Anyone else enjoying watching the DOW tank today?

** Duplicate post **

W9XR wrote:

pnwcyclist wrote:

It's back to about there it was when Trump took office and started goosing the economy through the huge tax cut and pressure on the Fed. Too bad they used up much of the ammunition they would have had to fight the current crisis. Anyway, my point is the last few years are really a case of easy come-easy go. Anyone who thought that bull market was going to keep going was dreaming.

The economy got Goosed by the election of Trump. He presented a positive outlook to the nation instead of the doom & gloom of the past administrations. Many industries,  small business and future entrepreneurs had their finger on the trigger, waiting on the sidelines. If the samo samo was elected instead of Trump what would the stock market look like today?

Not sure what you're talking about. Starting July 2009 with the Jobs and Recovery Act the GDP grew every quarter under Obama, 1.6 - 2.9% every month and it continued into Jan this year. Along with consistent and healthy job growth. After the worst economic crash since the Great Depression.

Of course, business loved Trump, who eliminated regulations that protect our food and water safety, reduce air pollution, protect workers rights and benefits for the poor, and provide healthcare for middle Americans through Obamacare.

And the Tax Cut of 2018, deployed when the economy was already strong, benefited mostly the rich and corporations, who mostly used it to increase share buybacks. That "goosed the economy" too, but might been more helpful now when we really need it.

Lastly, as part of "streamlining", he and Bolton also eliminated the NSC Global Health Office. The one in charge of global pandemic strategy. After being warned by the outgoing Obama Administration that a global pandemic might be the greatest threat they would face to American security.

So the greatest irony of all - the markets are now below  where they were when he took office and gave all of that away, and we're actually facing a real threat for a change. So to answer your question, I think we'd certainly be in better shape if the other party had been elected. Despite what you think of her, she was competent and would have kept qualified people instead of cronies that don't know what to do in a crisis.

Looks to me like the unfolding of a worldwide recession or worse depression!

manwonder wrote:

Looks to me like the unfolding of a worldwide recession or worse depression!

As predicted by some.

There is no way to avoid recession at this point.

oil just above $22

any reaction at the pump?

Philippine Destiny wrote:

oil just above $22

any reaction at the pump?

ONLY see a slight dip of abt 10% fm where they were before the oil crisis.
There should be another 40% cut to feel any real benefit!

https://www.wlns.com/top-stories/michig … in-claims/

Michigan unemployment claims up claims up 550% over the same period last year.

In a few months after the shocks have calmed a bit maybe it is a good time to jump in and make some money in the markets.

Big city dwellers across the USA are flocking to gun stores.

It will take a little time for the gas to come down since the gas in use now is from oil that was under the higher prices. It never seems to come down enough though.

Yes I need one badly here...especially the M-16 (auto) it maybe old but it still does a hell of a job!

manwonder wrote:

Yes I need one badly here...especially the M-16 (auto) it maybe old but it still does a hell of a job!

you and I have settle for a bolo and a bag of rocks

Delta Airlines 70% capacity loss & 10k employees on unpaid leave.

BREAKING NEWS
CNN Philippines :
Local stocks sink to the 4,600 level as the market reopened on Thursday, down 12.4%

The PSEi started the year at 7800.

It is now 4623.

lost about 41%

https://www.marketwatch.com/investing/i … trycode=ph

Maybe there's more to this rout than just Covid 19!

A good read...on the strength of the USD & repercussion being felt around the globe!

https://www.google.com/amp/s/amp.cnn.co … index.html

Dollar / PHP is on a roller coaster ride.

Couple of hours ago it was 51 and now it is back to 51.50

Philippine Destiny wrote:

Dollar / PHP is on a roller coaster ride.

Couple of hours ago it was 51 and now it is back to 51.50

Looks like a desperate attempt to prop up local currency?

manwonder wrote:

Philippine Destiny wrote:

Dollar / PHP is on a roller coaster ride.

Couple of hours ago it was 51 and now it is back to 51.50

Looks like a desperate attempt to prop up local currency?

maybe massive transfers back and forth people moving things around not sure where to run to

First the first time that I have seen the 3 month treasury is running negative at -.04%

Philippine Destiny wrote:

First the first time that I have seen the 3 month treasury is running negative at -.04%

I seem to remember in the past banks in Europe were paying negative interest on accounts. (Account holders paying fees for the privilege of the bank holding their money).

Ways that many governments punish local savers – Artificial low to negative  interest rates, understating inflation, pushing people into the stock market casino, and destroying yield on traditional safe investment vehicles.
To add insult to injury the so called 2FA security system that makes it next to impossible to withdraw/transfer your own funds when your mobile phone is unable to receive any signal!

manwonder wrote:

Ways that many governments punish local savers – Artificial low to negative  interest rates, understating inflation, pushing people into the stock market casino, and destroying yield on traditional safe investment vehicles.
To add insult to injury the so called 2FA security system that makes it next to impossible to withdraw/transfer your own funds when your mobile phone is unable to receive any signal!

