S&P 500 Triggers Trading Halt For Third Time in Six Days Despite Fed Rate Cut (cnbc.com) 160
Stocks fell sharply on Monday even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak. From a report: The S&P 500 dropped 9.3% while the Dow Jones Industrial Average fell 2,174 points, or 9.4%. The Nasdaq Composite traded 9.3% lower. Those losses put the major averages on track for their worst day since the "Black Monday" market crash of 1987. They also eclipsed the steep decline seen on Thursday. Trading was halted for 15 minutes shortly after the open as a then 8.14% drop on the S&P 500 triggered a so-called circuit breaker. Before the open, futures contracts tied to the major averages hit their "limit down" levels, meaning they could not trade below that threshold. Those limits are imposed by the CME Group to maintain orderly market behavior. While the central bank's actions may help ease the functioning of markets, many investors said they would ultimately want to see coronavirus cases peaking and falling in the U.S. before it was safe to take on risk and buy equities again.
It's brutal (Score:3, Insightful)
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Really? Why did you sell? You don't sell when the market is low, you sell when it is high.
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It's probably a paper loss.
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And perhaps not even that. The market has rolled back less than 3 years. Stuff held longer than that (on average) still sees a paper profit. I suspect his "loss" figure is based on the dollar value when we were at record highs.
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You don't sell when the market is low, you sell when it is high.
Wow, that's some great advice, Mr Financial Wizard guy. You must have gone to Wharton.
Re:It's brutal (Score:4, Insightful)
Well, you know, buy stocks that go up. If they don't go up, don't buy them.
Re: It's brutal (Score:3)
Shit, where were you when I was planning my retirement? Your system seems much better than my primitive system based on causal reality.
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Re: It's brutal (Score:2)
Since you apparently don't understand what you're crowing about, allow this "moron" to enlighten you.
If your stocks are worth $1,000 yesterday, and $50 today, you've "lost" $9,950 of ASSETS. That means what you have is worth less. That might change tomorrow, such is the market, but to say he's lost nothing is just well... moronic.
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If you invested long-term, like retirement plans, you would lose nothing.
Let me do the calculation:
- You came out of school and started an invest of ~$50 right after the last crisis ended
- During the Obama years, this $50 became $60
- During the Trump years, this $60 became $600
- Now this is back down to ~$100
- When this crisis ends, it will shoot back to $500, regardless of whether Trump or Biden wins
- Provided Bernie Sanders or AOC doesn't get elected in the next 2 decades and takes it all, by the time you
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During the Obama years, this $50 became $60
Even the most biased reading of the DJIA or S&P500 doesn't get you to a mere 20% gain over the "Obama years"
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- During the Obama years, this $50 became $60
- During the Trump years, this $60 became $600
Why use made-up numbers when the actual returns of the stock market are available? Here's the ACTUAL scenario:
- During the Obama years, $50 became $155.36
- During the Trump years, $50 has become $61.12
My calculator doesn't count today (since the market has not yet closed), as of this writing the S&P 500 is down 8.4% so subtract $5.13 from Trump's total. Your $50 has become $55.99. Woohoo! MAGA!
I used the returns calculator at https://dqydj.com/sp-500-perio... [dqydj.com], feel free to get a second opinion.
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Actually, you've lost $950 of assets.
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If your stocks are worth $1,000 yesterday, and $50 today, you've "lost" $9,950 of ASSETS.
Only if you tried to capitalize on those assets by, say, selling them or using them as collateral for a loan. But if you don't intend to do anything with them you haven't really lost anything.
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It's E.T.'s ass?
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So, as long as you don't actually sell your car after it falls off the ferry into the Hudson, you lose nothing. Fantastic.
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So, as long as you don't actually sell your car after it falls off the ferry into the Hudson, you lose nothing. Fantastic.
That's a very succinct and accurate way of putting it. Thank you.
In loan terminology, I think that's also referred to as being "underwater", lol.
