Stock Market Plummets as Trump Announces New Tariff War
Donald Trump announced new tariffs will take effect this weekend—sending the stock market crashing.
Donald Trump announced new tariffs will take effect this weekend—sending the stock market crashing.
I mean far be it from me to speak in defense of Trump's idiotic trade war but I don't know in what world 30 points off the SNP500 is considered "plummeting". The DOW fell 350 points!!! Yes, and it's still sitting quite comfortably near all time highs at $44,544. That's barely a blip on the radar.
Stock market is a load of bull anyway. Just a glorified casino based on socio-theoretical math
Companies can make record profits all the time but it will never trickle down to benefit normal people as long as they have a choice to keep it.
well, making tons of money on the stock market isn't even tied to making record profits, since it's nothing really more than a popularity contest between rich hacks.
An honest reporting would use percentage movement, in which case this drop was .7%. Typical activity. The first circuit breaker put in place to prevent a stock run begins at a 7% drop, and that only stops things for 15 mins because it's not even critical yet at that point.
But to the average person who knows little about the stock market, 350 points sounds like a lot, so it gets views, especially when it's supposedly connected to another event that "caused" it.
May drop a bit more Monday. Big 3 autos are a small segment of S&P now. Tesla may face retaliation. NORAD fees is the nuclear option. "declaration of war" official statement, and US companies standing by their Canadian supply chain is the key "unknown", but either way means Canada is a friend, that undermines Trump, or enemy that undermines US economy/S&P.
I appreciate the reassurance. I just started a rollover to my new job which means everything has to get sold. I don’t have a lot in retirement, but that’s what I’ve got.
Hopefully, in the grand scheme of things it won’t be a huge deal any more so than the general collapse of society.
Great Depression 2.0 here we come!
The numbers Trump is spouting make it fairly clear that he does not understand the difference between a trade imbalance, and a revenue vs cost accounting imbalance in like a single business.
EDIT: Oh dear fucking god, its even worse than I thought:
(use firefox reader mode if you can't read the whole article)
tl:dr;
The GOP/Trump want to functionally repeal Dodd-Frank and make it so Wall Street investment banks that blow up don't actually have to pay back their creditors.
Even the BERNANK thinks this is insane:
Many financial crisis veterans argued against the bill, including former Federal Reserve Chair Ben Bernanke, who said in a Brookings piece that repealing orderly liquidation theory "would be a major mistake, imprudently putting the economy and financial system at risk."
They also want to either entirely or massively defund...
Office of the Comptroller of the Currency, the National Credit Union Administration, FDIC, CFPB and Office of Financial Research.
all hail cheeto brain
Offtopic:
But more things are plummetting than just stocks.
I'm in philly and a plane supposedly crashed...
Didn't the FAA director just get fired? What a juxtaposition... 👀
I heard there was a similar incident involving a plane almost going down in the same area last week. Not sure if that's significant at all. My fear is they're planning for a false flag.
Trump's view of the world will kill us all.
just part of a republican presidency at this point
I hope when we come out on the other side of this the rest of the world isn't too mad at us. Maybe Greece sends over all their yayas to give us hugs and lamb. That'd be nice.
"Trade wars are easy to win!"
Oh now, what'll happen to all their fake wealth now?! This is the worst of news!
This means prices will go down right? Right?
I just wish he'd waited a week so I could get extra shares when my paycheck hits. Love buying my stocks at a discount.