You did it! Another Trump-era record! https://t.co/JhUqF36MK8
— John Podhoretz (@jpodhoretz) February 5, 2018
U.S. MARKETS PLUMMET
– Dow: -1,175 points (-4.6%)
– S&P 500: -117 points (-4.2%)
– NASDAQ: -273 points (-3.7%)
— BNO News (@BNONews) February 5, 2018
Yeah, well, Trump wanted his own guy in charge…
Janet Yellen thought bubble today: "the Dow never fell 500 points when I was Fed chair."
— Daniel Gross (@grossdm) February 2, 2018
In a rare interview, Janet Yellen explained how she felt about Donald Trump's decision not to offer a second term:
"I would have liked to serve an additional term, and I did make that clear. So I will say that I was disappointed not to be reappointed."https://t.co/lhj6x7TWc9 pic.twitter.com/AlKUvkY5Hd
— Nick Timiraos (@NickTimiraos) February 3, 2018
The position of the Oval Office Occupant?…
[removed, thank you commentor Evan, because I mistook snark for the real thing]
CNBC host just said she heard this is "the market testing the new Fed chair to see how he'll react." what a good way to direct society's resources and productive powers
— Virgil Texas (@virgiltexas) February 5, 2018
Not sure what’s worse, that it was said, or that it was taken seriously. https://t.co/Op5Wm6dupS
— Dana Houle (@DanaHoule) February 5, 2018
Fortunately, our 401(k)s will be protected by sober-minded men who take the long view…
CNBC just had its first earnest “buy gold.”
— southpaw (@nycsouthpaw) February 5, 2018
Trump’s second-favorite media personality, after Sean Hannity:
Is the historic -1500 DOW drop a false flag by the big banks? Should we investigate Goldman Sachs?!
— Alex Jones (@RealAlexJones) February 5, 2018
FYI, in case you didn’t know, because you didn’t make it clear, the “Dow Joans” tweet was a joke someone posted. Not a real tweet.
Jim, Foolish Literalist
I’ll just move this up here
the Senator and I believe former state AG is referring to this
hundreds of loan sharks, many of whom specialize in lending to young military personnel, paying off a grifter
@Evan: It was Mr. Usher up there himself. He’s posted several apologies and expressed bogglement at how fast the whole thing blew up in his face.
Great. Two fucking years before I retire. I hope my financial planner’s advice on investment mixes was good. If not .. WalMart greeter! Or work til I drop.
@Jim, Foolish Literalist: I responded at the end of the other thread: My guy, not a self-promoter, kind of the anti-McCain, would make a great AG in the next Dem administration
@frosty: @frosty: Ahead of you. Retired last month. 80% of my money in stocks aside from what we were putting in annuities. Hadn’t gotten around to rebalancing yet.
Grrr. Trying to watch a movie on Amazon Prime channel on the Roku. Subtitles on this one are running 20 seconds behind the dialogue. Most annoying.
Why fucking retire?
Working till you drop is fun!
Wanna know how I know?
What you think you earned a bit of relaxation after 45-50 yrs?
One of those asshole republican congressmen will pay you $3/hr to pull a plow, of course you’ll have to take the place of his ox and that entails living in a fenced in yard behind the barn.
@Gretchen: A couple of years ago they told me how to rebalance. Last year they asked about it and I said “oops”. Verbatim quote: “You got lucky. Do it now.” I did it.
So far, this drop should be called a correction, and is an example of what stock markets do from time to time. Only difference is Trump’s big mouth yelling about big numbers over the last year.
If it doesn’t turn into something more serious (and I don’t think it will) I kind of like it,because it puts the stock market near it would be under trend growth under last year of Obama administration. Which makes sense because first year of Trump macroeconomic policy consisted of Obama policy on automatic pilot.
So, we can dismiss the last of the ‘Trump Boom’ which never existed, except in the mouths of GOP hacks and the pretty little heads of media news actors.
So far, the real wage increase doesn’t seem much to me, since it is coming off a few quarters of sub-par growth, much like what happened a few times under Obama. Let’s see if it is still a thing a few months from now.
@frosty: My financial planner thought it was a good idea to move assets out of bonds into equities a month ago. I thought it was a better idea to buy an offseason Honda.
I can’t decide whether to call her and yank her chain. She is a Trumpster, but I am sure she’s about to have a bad week or two.
Why do I have Trumpish financial planner?! Find me one that isn’t.
I just deleted what I first wrote. Way too bitter.
No one getting ready to retire is going to be happy with the current financial situation. And there are a lot of us. I’m on the leading edge of boomers. My current plan is to work till the end of 2019. I should have saved up enough and added enough on to SS to last until I can no longer live on my own. That is as long as the assholes in DC don’t fuck up my SS, without that I have no idea what I’ll do. I’m out of other plans, I’d be out of resources, I can not imagine working longer, at this point I’m not sure I can work that long.