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So, as long as you don't actually sell your car after it falls off the ferry into the Hudson, you lose nothing. Fantastic.
This analogy just shows how you don't understand the situation. Having a long position on a security is not the same as owning a car, and they are dissimilar enough that any analogies used to compare then will probably fall short.
Your analogy does work if a company goes bankrupt with no assets to liquidate. This is analogous to your car falling into the Hudson. Your long positions are now worthless as you have nothing to sell.
A closer analogy would be if you own a gas guzzling SUV while gasoline prices doub
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A better analogy would be that your rental property burned down. I guess you haven't lost anything until you try to sell it.
It is a better analogy because it highlights how you can lose value from a long position in a dividend producing security even if you don't sell. But it still confuses the point because everyone in this thread has been discussing drops in stock prices not drops in dividends. I do believe dividends will take a hit because of this downturn but it isn't really what everyone has been talking about in this thread.
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WELL THEN YOU DIDN'T LOSE A SINGLE DIME! Is everyone on this website a moron? What the fuck?
Re: It's brutal (Score:2)
That's a weird way of looking at it. Just because the IRS isn't concerned with it, doesn't mean people aren't rapidly losing equity.
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Re: It's brutal (Score:5, Insightful)
If you don't want to lose money, DON'T SELL! Wait for the market to bounce back. Then you sell.
If you have extra cash, there is a big sale on stocks at the store on Wall Street.
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The panic traders are the same people that are panic buying toilet paper.
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Actually, if they bought the stocks a few years ago, the IRS is concerned with it, since selling now would likely still bring a profit.
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There's no law of the markets that if you buy during a 10% down day, it'll be 10% up tomorrow. It's not like a pendulum. You expect that (supposing approximately efficient markets) at any present values, gains will be as likely as losses from that point (though slightly biased upward due to slow, predictable productivity growth).
Losses in equities reflect expected losses rel
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He lost value in equity. Equity which if transfered to currency is worth less cash. He had more equity value before. You do the math.
Exactly. He had some dollar value in equity leverage based on the market value of the home, and now he has a smaller dollar value. Perhaps that was part of his retirement savings in the form of real estate, and now it's worth less.
How anyone doesn't see that as a loss is surprising. But I've gotten used to fuzzy thinking from Binary Bro.
Was it an actual cash loss? No. But it most certainly was a loss in the value of an asset, no two ways about it.
Re:It's brutal (Score:5, Insightful)
Hey 1100, when you notice someone making mistakes in slashdot posts, and you think it is worth while to correct them, you have an interesting choice to make about delivery. For example, instead of caps-shouting, insulting the entire user base, and spewing profanities, you could have said something like:
I get what you are saying, since the market value of your assets has diminished. But if you haven't sold yet, then you haven't "locked-in" those losses. The market could recover. So from that perspective, you haven't actually lost anything, and won't lose anything if you don't sell. It's a useful perspective to take, as long-term investing tends to be more profitable than day trading.
When you provide the same information in a respectful way, people are far more likely to actually learn from you, and far less likely to mod your posts troll.
I guess....if an insult-match is what you are after then you wouldn't care. But I am running on the assumption that your intent here is to educate, not to just fling poo. I guess only you really know that for sure, though.
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WELL THEN YOU DIDN'T LOSE A SINGLE DIME! Is everyone on this website a moron? What the fuck?
It's a paper loss but your current net worth is definitely down even if you don't sell.
If you don't believe me try applying for a big loan and specifying your net worth as of before the crash instead of current net asset value.
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Sure sunshine, none of those companies that he holds stock in will go bankrupt, reorganize of be purchased by investors who strip all value from it
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This summer may be a great time to buy a house if you need one. With stock prices down and people out of work, the real estate market is going to turn into a buyer's market. Sellers will be cutting prices, and there won't be many people with the $ to buy.
It seems brutal right now, but the S&P500 is about where it was a year ago. The stock market takes the escalator up and the elevator down...
