In this week’s episode, we rattle off some of the most illustrative downfalls—those most emblematic of our new bearish economic environment.
Do we indulge this walk down memory lane because we’re schadenfreude junkies? No, not quite—there’s a lot to learn from this most recent 24-month hype cycle, including some “regular people” lessons about financial fragility.
Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie
Transcripts can be found at podcast.moneywithkatie.com.
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Mentioned in the Episode
- The Golden Age of Grift: https://youngmoneyweekly.substack.com/p/the-golden-age-of-grift
- Tesla is Ringing in the New Year with a 10% Weekly Loss: https://www.marketwatch.com/story/tesla-is-ringing-in-the-new-year-with-a-10-weekly-loss-11673028845
- Andrew Tate on “Why Reading Makes You Look Stupid”: https://www.youtube.com/watch?v=tyuMjpLrCLs&ab_channel=SirSic
- Nick Maggiulli’s Of Dollars and Data on Atlas Trading and Trading Games: https://ofdollarsanddata.com/trading-games/
- New York Post piece on G-Wagons: https://nypost.com/2022/11/28/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash/
- Tesla’s PE Ratio from 2010-2022: https://www.macrotrends.net/stocks/charts/TSLA/tesla/pe-ratio
- 70% of Rich Families Lose Their Wealth by the Second Generation: https://money.com/rich-families-lose-wealth/
- Nick Maggiulli’s Of Dollars and Data on The Double-Edged Sword: https://ofdollarsanddata.com/the-double-edged-sword/
- Sequoia Capital’s Don Valentine: https://twitter.com/Lion_Investor1/status/1419833443953913867?lang=en
- A Third of Americans Earning $250,000/Year Are Living Paycheck to Paycheck: https://www.essence.com/news/money-career/high-earning-americans-living-paycheck-to-paycheck/
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