We are on the Verge of Economic Catastrophe

[RVonse]

we aren't even at 10%.

Oops. Nasdaq now down over 11% from a month ago, most of it in the last 2 days. No end in sight, either.

Based on my ignorant understanding, I think the market:

1) Waited for Trump's actual actions -> dropped yesterday
2) Waited for Reaction to Trump's actual actions -> dropped this morning
3) Waiting for Trump to dig hole deeper -> collapse

Currently Trump isn't reacting to the reaction, which is probably providing some relief to investors who fear Trump's stupidity and immaturity. And the jobs report today wasn't bad. So we might have a bit more sell off, but think the next step for the market is...

4) People need to start running numbers and figuring out what the impact of all of this will be.
5) Monitor the shit storm that will follow

We are in a bear market. Trump is the first President to create his own arbitrary bear market.

Oil is down to $62 a barrel. Cheaper gasoline is nice, but that is the market pricing in an economic drop in output.

Trump has balls. His tariffs have created his own bear market but his tax cuts to come (no tax on overtime, soc sec, etc) will also create his own bull market.

If you lost a lot of paper value in stocks because of the tariffs, I would not sell anything until after the tax cuts that have not yet arrived.

It remains to be seen whether Trump's vision will work to make America great again. It took 50 years to get where we are and it won't be fixed overnight. But what everyone has to admit is that his vision will be looked at as legendary (good or bad). I can think of no other leader in my lifetime having the balls.

 

[Axulus]

The next shoe to drop will be firing Jay Powell and replacing him with a political hack. We will go the way of Venezuela or Zimbabwe if that happens.

 

[Jimmy Higgins]

we aren't even at 10%.

Oops. Nasdaq now down over 11% from a month ago, most of it in the last 2 days. No end in sight, either.

Based on my ignorant understanding, I think the market:

1) Waited for Trump's actual actions -> dropped yesterday
2) Waited for Reaction to Trump's actual actions -> dropped this morning
3) Waiting for Trump to dig hole deeper -> collapse

Currently Trump isn't reacting to the reaction, which is probably providing some relief to investors who fear Trump's stupidity and immaturity. And the jobs report today wasn't bad. So we might have a bit more sell off, but think the next step for the market is...

4) People need to start running numbers and figuring out what the impact of all of this will be.
5) Monitor the shit storm that will follow

We are in a bear market. Trump is the first President to create his own arbitrary bear market.

Oil is down to $62 a barrel. Cheaper gasoline is nice, but that is the market pricing in an economic drop in output.

Trump has balls.

Trump is a failed businessman who only survived his failed casinos by fucking over a publicly traded company.

His tariffs have created his own bear market but his tax cuts to come (no tax on overtime, soc sec, etc) will also create his own bull market.

ROTFLMFAO!!!

It remains to be seen whether Trump's vision will work to make America great again. It took 50 years to get where we are and it won't be fixed overnight.

Agreed, it is going to take a while to fix what Trump broke. America was great... before he started fucking it up. We already saw how little positive impact his steel tariff had in his first term which lasted 12 months.

But what everyone has to admit is that his vision will be looked at as legendary (good or bad). I can think of no other leader in my lifetime having the balls.

What vision? All he is doing is creating barriers to trade that will reduce purchasing power of us normal people, increase inflation, and potentially send us into a bad spiral of stagflation. He has no vision.

 

[pood]

Well my husband is due to retire next month and between our retirement savings, which had seemed adequate, and which, so far, we have not had the guts to look at since early January, and our Social Securities and my very small pension, which, at this point, seems to be the only certain source of income we have: of course the economy is tanking.

I was mulling over retiring later this year but I guess I will defer for now.

I am glad you are happy with the guy you voted for.

 

[Elixir]

I would not sell anything until after the tax cuts that have not yet arrived.

I think they’re set to take effect for the middle class on or around the 12th of NEVER.
MEANWHILE, EVERYONE GETS TO PAY THE TRUMP CONSUMER TAX HIKE.
I’m sure the math impaired think it’s fair because it impacts everyone.