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It first closed above where it is now on July 7, 2017.
Money that never existed in the first place. (Score:2)
You merely put a number on the value people *believe* something to have.
It is *literally* made-up money.
Which should be a crime, as it causes massive damage via you paying us with that, when we do *actual real* work. De-facto STEALING our work.
Saved up money from actual work? Put is somewhere actually safe! Not a literal gamblers' table!
Want more money. WORK FOR IT, you leech.
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Do you really think that it would be better to barter for "real" goods in exchange for labor? That sort of thing worked for a while, but then people decided living in houses with indoor plumbing and keeping animals and growing food was better than living in caves, shitting in a hole in the ground, and hunting when you were hungry. And that was OK for a while until people started wanting cures for disease, video games, airplanes, and to watch reruns of Seinfeld.
If you'd prefer to live in a cave, by all mea
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And if you want to see how much better hard currency was to fiat paper, check out this chart [postimg.cc].
The three marked dates are, earliest first: the creation of the Fed, the removal of the gold standard within the U.S., and Nixon's reneging on the international Bretton Woods gold standard.
Each event made things worse.
Real history and real data show that hard currency (gold, si
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All these horrible things happened, and yet, here we are with treatments for cancer, computers, airplanes, electric power grids, mostly safe drinking water, ample food supply, etc. Your blindness is a bigger concern than paper money.
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I'm not sure what you're getting at, since real money was around for hundreds of years, before they came up with this paper crap.
Oh god, the gold standard person just showed up.
Explain the distribution of gold across the entire world. Here - use this as a guideline. https://www.gold.org/about-gol... [gold.org]
It's from the world gold council - if you think it's fake, take it up with them.
There isn't enough Gold for the world's economy. If say, we overnight switched to the Gold standard, Everything would come to a halt, because teeny tiny amounts of gold would be worth outlandish amounts. The market would have to deal in gold on the ato
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This current downturn shouldn't be having a significant impact on anyone's retirement planning, unless their planning included the assumptions there would never be another recession and the longest bull market in US history wasn't likely to end sooner than later.
As generally advice to anyone nearing retirement, if it has been a while since the last recession (more than 5-7 years or so) just reduce 20% from the worth of your stock portfolio and see if you still have enough to retire. If not, you likely aren'
Less brutal solution approaches? (Score:2)
I've lost as much money in the last three weeks as I make in salary for three years. Kissing early retirement goodbye at this point.
I feel sorry for you [olsmeister], but... Paper profits never count in real life. And let's not forget that the GOT's plan was to convert everyone's future into paper profits in the stock market. [GOT = Gang Of Trump that replaced the defunct GOP] Amusingly enough, I've been eager to sell all my shares for several years now, but was constrained and prevented from doing so. No sense in worrying about it now, though now you've reminded me I have a 401(k), too.
But here is my latest solution approach, though I
Interet Rate Cut (Score:5, Interesting)
No doubt this is being exacerbated by Fed Powell's emergency rate cut yesterday. Investors (and algos) see it as the govt knows something we don't and it's worse than we've been led to believe.
Plus, the Fed just wasted all their bullets with 2 emergency rate cuts. Can't cut anymore unless you go negative when the recession comes.
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No doubt this is being exacerbated by Fed Powell's emergency rate cut yesterday. Investors (and algos) see it as the govt knows something we don't and it's worse than we've been led to believe.
Investors never assume the government knows something that investors don't. A good sized chunk of the economy is going to be put on pause for a few weeks. It's not a secret why the fed would ease up on interest rates in response to that.
Re:Interet Rate Cut (Score:4, Insightful)
A good sized chunk of the economy is going to be put on pause for a few weeks. It's not a secret why the fed would ease up on interest rates in response to that.
How does cutting rates again get money into peoples hands for them to spend? If people aren't spending, the economy stalls.