Damn I hate these fuckers.
If the next recession happens before 2021, it will be incompetently managed and will become a depression.
If the next recession happens in or after 2021, there may be competent politicians by then, but the Fed will be staffed with Trumpolini holdovers for a while, and there will be insufficient fiscal ammo because deficits will already be high due to the 2017 tax giveaway. So, maybe only a deep recession, not a depression.
@jl: I agree that this seems most likely a pull-back from an over-heated market. But we should have all seen this coming as some of the so-called “experts” started claiming this past summer that there was no reason that the market couldn’t keep gaining at the same high rate indefinitely.
Reminds me of the “experts” during the dotcom bubble saying that the old rules no longer applied to the “New Economy.”
@cthulhu: CMGI !! (anybody remember that madness?)
G has come down with The Cough and I’m making him sleep on the couch because I’m a bad wife. Also because I have to work 8 hours in an office tomorrow and he doesn’t.
Semi-oddly, after years of repeatedly getting extended nasty coughs after cold/flus this year I’m doing fine even as so many others are having trouble. It’s only semi-odd because I’ve found a doctor who’s actually trying to treat me.
Same here. I usually get a really bad cold over winter break, in time for the winter conference and/or the start of classes. This year (so far) the bad part of my “cold” lasted about two days. No doctor, but a lot of vitamin C and a few dayquils.
Alex Jones: “Should we investigate Goldman Sachs?!”
No, Trump can just call a cabinet meeting and ask Mnuchin. Or ask Gary Cohn or any of the other Goldman Sachs guys infesting his administration.
What a maroon! (Alex Jones.)
Glad to see the Brits slapping back against the shitgibbon for trashing our NHS. Even the obnoxious Piers Morgan called him out on it and said the US Healthcare system is a “sick joke”. BTW got up at 6am this morning because I couldn’t sleep and just sat around playing on the computer as you do. Went to get myself some more tea and noticed the snow falling. It seems to be settling too making everything look pretty. Don’t think I’ll be going anywhere today :)
Mrs J worked for USAir when the new CEO/Venture asshole urged the employees to become “partners” in the business. The unions decided to invest in “their” airline. They got fucked when he bankrupted the business, the employees lost their retirement. The retirement program was turned over to the feds, Mrs J will be getting less than half of what she worked for, for 20 years. Thank whatever gods maybe that she is smart enough (and with my help) she reinvented herself and owns her own business today. Some of her old pals from USAir are screwed, big time. When she was flying International as an A Flight Attendant (in charge of the cabin crew) she was making $68 an hour in the 90’s. Her old job pays half that today. USA USA USA!
Good financial planners do exist. Ours did pretty well against the indices. We only lost 2.4% of our value instead of the DOWs plus 4.6%. All in all what happened is the gains from the last two months were wiped out in a few days. We will see if the trend continues or if investors with cash get back in the market with the more reasonable prices. I always thought the market was in a bit of a bubble. I actually expected a correction earlier, but these kind of events are hard to predict accurately.
All the RWNJ conspiracy theories are just confirming that automated stock trading algorithms fucking hate Trump too
Also ironically, the unnecessary tax cut with the implication that this will increase borrowing costs due to the almost certain deficit it creates at least partially fueled this sell off. The tax cut was unneeded stimulus with the economy near full employment.
@azlib: Maybe they’re mad because the Patriots lost. Petty that bunch.
@azlib: I thought everybody expected a “correction” as soon as That Woman was sworn in…
@Evan: Though it’s worth pointing out that if somebody had posted that fake tweet as purportedly from Obama’s account nobody would’ve believed for a second it was genuine.
Love Tammy Duckworth,
Followed up with a few words from Teddy Roosevelt. Perfect response.
David ??Merry Christmas?? Koch
@Evan: the tip off was there is no way Drumpf knows how to spell “tremendous”.
@frosty: Chill, frosty. The market’s back to where it was 30 days ago. Not a big loss. Granted, today is another day, but we’re closer to where we ought to be, which is to say, pricing is a big step closer to reality.
We’ll see what happens today.
So what does this look like?
Large Cap Growth Stocks 15.40%
Large Cap Value Stocks 10.85%
Mid Cap Growth Stocks 3.62%
Mid Cap Value Stocks 4.55%
Small Cap Growth Stocks 2.68%
Small Cap Value Stocks 1.87%
International Stocks 14.47%
Emerging Markets 3.62%
High Yield Bonds 2.80%
Inflation Protected Bonds 2.32%
Long Term Bonds 15.49%
Foreign Bonds 5.82%
Short Term Bonds 6.71%
Cash/Money Market 6.89%
The only thing scary about this is how VERY large movements in the markets yesterday clearly had very little to do with real-time human intervention. Someone’s making money off those big swings, that’s makes for dangerous incentives, and I don’t trust that regulators are doing anything about it when the message from the top is an end to financial regulation.
