Icarus wrote:I'm beginning to wonder ff the stock market is going to be below what it was when he got elected....
Probably not. Once people get used to the coronavirus killing off x-amount of the population they'll start going to the movies and buying widgets again. Also, building season is coming and because interest rates are so low, housing demand is so high, I can't really see the market taking once consumption resumes.
Anyway, I kinda thought once the market hit 19k we were at a sweet spot, but mid to high 20s? I dunno. It feels bubbly.
edit: Fed is lending cheap money at $175B in just one day. That's just today. Wow.
- Doc
In the face of madness, rationality has no power - Xiao Wang, US historiographer, 2287 AD.
Every record...falsified, every book rewritten...every statue...has been renamed or torn down, every date...altered...the process is continuing...minute by minute. History has stopped. Nothing exists except an endless present in which the Ideology is always right.
Icarus wrote:I'm beginning to wonder ff the stock market is going to be below what it was when he got elected....
Probably not. Once people get used to the coronavirus killing off x-amount of the population they'll start going to the movies and buying widgets again. Also, building season is coming and because interest rates are so low, housing demand is so high, I can't really see the market ta[n?]king once consumption resumes.
I am not sure that your optimism is shared by many of those running central banks, who are likely to be very concerned about the limited number of shots left in their lockers to use against a major risk of recession. Large slices of GDP are disappearing from affected countries, never to be seen again. Even if (which is very unlikely) the direct impact of COVID-19 on the US economy is small and temporary, many firms in the US depend on a healthy world economy to make money.
European Central Bank President Christine Lagarde said Europe risks a major economic shock echoing the global financial crisis unless leaders act urgently on the coronavirus outbreak, and signaled that her institution will take steps as soon as Thursday.
Lagarde told European Union leaders on a conference call late on Tuesday that without coordinated action Europe “will see a scenario that will remind many of us of the 2008 Great Financial Crisis,” according to a person familiar with her comments. With the right response, the shock will likely prove temporary, she added.
Lagarde said her officials are looking at all their tools for Thursday’s policy decision, particularly measures to provide “super-cheap” funding and ensure liquidity and credit don’t dry up, said the person, who declined to be identified because the call was private.
Still, she stressed that central-bank measures can only work if governments throw their weight behind them too, with steps to ensure banks keep lending to businesses in affected areas, said the person. An ECB spokesman declined to comment.
Lagarde spoke hours before the Bank of England became the latest central bank to take emergency action. It announced a 50 basis point interest-rate cut early Wednesday, combined with measures to help keep credit flowing, and said it still has more policy space to act if needed.
BOE Governor Mark Carney echoed Lagarde’s view that a proper response would help prevent a global recession. “There is no reason for this shock to turn into the experience of 2008, a virtual lost decade in a number of economies, if we handle it well,” he said.
So let's hope they do 'handle it well'. That is by no means guaranteed.
Zadok: I did not have a faith crisis. I discovered that the Church was having a truth crisis. Maksutov: That's the problem with this supernatural stuff, it doesn't really solve anything. It's a placeholder for ignorance.
Futures plummet in response to the news tonight. Travels bans from Europe and the NBA suspends its season. DOW is below 23,000 for the first time since the Fall of 2017.
"One of the hardest things for me to accept is the fact that Kevin Graham has blonde hair, blue eyes and an English last name. This ugly truth blows any arguments one might have for actual white supremacism out of the water. He's truly a disgrace." - Ajax
EAllusion wrote:There's a non-zero chance that Trump tries to delay the election, isn't there?
Good point.
It will be interesting to see how this plays out going into November.
This is a time to make the case for mandatory voting, electronically from the comfort of your own home.
"One of the hardest things for me to accept is the fact that Kevin Graham has blonde hair, blue eyes and an English last name. This ugly truth blows any arguments one might have for actual white supremacism out of the water. He's truly a disgrace." - Ajax
God sends a virus to ruin the economy to hurt Trump, and to reinforce that purpose he makes a virus that specifically punishes Trump's primary voting bloc. Elderly men.
The DOW is nearly where it was when Trump took office.
"One of the hardest things for me to accept is the fact that Kevin Graham has blonde hair, blue eyes and an English last name. This ugly truth blows any arguments one might have for actual white supremacism out of the water. He's truly a disgrace." - Ajax
Trump has spent 3 years boasting about the stock market's record run, but almost all those gains were wiped out in 2 short weeks. Trump consistently used the stock market as a barometer of his success as President. In Nov 2019 he boasted of record highs for the S&P 500 and Nasdaq. Why mention this? Because when the DJIA recovers he’ll boast how he navigated us through this crisis and because of his *stronk* and *powerful* and *best* leadership he alone, like no other President in the history of anything MADE AMERICA GREAT AGAIN.
*Doc Cam salutes a bald eagle holding an American flag*
- Doc
In the face of madness, rationality has no power - Xiao Wang, US historiographer, 2287 AD.
Every record...falsified, every book rewritten...every statue...has been renamed or torn down, every date...altered...the process is continuing...minute by minute. History has stopped. Nothing exists except an endless present in which the Ideology is always right.
The markets seem to be swinging a lot while crashing, so I looked up a volatility measure to see where things are at and the volatility index I saw was just shattering records.
I haven’t looked at my 401k, which I now feel a small amount of pride about.