Obsolete "Fix" (Score:5, Informative)
Our economic system is stuck in factory-era thinking. In the old days low interest rates spurred big investors to build more factories or stores. But nobody with brains invests in factories or stores anymore in the USA. The new "cyber-warehouses" don't need as many employees as factories and stores, and are thus a poor substitute.
What we really need are infrastructure repairs, but Wash. DC blew their wad on tax-cuts for the rich. There's not enough "debt margin" for a big infrastructure bill. The 1% are really in charge and they fucked us for personal greed. About 70% of citizens didn't agree with tax-cuts for the rich, but they got it anyhow. Democracy failed on that one. Go ahead and argue otherwise.
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How does cutting rates again get money into peoples hands for them to spend?
It doesn't, but it makes it cheaper for businesses to borrow money to cover the fact that they aren't making as much. It also makes commercial paper cheaper, which is what businesses use to cover expenses like payroll and large commodities purchasing.
If people aren't spending, the economy stalls.
Certain things people won't buy. Movie tickets, going out to theme parks, going out to restaurants. People are still going to buy food. People will still buy clothes. Shoot, if your car breaks down during this you are probably going to go out and buy another on
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I think you're over-estimating how much people have to spend in the short term. Really, housing,utilities, food stay the same. Transportation is significantly reduced. Everything else gets fucked. Restaurants, hotels, retail, airlines, oil & gas (partially because of sauidis but w/e), movie studios, etc, etc. will have close to no income for weeks if not months.Then you have millions of their suppliers and employees who'll also have no income.
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How does cutting rates again get money into peoples hands for them to spend? If people aren't spending, the economy stalls.
It creates an incentive for people to get loans, and for banks to give them (Fed also promised to buy $700 billion in bonds to inject liquidity, and cut the required reserve by banks to 0). The previous cuts resulted in a mortgage rate low last week, which resulted in a huge increase in cash-out refinancing (that's refinancing where the borrower not only refinances existing debt, but takes out part of the home equity values as a new loan). They're going to use that extra money they took out.
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"They're going to use that extra money they took out."
to pay medical bills! Woohoo! We have the greatest health care system in the world! People only have to borrow against their homes in order to pay the bills, but we're too stupid to vote for something like medicare for all.
We deserve Trump and all the idiots who work with him to steal us blind.
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No doubt this is being exacerbated by Fed Powell's emergency rate cut yesterday. Investors (and algos) see it as the govt knows something we don't and it's worse than we've been led to believe.
Plus, the Fed just wasted all their bullets with 2 emergency rate cuts. Can't cut anymore unless you go negative when the recession comes.
It's probably the second part of your post rather than the first. We're still on the uphill climb of the covid19 pandemic/economic slow/shutdown and the government is quickly using up all the tools they have. Making it worse is an adversarial political climate that reduces the chances that any relief measure could be put through Congress(not to mention whether or not said measure would be vetoed). And of course Saudi Arabia and Russia picked a perfect time to get into an oil price war.
This will get worse
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My take on the drop this morning is that everyone sees the cut as a panic move, not based on analysis and projection but giving up hope and caving to pressure from the White House. Trump has been badgering the Fed for years to cut rates without particular justification; right now it may be accompanied by threats.
On the plus side this might finally blow the top off the VIX.
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Overreaction (Score:3)
Rate cuts will do nothing (Score:5, Informative)
Rate cuts will do nothing to counteract a supply-side economic problem where entire industries are shut down. A rate cut would help help tip the balance of investors away from banks and bonds and into stocks. But when stocks are losing 10% a day, nobody is going "hmm.... I was going to put my money into the bank, but now I'll get 0.1% less on that return, so sure, I'll throw it into the bonfire that we call the stock market!" The federal reserve knows this, yet they cut rates anyway based on political pressure. Investors know this too, so when the fed cuts rates it signals that the federal reserve and the government don't know what the heck to do. So they sell more. When the Federal Reserve and Trump stop panicking, everyone else will too.