I was a LOT more uncomfortable about the monotonic rise in equity prices and that Trump was doing his damndest to inflate an equities bubble using his Twitter account.
Le Comte de Monte Cristo, fka Edmund Dantes
Looks like another bloodbath in the markets today.
I am shocked, shocked I tell you.
I wonder what the Trumpsters will think when they get the notification. They’ll have to add Twitter and Facebook to the ever-growing “enemies of Trump” list. Sean Hannitty is getting one, that’s for sure. Actually Donald Trump is likely getting one.
Alex just added hundreds of thousands of BernieBros to his listener base.
@OzarkHillbilly: The greatest problem we face as a public that isn’t enviromental concern (but is related) is the fact we half half the active polity deciding they’d rather live in a fantasyland of make-believe rather than deal with reality as it exists.
As the old saw goes “You can’t reason someone out of a position they didn’t reason themselves into.”, but what happens when ‘half’ the country decides they would rather belive that we are living in a papered over Mad Max hellscape like many conservatives say rather than a generally improving but still flawed world that almost everyone else presents?
And what does it say that we have a not-insignificant number of nominal liberals who believe we live in a slightly differently tinted version of a hellscape right now?
[ Personally, I think we have too many political operators who have a fear addiction, and they can’t exist without everything being a permanent crisis, but thats me…]
Are those the drop percentages?
This program trading is going to kill us all.
@debbie: no that’s the portfolio
As a fifty-something freelancer with with a mere 8k in a money market account to retire on, and no hope of adding any in the future, I can say not much sympathy is rolling off this keyboard right now.
The futures don’t seem to be any calmer, either. Down 414 at the moment.
@BlueDWarrior: No, it’s not just you.
@BlueDWarrior: Like rage, fear is addictive.
In a similar position. I’m not dealing with non-sympathy, but I am feeling relieved that with maybe a bit more than you, all in CDs and cash, I have nothing at risk. Yet.
He’s not that young. Certainly too old to be playing soldier. I won’t get into “good looking” – you’ve all seen photos of the alt Right, I’m sure.
Also- human resources administrator. Let’s hope the fake-soldier racist doesn’t have anything to do with hiring.
Carter Page is on GMA doing an interview. Awesome.
I felt like the gains were bullshit anyway. It’s all propped up on tax cuts and borrowed money.
Why did the God-Emperor allow my 401(k) to plummet? Do I need to offer a virgin sacrifice to appease Him?
@Baud: They just simply can’t STFU.
Kay, an actual fake-soldier, not some goose-stepping wannabe.
South Carolina train crash is CSX’s fault. They forgot to flip a switch.
It’s oddly comforting. I was getting to the point where I felt like the whole world was in on the con. Also! Look at the bright side! Now they’ll move off the fake memo scandal. They were gonna cover that right up until the midterms unless reality intervened.
Le Comte de Monte Cristo, fka Edmund Dantes
I’m guessing that his career as an HR administrator is comjng to an abrupt end.
@OzarkHillbilly: That’s good. Their words make the rope with which we shall hang them.
Nazis are always pathetic losers and these new ones are no different. They just scream “loser” – that apartment where they hold their “cell” meetings is just sad.
They had a rally here at the courthouse about a decade ago and I couldn’t stop staring at them- such a collection of sad men- I recognized some of them from the criminal justice system- frequent fliers.
@Le Comte de Monte Cristo, fka Edmund Dantes:
Well, sure. He’ll have to resign after Trump appoints him to run the EEOC.
No Morning Open Thread?
Well, Good Morning Everyone ???
@Le Comte de Monte Cristo, fka Edmund Dantes: Yes, and if there’s any truth to what he said about being involved in firing, the company he works for should be prepared for some nasty lawsuits. It’s their own fault though. There’s no way this guy would be able to interact with employees without exposing who he is, plus the haircut is a dead giveaway.
Same old, same old. That’s probably the worst slur you could hurl at Spenser!
@rikyrah: Good morning.
Steve in the ATL
@Kay: And HR administrator is a low level job. He wasn’t firing anyone. He was filling out the forms when other people made decisions and executed them.
@Kay: Huh, we’re watching the “new” Upstairs Downstairs and I didn’t realize Mosley was a real person.
I wonder – like Millennial Politics does – when Trump will be shot into the sun…….
I knew the markets would drop. It was inevitable, seeing as I put money into them three weeks ago (I’m surprised it took that long…).
hell, I felt the stock markets had gotten overvalued back when the Dow was at 18k. at 26k it was pretty insane. here’s hoping this correction lands it somewhere around 20k or so and there’s no lasting damage.