 

[Jimmy Higgins]

Well my husband is due to retire next month and between our retirement savings, which had seemed adequate, and which, so far, we have not had the guts to look at since early January, and our Social Securities and my very small pension, which, at this point, seems to be the only certain source of income we have: of course the economy is tanking.

I was mulling over retiring later this year but I guess I will defer for now.

I am glad you are happy with the guy you voted for.

And let's keep in mind, these tariffs... aren't legal. Trump doesn't have the unilateral authority to enact tariffs on 170 nations unless there is a national emergency. There isn't one!

 

[Elixir]

There isn't one!

Sez you. Prove it!
Cheato declared one. What more is required, now that there is no such thing as abuse of power?

 

[scombrid]

His vision is to break shit because he hates the US in general and he has his ticket punched. It's the vision of the GOP that is enabling this that should have people really concerned.

 

[Elixir]

His vision is to break shit because he hates the US in general and he has his ticket punched. It's the vision of the GOP that is enabling this that should have people really concerned.

True dat. By himself, Trump has all the importance of any pile of pigeon droppings.

 

[ideologyhunter]

Trump on prosperity: "One day, it's like a miracle, it will disappear..."

 

[crazyfingers]

Trump on prosperity: "One day, it's like a miracle, it will disappear..."

I believe he said that about Covid like April 2020.

 

[ideologyhunter]

Uh, yeah.

 

[bilby]

Trump doesn't have the unilateral authority to enact tariffs on 170 nations unless there is a national emergency. There isn't one!

There will be very soon, though. He's working on it.

 

[TV and credit cards]

It remains to be seen whether Trump's vision will work to make America great again. It took 50 years to get where we are and it won't be fixed overnight. But what everyone has to admit is that his vision will be looked at as legendary (good or bad). I can think of no other leader in my lifetime having the balls.

Right now I'm betting on a future Wikipedia article being created called, The Trump Global Recession.

 

[Toni]

Well my husband is due to retire next month and between our retirement savings, which had seemed adequate, and which, so far, we have not had the guts to look at since early January, and our Social Securities and my very small pension, which, at this point, seems to be the only certain source of income we have: of course the economy is tanking.

I was mulling over retiring later this year but I guess I will defer for now.

I am glad you are happy with the guy you voted for.

Are you fucking kidding me????!

Even without the possible personal economic ruin, I have been teetering on a full blown mental breakdown for the past 5 months.

I am sickened by the threats to world peace, the economic hardship that is certain to rain down far harder in far more people than me and my family or even my country. I’m horrified and sickened and furious at how many people seem to be oblivious or actively cheering at the demise of our democracy. And here, I’m talking about Americans, not Putin’s children.

 

[TV and credit cards]

And the S&P 500 finished down nearly 6% showing only pessimism at the close.

 

[Elixir]

The accts I manage are down less than 2% over the last few days. (/smug)
My accounts managed by "professionals" are "only" down about 9%, which is a pleasant surprise to me, since they are virtually 100% equities.
But this could get a whole helluva lot worse before it gets any better. And it probably will unless The Felon drops dead.
.

 

[ZiprHead]

 

[bilby]

It remains to be seen whether Trump's vision will work to make America great again. It took 50 years to get where we are and it won't be fixed overnight. But what everyone has to admit is that his vision will be looked at as legendary (good or bad). I can think of no other leader in my lifetime having the balls.

Right now I'm betting on a future Wikipedia article being created called, The Trump Global Recession Depression.

FTFY.

 

[Elixir]

It remains to be seen whether Trump's vision will work to make America great again. It took 50 years to get where we are and it won't be fixed overnight. But what everyone has to admit is that his vision will be looked at as legendary (good or bad). I can think of no other leader in my lifetime having the balls.

Right now I'm betting on a future Wikipedia article being created called, The Trump Global Recession Depression.

FTFY.

Maybe. I know there's a technical definition for both. But doesn't a depression have to last, like more than a month or something?
If The Felon croaks tomorrow it'll be a flash in the pan and probably won't qualify.
If he doesn't, and his GOP enablers stick by him, an intentional, probably global depression, is fairly guaranteed for the duration of his life.