Similarly, the emergency tax cuts won't do anything either. And it again signals that they aren't don't know what to do and they aren't stopping to think. What is going to be the fallout of people staying home? Businesses will get less patronage, but their fixed costs still keep going. Lenders and debtors will still expect payment. Small businesses may not be able to shut down for a month and just start back up. We are going to need a small business bailout. We are going to need legislation that stops Coronavirus-related foreclosures. Legislation that makes Corona-virus shutdown-related bankruptcy easier and has a fast path to getting out. That would help more than Trump and the legislature using this as an excuse to cut taxes more. He just wants to say "See, I cut taxes twice! Ignore the fact that I outspent my Democratic predecessor in the process!"
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Small businesses may not be able to shut down for a month and just start back up. We are going to need a small business bailout. We are going to need legislation that stops Coronavirus-related foreclosures. Legislation that makes Corona-virus shutdown-related bankruptcy easier and has a fast path to getting out.
I'll be interested in what the response is to help the little guy (ie small business and Main St.) vs banksters gets more free money. During the Great Recession Obama bailed out Wall St. and that was it. Hopefully this time we get a more equitable outcome.
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The bailouts happened in 2008, that was Bush that signed those right at the end of his term (October), and let Obama deal with the fallout.
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The bailouts happened in 2008, that was Bush that signed those right at the end of his term (October), and let Obama deal with the fallout.
8 years and not one bankster in jail. He failed hard, didn't even try really. Of course the reason is easy to see as he was busy looking to a bright future of easy money. The most glaring example of this is http://www.msnbc.com/msnbc/oba... [msnbc.com]
I'm not of fan of Bush II in terms of spending or Iraq but to let Obama off the hook as you suggest is wrong.
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Rate cuts will do nothing to counteract a supply-side economic problem where entire industries are shut down.
Rate cuts are not meant to solve the supply and demand issues causing this economic downturn. It is meant to keep lending going during the downturn to reduce the likelihood companies go bankrupt. No one is claiming the rate cut will solve any of the straw man arguments you have proposed in your post.
Uncertainty over whether Congress will pass bills to help fix the large number of problems you mentioned and others is having a far greater effect on stock prices than lack of confidence in the fed.
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It is meant to keep lending going during the downturn to reduce the likelihood companies go bankrupt.
Aha! That actually makes sense given that this selling was resulting in a cash shortage.
No one is claiming the rate cut will solve any of the straw man arguments you have proposed in your post.
I think "straw man" has become the de-facto-way to insult anyone's argument. A few years ago it was to quote a random logical fallacy from RationalWiki, with extra smugness points if it was in Latin.
Good time to buy is coming in a little while. (Score:4, Interesting)
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It won't hurt
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The problem with trying to find the "start of the rebound" is that it's false starts all the way down. It doesn't go down, down, down and then up. Every time there's a drop there's a bunch of investors who think now's the time to get in causing a small rebound. Then you've got the investors that have been waiting for at least a small rebound to not sell at the bottom who cut their losses. As long as the latter outnumber the former you see a small rebound, another dive, rebound, dive, rebound, dive until sud
It'll all be forgotten in two months. (Score:3, Insightful)
The damage done will be 90% panicking morons that should be trialed for terrorism and extradited to some pestilence-riddles shithole.
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I disagree. I think twocows has it right [slashdot.org]. In 2 months, quarterly reports will start to show the impact of everybody shutting down businesses for 2 months. The market isn't diving because individual investors are panicking. It's because when a company like Disney says they are closing their doors for a month, that means 1/12th of their revenue will be gone, plus they will have to issue refunds etc, but their fixed expenses will not go down. That means a really bad quarter. When nobody goes to the movie
Re: It'll all be forgotten in two months. (Score:2)
Overdue market correction. (Score:2)
Although I am considering buying some stocks 'for fun' for the first time ever once the market bottoms out...
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Be sure and let us know when the market has bottomed out!
