Update….
As of 11:00AM EST….
The market loss has dropped to -500 points…
The value of corporate America is down 10% as of right now….
…
The American Stock Market IS DIVING down….
ALL of the gains during the last year ARE GONE….
This IS moving PAST just the virus….
Donald Trump’s policy of isolation and China Trade War is a BUST….
The world markets are moving towards 2008/2009….
The adults in the Fed will have to do something….
Donald Trump seems OVER his fucking head as China shuts down and the virus grows…
Stocks on Wall Street fell sharply in early trading on Thursday, in the sixth straight day of losses for the S&P 500 as investors continued to react with fear to the spreading coronavirus outbreaks.
The latest wave of selling has come after public health officials in the United States and Germany said new patients in each country had no known connection to others with the illness. Cases of the virus have appeared in at least 47 countries….
Note…
The underlining thing is people ARE LOSSING MONEY with the devaluing of the market values …
This IS a breakdown in supply to America and other countries as China closes down….
Largest Dow slide since 2008.
These things always happen when we have a Republican President.
Market loss back UP to -650
Dow Jones Industrial Average Index
Index: DJI · February 27, 4:17 PM EST
25,766.64
▼ 1,190.95 (4.42%) today
▼ 3,240.12 (11.17%) since Friday close
isn’t a 10% drop by definition a “bear market”?
They say the term is “correction.”
Down almost 1200 today.
Must be all that confidence in Mike Pence to pray the coronavirus away.
When I say De, you say pression!
De…
Are you accusing me of cheerleading a recession for simply pointing out the record stock market drop today?
Dumb.
Yeah, you would never do that.
So what do you consider “cheerleading”?
Any mention that the stock market dropped?
I call that reporting the news
I didn’t say you were though you seem defensive.
I am trying to remember those posts when you reported when the market went up a lot though.
What gets more news? Wben the stock market rises or falls precipitously?
Celebrities getting face tattoos gets more news than either.
That says more about where you get your news.
It just takes one of Bernie’s celebrity endorses to tattoo the stock market dive of the past week on their face and America will take notice.
As someone who claims to want Donald Trump out of the White House you should see that a recession makes that much more likely to happen. People will suffer. As usual most 0f them working class or poor. It’ll suck for all of us. But it will also remove Trump from the White House. I really don’t give a fuck about who “wished” for it to happen and who prayed 5 times a day that it wouldn’t. That’s immaterial to the facts and may be of concern to you but not me.
So, now you are saying I should hope for it?
I don’t want anyone to suffer. Trump or any President should be irrelevant to the very survival of people and families.
Closer to home, this concern about retirement savings in the market is putting a lot of stress on my 73 year old mother and I have to hear about it everyday. High blood pressure runs in our family.
No I’m saying the economy doesn’t give a shit if you “hope” for it to collapse or not.
If the economy collapses Trump is almost certainly a one termer. I said that would suck for all of us–especially the poorest. People poorer than you or I or your mother. They are always hit the hardest.
If it happens it will be hell on a lot of people–especially those living paycheck to paycheck.
But Trump losing is what’s called a “silver lining”. Google it.
I’m guessing you think Ronald Reagan should have defeated Jimmy Carter even if the economy was booming. But if it was Carter would have been reelected. Just the honest truth. That recession sucked for my family, though I was mostly too young to remember it. But my Republican mother said–“well it brought us Reagan”, much to the chagrin of my Democratic father.
This IS gonna get WORST not better…
China IS. in a world of shit…
But?
That isn’t gonna be the issue
As the virus spreads
And it WILL?
Area’s will be closed off piece by piece
THAT will be issue
The world is marching towards a YUGE recession or worst…
As i have pointed out here several times
(i DO tend to repeat myself)
Trump ain’t up for this….
It seems that when the Dow falls by a larger amount that at any time in history people should be allowed to post on it.
CG thinks that is “cheerleading” a recession and that Democrats are distasteful for mentioning it.
I guess Reagan shouldn’t have said “are you better off now than you were four years ago” in 1980. He was cheerleading the stagflation
This is another analogy I do not get at all.
Reagan was talking specifically about policies enacted and how his would be different and better. That is what campaigns are run on.
The Coronavirus is not a policy. Very few people in the U.S. have it. Trump did not create it. Do the Democrats have a different plan to stop it? If so, they should let us know. If they want to point out things about CDC funding, etc, as Bloomberg did, that is fair game.
But the fact remains that Trump got too much credit when the stock market was setting records and he is not to blame because there are international concerns about a virus. Of course, he comes across as a b.s. artist and not a competent leader when he speaks and that is part of the problem.
Are people going to feel safer with Bernie Sanders handling the virus? Part of the stock market losses, (just part) are also likely related to fears that Sanders may become President.
What policies was Reagan talking about when he simply asked “are you better off than you were four years ago”
You are inferring a lot from that simple sentence.
Right or wrong people vote on feelings more than policy. Voters thought things were a mess in 1980 and lost confidence in Carter, even if they thought he was a nice guy. Trump is an asshole who is bungling up the response to Coronavirus.
Again voters aren’t going to parse policy if they are no longer willing to look the other way at an asshole President who is screwing up.
Do I have to cut and paste the entire closing statement from the debate? You can look it up.
Now, there is certainly a case the Democrat can make for “is America as strong” , “are we as united” , etc. etc. etc.
I just think Sanders would have a hard time doing that since he pines for the days of Fidel Castro.
Do Republicans now believe that the coronavirus is caused by Mexicans and people from Central America? Off hand, I would think that is a stretch – even by Republican standards. But CG knows how Republicans think, so if he says they believe or will believe it, then he might be right?
