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We are on the Verge of Economic Catastrophe

A little perspective.
Not only did God save Trump last July 13, but Trump is the entrepeneur, risk-taker, and job-creator of so, so many enterprises. Look at the list (and I could have listed more.)
Trump Airlines
Trump Beverages
Trump Steaks
Trump Vodka
Trump Fragrances
Trump Magazine
Trump University
gotrump.com
Trump Taj Mahal
Trump Marina and Trump Plaza (NJ)
Trump Casino (IN)
Eric
Trump Tower (Tampa)
Trump Castle Hotel & Casino
Trump Entertainment Resorts
Trump Mortgage
Donald J. Trump Foundation
Trump did all of that. And he's more than capable of doing it for America...and for Gaza...and for Greenland...and Ukraine....and Canada...
Did I mention that he's written 15 books?
 
RVonse said:
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.
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To have balls you have to understand that you're taking a risk. He doesn't. He's trying to apply toddler level "solutions" to the ship of state.

I haven't looked at the market, I assume it's taken a bite out of our savings but selling when the market shits is not a good strategy, period. I do not expect a rebound other than if there's a coup but the time to sell was before he crashed things. Look at the gargantuan cash position Warren Buffet has--he called it right. And note that any political action that crashes the market is almost by definition a bad move because the market is predicting what's going to happen. If the market crashes that says a whole lot of skilled people consider prospects to be worse than they were before.

Trump has no more vision than a blind man. And it didn't take 50 years, it took 50 years of conservative undermining our democracy to reduce us to fascism. He's not fixing anything. He's just looking at anything he doesn't like and taking an axe to it. Never mind if he understands, anything that's not understood is assumed to be waste.
 
crazyfingers said:
ideologyhunter said:
Trump on prosperity: "One day, it's like a miracle, it will disappear..."
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I believe he said that about Covid like April 2020.
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And look at what's happened. The right denies it, the left respects it. And the right has twice the death rate (after demographic adjustment, the raw numbers are even worse) than the left.
 
Loren Pechtel said:
the right has twice the death rate (after demographic adjustment, the raw numbers are even worse) than the left.
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“It’s their funeral!”
They’re not alone though. They owned a lot of libs just by coughing on ‘em.
 
Toni said:
pood said:
TSwizzle said:
Toni said:
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.
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I was mulling over retiring later this year but I guess I will defer for now. 😲
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I am glad you are happy with the guy you voted for. (y)
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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.
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I was addressing Swizzle.
 
Dow futures are down over 1,200 points. Trump is bloviating every thing the market does not want to hear.

article said:
"THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH," Trump wrote Saturday on Truth Social. "it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!"
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At some point I'm certain he'll explain how paying more for stuff leading to a recession will lead to a massive redistribution in the production chain, when he is being a gigantic asshole to every other country on the planet.

On Sunday evening, he doubled down again, posting: "We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A. They are already in effect, and a beautiful thing to behold. The Surplus with these Countries has grown during the “Presidency” of Sleepy Joe Biden. We are going to reverse it, and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!"
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The fuckwad is still saying that the US gets the tariffs from others. That shit never gets old. I can't wait for the tariffs with Canada even up raw Aluminum mining in the US.

Asked about the markets plunge late Sunday aboard Air Force One, Trump said it was sometimes necessary to "take medicine," and that no deal would come with China unless the U.S.'s trade deficit with it was addressed.
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We gave China / Asia our production. They didn't steal it, we gave it to them. And US tariffs will lead to more sales in China... somehow when China adds tariffs to US exports to their nation.

Trump is fighting the dumbest fucking battle in one of the dumbest fucking ways possible. And he is making that abundantly clear to the markets. Maybe 20% isn't too outlandish after all. Trump is acting like the US has all the leverage and everyone else has to listen to us. He doesn't get that maybe they'll just tell us to fuck off. After all, other countries make and grow stuff too.
 
Meanwhile... farmers have so many reasons not to like the tariffs.

article said:
Some U.S. farmers say the tariffs are already making it harder for producers in their country, already long accustomed to hardship, to make a living.

"Most farmers are pretty used to adversary things and situations like this," Doug Sombke, president of the South Dakota Farmers Union, said. "But I think many of them were actually struck and shocked."

Sombke said 90 per cent of the state's potash — which is used as a fertilizer and is currently being tariffed at 10 per cent — comes from Canada, while much of its farming equipment carries a "made in Canada" stamp.

North Dakota Farmers Union vice-president Bob Kuylen also said he's "very frustrated" with the tariffs, warning they could be detrimental to the future of agriculture in Manitoba's neighbouring state.
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That's right... Trump's tariffs are not only making it harder for the US agricultural industry to sell abroad... they are making it more expensive to farm as well.

article said:
North Dakota Farmers Union vice-president Bob Kuylen also said he's "very frustrated" with the tariffs, warning they could be detrimental to the future of agriculture in Manitoba's neighbouring state.

The 25 per cent steel tariffs could make purchases of necessary farm equipment much more expensive, he told host Marcy Markusa in a Friday interview with CBC's Information Radio.

For example, he says Canada makes good-quality no-till drills — specialized equipment that plants seeds without disturbing the soil — but their $1-million price tag would cost a U.S. farmer $250,000 more with the tariff.
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Suck it up farmers and "take your medicine."

I'm reminded of a project we were working on, and it was getting to the point where the contractor was about to make the site unusable and the entire job would be put at risk of not being completed. We are in a situation here where we either end this nonsense (cough GOP) or we are left trying to figure out how to untangle all of the knots.
 
Today could reach a benchmark not hit since 1929, when the market dropped 4% three days in a row. And what helped cause that? You guessed it, tariffs.
 
Market opens 1,300 or so down... and pivots on a dime and is up 400 pts. Then 800 pts, now it is dropping to 100 pts up. Was this an automated set of sales to buy in a crash?
 
Jimmy Higgins said:
Today could reach a benchmark not hit since 1929, when the market dropped 4% three days in a row. And what helped cause that? You guessed it, tariffs.
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The Smoot-Hawley tariffs, which most economic historians agree deepened the Great Depression, came in 1930.
 
Jimmy Higgins said:
Market opens 1,300 or so down... and pivots on a dime and is up 400 pts. Then 800 pts, now it is dropping to 100 pts up. Was this an automated set of sales to buy in a crash?
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Looks like the answer is yes, as we are back to our normally scheduled crash.
 
Jimmy Higgins said:
Market opens 1,300 or so down... and pivots on a dime and is up 400 pts. Then 800 pts, now it is dropping to 100 pts up. Was this an automated set of sales to buy in a crash?
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I don't know. I was seeing some screwy numbers. Down then way up. Then down. I thought that my news sources were going wacky.
 
Sounds like rumors of a 90-day delay on the tariffs. WTF is wrong with this idiot... oh right... an idiot. But it sounds like it was just a rumor, that was more a misunderstanding based on a Fox and Friends interview. But the F&F crew are just following orders, so one has to ponder whether they are tempering the red hats on a pause.
 
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