The thing you have to understand about stocks is that they go up and down, but the long term trend of the overall market is upward. Individual companies may go out of business while others prosper. Fortunately, you can avoid the potential drops to zero by avoiding individual stocks and by buying index funds.
Timing the markets is a fool's game because you can't know the exact moment when an asset is at peak or minimum price. Look into dollar cost ave
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This does not however mean that it was ever a good idea to depend on the stock market.
And now the Fed is out of ammo (Score:2)
Are you happy?
Because none of this was going to change anything.
Just pass the House bills in the Senate and get back to work.
I'm guessing that the market... (Score:2)
... saw the administration pull the only two arrows they appear to have in their quiver -- tax cuts and Federal Reserve action -- and collectively said: "Jesus... these people really have no idea how to handle this situation! How many times will they keep doing the same thing when it's not working?" and started getting out. I can't see the direction the market is taking as anything but a vote of no confidence in the Trump administration by Wall Street.
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Oh shut the fuck up. This site is full of shitheads.
Re:China's Century (Score:4, Informative)
Yeah, I did. Compared to you guys I am Albert Fucking Einstein.
Re: China's Century (Score:2)
Uh, no.
You're just loud and suffering from the Dunningâ"Kruger effect.
Please, stop.
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I think you are seeing Dunning-Kruger, not Albert Einstein
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The problem with any authoritarian regime is that you depend on the competence of the person on top. Usually, the guy who creates the regime is competent, otherwise how would he rise to power? But he installs someone he likes, his offspring maybe, as his successor. And that guy is most unlikely to be as competent. It's a downward spiral after that.
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The problem with any authoritarian regime is that you depend on the competence of the person on top. Usually, the guy who creates the regime is competent, otherwise how would he rise to power? But he installs someone he likes, his offspring maybe, as his successor. And that guy is most unlikely to be as competent. It's a downward spiral after that.
It depends on the goal of the authoritarian. If the goal is simply to keep themselves/their family/their people in power then all you need is a firm grip on the country politically, militarily, and culturally. That's how the Kims have stayed in power in NK. The trick comes when you try to both keep that grip on power and keep your economy strong/growing. Grow too much and you start getting wealthier middle classes that tend to like things like freedom and democracy, which is what China is running into.
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Competency in grabbing and holding power is not the same set of skills as competency in running a government.
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True, they are not entirely the same set of skills. Just look at some of the horrible mistakes made by dictators, like China eliminating sparrows because they thought they ate crops. But still, some minimal level of competency is required to rise to power. And the offspring of such a leader are likely to lack even that, which was my point.
Pleast take your pills. (Score:2)
By your insane "logic", life woul be greatest, if we'd put everyone in prison, with a brain reading device in their heads, and Amazon's Mechanical turk (A.M.) at the helm, in control of everything, keeping us "safe".
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Maybe not China's chance to shine. They may do a bit better if they recover faster than the other economies. However, now the real problem with the supply chains being anchored in China is apparent. They are a single point of failure, and no one, not even the Chinese, has any faith the government won't help cause another global screwup.
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I hated this question when I lived in Singapore - but, you know Singapore isn't in China, right?
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interesting.
None of this is Trump's fault! It was all Obama!
Personally I blame it on Hillary's emails. And the fact that Mexico still hasn't sent us that check.
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interesting.
None of this is Trump's fault! It was all Obama!
Personally I blame it on Hillary's emails. And the fact that Mexico still hasn't sent us that check.
If Mexico would hurry up and reimburse us for the wall then the government can afford to buy more covid testing kits!
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And the fact that Mexico still hasn't sent us that check.
Actually Mexico is going to build the wall for you guys [newsweek.com]. Trump playing 5D chess, as always!
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Re:Be careful what you wish for (Score:5, Interesting)
I don't think anyone wanted the economy to crash. But getting rid of Trump would be the silver lining to this dark cloud.
