[intended]

I was an IB/PE financial analyst in another life and tax optimization by moving cash flows around is not only a thing, it’s the norm.

Plus if your argument were fair, we wouldn’t be seeing the kind of wealth concentration in the system.

It’s essentially a sign that financial engineering is an un-checked force multiplier which regulation has not kept up with.

Finally - asset appreciation is real, yes interest rates have been low and would typically be inflationary - however we’ve also had multiple massive disasters in a short span of time which have crushed demand and economic activity.