Good point Zreebs. CG seems to be confirming that Republicans will believe whatever racist BS the President spews. What a party!
He will say people are coming here and infecting Americans.
By the way, that’s a pretty savage theory that he is setting Pence up on all of this so he can be dumped for Nikki Haley.
No – He is setting up Pence (rather than himself) to take the blame for any future government mistakes related to the coronavirus that might had led to someone’s death. This has the potential to be a political issue this November.
“Part of the stock market losses, (just part) are also likely related to fears that Sanders may become President”
That’s complete bullshit from Trump’s press conference. Reporting from the floor of the NYSE said NO ONE was mentioning Bernie Sanders. Supply chain and production slow down in China, Japan and Italy were.
You are repeating that lie like a good little Republican though!
I’m not an expert on the market but I think it makes sense that Sanders would have a negative impact on the market. It’s a theory. I didn’t listen to Trump’s press conference.
Lets face it…A Sanders or Warren nomination probably WOULD NOT be a boost for the market…
If you say you didn’t listen to Trump’s news conference and didn’t hear him try to blame the stock market drop on Sanders comments in the debate I believe you.
Just shows you that Trump is truly a Republican and thinks like one since you guys both had the same conclusion
If that’s what he said, he was told to (I know he said something about the debate caused the drop even though the drop was before the debate) by someone else.
Well if the threat of Sanders winning was the reason for the stock market decline, wouldn’t the declines have started once it became clear that Sanders was going to win NV and wouldn’t they have stopped once it became clear that Biden would do very well in SC?
The reason that stock investors have given for why they are pulling out of stocks is the coronavirus. That and the fact that unless you are 3M making masks, financial analysts are projecting that most manufacturing companies and companies associated with travel will not be making any profits in 2020. CG should be able to understand that for the stock market to go up, companies will need to turn a profit.
“part of the reason” is my theory. Not related to the debate, but post-Nevada.
Of course the virus is the overwhelming reason, as I said weeks ago when this first became a story regarding drops in the market.
and I am also standing by my prediction (not that I in anyway agree with the substance of it), that if fears continue or increase, the line from Trump and his allies will be about the need to better control our borders. The outbreak will be blamed on illegal immigration and sanctuary cities and people running around with bad hygiene in Nancy Pelosi’s SF, etc.
They will follow the Democrats lead in not letting a crisis go to waste, by trying to use this against the Democrats’ very lax immigration attitudes. And a lot of people will buy it.
Trump can try to blame it on open borders. But at least one of the cases was someone who never left the country.
You keeping your 401K as is Scott or taking other measures?
I don’t think I agree with you Scott. The poor doesn’t have a lot if money in the stock market. The wealthy does. So a stock market crash hurts the wealthy much more than the poor.
That is true of the stock market Zreebs. However if the market crash leads to full on recession then the poor suffer.
A large portion of securities are not held by individuals, families or profit-seeking corporations, but by institutions, public non-profit corporations and pension funds (remember them ?) — which means that at least some of the humble can also suffer, though often indirectly, in a stock market crash.
I just wish I knew the current proportion of individual stockholders to institutions.
A huge proportion of AT&T stock was once held by AT&T employees and retirees — which was a clever way of seeing that AT&T’s interests were jealously guarded in every state, city and county, and in both parties, by a group of ordinary non-plutocrats.
Dave, A couple of thoughts:
1)The poor typically don’t benefit from a pension fund. And Pension Funds are enjoyed by our generation, but not typically by people 15 years younger than us.
2) For-Profit corporations are also owners of corporate stocks. For example, Casualty Insurance companies receive money upfront, but might not have to pay a claim until years later. For example an asbestosis claim could be from a policy 10 years ago. So Insurance Companies are huge buyers of corporate bonds (especially) and corporate stocks.
The man and the moment have yet to meet.
I recognize that the following is an over-simplification – but an in-depth discussion doesn’t work well in a blog.
A recession is kind of like having to go to the bathroom. Recessions are essentially inevitable, and a well-run economy will still have recessions. We can prevent a recession for some tine if we want to do so – but that does not mean we should try to avoid a recession at all costs. In most cases, the way to prevent a recession is by spending increases and tax cuts. In most cases, massive deficit spending (especially she the inflation rate is low) will extend the business recovery, and that is what the GOP’s borrow and spend policies have done. But a sound fiscal policy cannot ignore an increasing deficit indefinitely because the long term results of an increasing deficit are severe. Right now, our fiscal policy is saying “Hell with our future. I want a strong economy right now”.
I think the Trump spending increases and tax cuts have probably prevented a recession from occurring right now, but they were not sound fiscal policy, and once some politician tries to address the growing deficit – which we need to address for sustained long term economic growth – then we will have a recession. We need a tax increase right now – not because it will be good I the short term – it won’t be, but it will be good for the economy in the long term.
The GHWB tax increase was the absolutely the right thing to do at the time, but it had an adverse short term effect on the economy and it destroyed Bush politically.
Regardless of the spread of the coronavirus here, a major effect is going to be shortages which will begin appearing shortly on products imported from China and other countries where the disease has spread.
It will be impossible for the Trumpites to blame that on Mexican immigrants.
Those of us old enough to remember the gas shortages in 1973-1974 can recall the political reaction in the 1974 ekections.Look one can argue all they want that Trump isn’t to blame necessarily.I agree and commented on the irony that after all he’s done to deserve to be defeated that he might be done in over something over which he has no control.Still when times get tough ,people tend to blame whoever is in power.
I always thought myself that Bad King John got a bad rap for the Black Death.
If only England had had enough leeches.