Now the question is whether he will declare martial law and suspend elections... I wouldn't be surprised. It will give his handlers more time to spread disinformation via Fox News and Facebook.
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Now the question is whether he will declare martial law and suspend elections... I wouldn't be surprised.
I've been saying this exact same thing for a while now.
I wouldn't be a bit surprised if this is exactly what he does, after claiming the "elections are rigged", and that they'd be unfair or that they couldn't be trusted.
Let's say he loses the election fair and square, perhaps even by an overwhelming amount- does anyone see him leaving the White House peacefully and assisting in an orderly transition of power? I sure don't.
Re: Be careful what you wish for (Score:2)
If you're in the market for short term gains, no one cares what happens to you, and rightly so. If you're in the market for long term gains, a crash is just an opportunity to dollar-cost average at a lower price. So, yeah, in that context, a market crash that helps correct the long-term systemic problems (like the national debt, which Trump has ballooned) is a good thing for all of us.
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Why is a long-term player morally superior to a short-term player?
I tend to buy and hold- the last time I sold any securities was about 4 years ago, but the market has room for and needs both long and short term players.
Putting these last couple weeks into perspective- the S&P500 is now about where it was a year ago. BFD.
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let me explain something that you seem to have missed. Bill Maher is a comedian first and foremost. He says things that will get a laugh. Sometimes a nervous laugh, but a still a laugh.
He and every other left leaning person have been hoping for something to come along that would finally get rid of Trump, and anything bad that happens can be viewed as not quite so bad if it helps get rid of Trump.
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Even though I'm losing thousands in this crash, it's just very satisfying because Trump keeps bragging about his stock market being the biggest and greatest and never comments when it's down, certainly not when it's having the worst day/week in more than a decade.
Case in point - this Saturday, when the markets are already down like 20%, he said, in all caps: BIGGEST STOCK MARKET RISE IN HISTORY YESTERDAY! [twitter.com]
After a very quick rally. Not only is it stupid in context of massive losses, and insensitive in light o
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I'm waiting for him to claim that he brought gas down below $2 per gallon...because he cares for the working man!
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I'm waiting for him to claim that he brought gas down below $2 per gallon...because he cares for the working man!
Assuming you're not joking and haven't actually seen it yet, I have good news for you:
Good for the consumer, gasoline prices coming down! [twitter.com]
Posted on March 9.
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Yes, please catch up
Saudi Arabia announced that it will gut gas prices regardless of what OPEC says, particularly Russia that has relatively high production costs [nytimes.com]
The sad thing, is that American fracking has even higher costs that Russia and we will see US companies shutting down fracking operations, along with an increase in unemployment [newsweek.com]
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The left wanted the economy to crash hoping it would get rid of Trump.
No one is looking for the economy to crash. (well, not no one but certainly not a significant amount) There are some, like me, who have hoped for stupid policies to fail in a minor enough way to show they were stupid but not in a major enough way to cause much harm. If stupid policies work because of dumb luck, it only reinforces the behavior. But on the other hand you don't actually hope for innocent people to unnecessarily suffer just to prove a point.
It is similar to when my toddler was jumping on furnit
Re: (Score:2)
No, "the left" watched in disbelief as President Trump knocked out all of the supports for out financial systems and society while proclaiming that he was saving tons of money and eliminating waste
It was really just a matter of time until those societal and financial supports would be called on and Trump's foolish decisions exposed
It is truly disgusting for you to attempt to smear "the left" for caring enough about our country to warn that the President has made unwise decisions
Re:Why don't they just let it go all the way down? (Score:4, Interesting)
Re: (Score:2)
The leeches riding Trump's coattails make money on each trade. They don't care if the market goes up or down- as long as it keeps moving.
Re: (Score:2)
The truth lies between the extremes. The companies' prospects for future profits will probably improve over time, but their ability to make profits and pay dividends will suffer in the short term due to the slowing of economic activity. On the other hand, the market was indeed overpriced by optimistic speculation.