They want everyone to spend all they've got and then get on the dole for the rest of their lives.

- USD went up to 52.50 last night and now back to 51.11

- futures are down again - no surprise

- US Senate wants to give $1200 to every adult and $500 for each child - maybe multiple rounds of this

sorry that this thread is US centric but it is what it is

This may help!
Maybe the reason why the SGD got hammered!

https://www.google.com/amp/s/www.dailyf … e.html/amp

More Worrying Times!

https://www.google.com/amp/s/www.ccn.co … s-economy/

manwonder wrote:

More Worrying Times!

https://www.google.com/amp/s/www.ccn.co … s-economy/

A simple solution is for the mint to make a 22 trillion dollar coin and turn it over to the treasury and place in a cigar box in President Trumps drawer. Then the President can pay off the national debt.

Next thing declare all bonds held by China are null and void.

W9XR wrote:

manwonder wrote:

More Worrying Times!

https://www.google.com/amp/s/www.ccn.co … s-economy/

A simple solution is for the mint to make a 22 trillion dollar coin and turn it over to the treasury and place in a cigar box in President Trumps drawer. Then the President can pay off the national debt.

Next thing declare all bonds held by China are null and void.

Quick fixes like this may not work in building a safer world though!

As central banks worldwide slash interest rates, the People's Bank of China on Friday kept its new benchmark lending rate unchanged. The one-year Loan Prime Rate remained at 4.05% for March, while the five year rate held steady at 4.75%.

The very sign that China's central bank left those rates unchanged is a sign that the country's fight against the novel coronavirus pandemic is at a different stage than the rest of the world!

As per Larry Hu, chief Greater China economist for Macquarie Group

manwonder wrote:

As central banks worldwide slash interest rates, the People's Bank of China on Friday kept its new benchmark lending rate unchanged. The one-year Loan Prime Rate remained at 4.05% for March, while the five year rate held steady at 4.75%.

The very sign that China's central bank left those rates unchanged is a sign that the country's fight against the novel coronavirus pandemic is at a different stage than the rest of the world!

Or they are masters of propaganda.

Philippine Destiny wrote:

manwonder wrote:

As central banks worldwide slash interest rates, the People's Bank of China on Friday kept its new benchmark lending rate unchanged. The one-year Loan Prime Rate remained at 4.05% for March, while the five year rate held steady at 4.75%.

The very sign that China's central bank left those rates unchanged is a sign that the country's fight against the novel coronavirus pandemic is at a different stage than the rest of the world!

Or they are masters of propaganda.

Valid point!

nice to have an up day

The markets are trading more on pent up emotion than the actual data

Spoke too soon. Another great fall.

There is little doubt now that a new world order will emerge from this event.

And they are talking about record low gas prices.

Just stunning.

This Is Not just any Recession. It's an Ice Age. No one alive has experienced an economic plunge this sudden!

The check is in the mail, but it will probably never reach me because I live in Philippines. Thanks Congress.

Philippine Destiny wrote:

The check is in the mail, but it will probably never reach me because I live in Philippines. Thanks Congress.

They should send it to the address you used on your 2019 1040, or if not yet filed then your 2018 1040.  If they have your direct deposit info you will get it even sooner.

mugtech wrote:

Philippine Destiny wrote:

The check is in the mail, but it will probably never reach me because I live in Philippines. Thanks Congress.

They should send it to the address you used on your 2019 1040, or if not yet filed then your 2018 1040.  If they have your direct deposit info you will get it even sooner.

It will be like everything else sent here. lost

And I don't get refunds. If I had known about this I could have at least put the numbers on the 1040 so they would have it, but my taxes were done 2 months ago. Amendments have to be hard copy and mailed in and then they take another 4 months to process.

And if it ever does get here my current bank cannot handle the check as it is beyond their single deposit limit. We went through this before. So I will have to get another account somewhere else.


I already called the IRS about this earlier. They said a special hotline will be established and that other options may come into being.

I hope so. I need my pinko check. Aren't the problems of Americans heartbreaking?

Philippine Destiny wrote:

The check is in the mail, but it will probably never reach me because I live in Philippines. Thanks Congress.

My guess is they might use direct deposit, I'm hoping  they use yours/mine SS records. A bigger problem is  many receiving SS may have not filed tax returns for 2018. I use a re-mailer in the states for my mail, I've received mail from SS for an itemized breakdown of my SS income. (Income minus Medicare payments.)

I filed a joint return in 2017 even though my wife had no income, keeping my fingers crossed that we get both.