What impact do financial crises have on social equity and justice?

Okay, regarding the impact of financial crises on social equity and justice, I'd like to share my views, trying to explain it in simple terms.

Imagine a financial crisis as a sudden, massive earthquake. When an earthquake strikes, not all houses are equally sturdy, nor does everyone live in a safe place. A financial crisis is similar; its impact on different people in society varies greatly.

This is mainly reflected in the following aspects:

1. Rapid Widening of the Wealth Gap ("The Rich Get Richer, the Poor Get Poorer")

For ordinary people: When a crisis hits, company closures, layoffs, and pay cuts become commonplace. Most people rely on their salaries; once they lose their jobs or their income decreases, the pressure from mortgage payments, car loans, and daily expenses can instantly crush a family. They are like those living in 'shacks,' the first to collapse when an earthquake strikes.
For the wealthy: Their situation is much more complex. On one hand, their assets like stocks and funds may shrink significantly, appearing to suffer heavy losses. But on the other hand, a crisis also creates 'bottom-fishing' opportunities. When asset prices (such as stocks and real estate) hit rock bottom, the wealthy, holding substantial cash, can acquire these quality assets cheaply. Once the economy recovers and these assets appreciate, their wealth can actually exceed what it was before the crisis. This is like their 'houses' also being damaged by the quake, but they have the means to rebuild a larger, more luxurious one from the rubble at a very low cost.

2. Severe Inequality in Employment Opportunities

During a crisis, companies prioritize cutting labor costs to protect themselves.

Who gets laid off first? Typically, it's those in single-skilled, highly replaceable positions, such as factory assembly line workers or junior office clerks. Also, recent graduates, who might face the dilemma of 'graduation means unemployment' before they even get a foothold.
Who is relatively safe? Core technical personnel and senior managers are relatively safer. This leads to a further divergence in the situations of the middle class and the working class.

3. Government Bailout Policies That "Favor the Rich and Disregard the Poor"

To prevent the entire economic system from collapsing, governments usually step in to bail out the market. But the question is, who do they save?

"Too Big to Fail": Governments often prioritize using massive funds to rescue large banks, financial institutions, and key enterprises. The rationale is that if they collapse, it would trigger a chain reaction and harm the entire economy.
The public's perception: Ordinary people feel it's extremely unfair. Why use taxpayers' money to rescue the financial giants who caused the crisis through their greed in the first place? Meanwhile, when ordinary people lose their jobs or have their homes repossessed by banks, they don't receive direct aid of a comparable scale. This feeling is akin to firefighters prioritizing saving mansions in wealthy neighborhoods, while telling people whose ordinary homes are on fire, "You'll have to figure it out yourselves."

4. Cuts to Social Welfare and Public Services

After a financial crisis, governments typically incur heavy debts. To repay these debts, governments have to "tighten their belts" and cut public spending.

What gets cut? Often, it's public welfare programs such as education, healthcare, pensions, and infrastructure development.
Who is most affected? Still, it's ordinary families and vulnerable groups who rely on these public services. The wealthy can afford expensive private schools and private hospitals, but when the poor lose access to these public services, their quality of life plummets, and their opportunities for upward mobility become even slimmer.

5. Erosion of Social Trust and Intensification of Conflicts

When people widely feel that "the rules only benefit the rich" and "hard work cannot withstand risks," trust in the government, the social system, and "fairness and justice" itself will collapse.

The result is: Society becomes more polarized, populism rises, people no longer trust experts and elites, and social conflicts become exceptionally sharp. Everyone will feel that so-called "fairness" is just a joke.

In summary:

A financial crisis acts like a magnifying glass; it not only creates new injustices but also drastically amplifies and exacerbates pre-existing inequalities in society (such as wealth disparity and unequal opportunities). It makes the strong stronger and the weak weaker, severely eroding the foundation of social equity and justice, leaving wounds on society that are far deeper and more lasting than the economic losses reflected in data.