Omicron and Manchin deliver a one-two punch to global stock markets

  

Category:  News & Politics

Via:  krishna  •  one month ago  •  46 comments

By:   Bernhard Warner

Omicron and Manchin deliver a one-two punch to global stock markets
Joe Manchin went on Fox News to say he's a no on Build Back Better...Within hours Goldman Sachs revised lower its outlook for U.S. economic growth.

S E E D E D   C O N T E N T



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Omicron and Manchin deliver a one-two punch to global stock markets (Yahoo Finance)

The first jolt for investors landed like a gut punch this weekend. West Virginia Sen. Joe Manchin went on Fox News Sunday to say he's a no on Build Back Better, putting the Biden-backed $1.75 trillion domestic spending plan on thin ice.

Within hours of the pronouncement, Goldman Sachs revised lower its outlook for 2022 U.S. economic growth.

On cue, U.S. futures sunk on Monday, with the Dow Jones industrial average futures off more than 450 points around 4 a.m. ET.

The news buffeting global markets. Investors in Asia and Europe dumped shares in a broad-based selloff. Risk assets, the ones most tied to global growth, took a pounding.

Brent crude fell more than 4%, and that rocked energy and travel and leisure stocks.

The benchmark Stoxx Europe 600 was off nearly 2.3% in early trading, and S&P 500 futures were down nearly 2% at one point.

Crypto bulls, too, were hardly cushioned from the volatility. The end-of-year slump in everything from Bitcoin to Ether to Dogecoin continued on Monday. Bitcoin was off nearly 3% at 4 a.m. ET, well below its 200-day moving average. Ethereum's Ether was down nearly 5%.


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Krishna
Professor Principal
1  seeder  Krishna    one month ago

The first jolt for investors landed like a gut punch this weekend. West Virginia Sen. Joe Manchin went on Fox News Sunday to say he's a no on Build Back Better, putting the Biden-backed $1.75 trillion domestic spending plan on thin ice.

Within hours of the pronouncement, Goldman Sachs revised lower its outlook for 2022 U.S. economic growth.

On cue, U.S. futures sunk on Monday, with the Dow Jones industrial average futures off more than 450 points around 4 a.m. ET.

 
 
 
Texan1211
Professor Principal
1.1  Texan1211  replied to  Krishna @1    one month ago
The first jolt for investors landed like a gut punch this weekend. West Virginia Sen. Joe Manchin went on Fox News Sunday to say he's a no on Build Back Better, putting the Biden-backed $1.75 trillion domestic spending plan on thin ice.

Seems strange after knowing his position was made clear back in the summer.

 
 
 
Krishna
Professor Principal
1.1.1  seeder  Krishna  replied to  Texan1211 @1.1    one month ago
Seems strange after knowing his position was made clear back in the summer.

Good point!

"Everyone knows" that once a politician takes a position, they never change their minds!

(Nope-- never change. Nevah Evah!!! jrSmiley_9_smiley_image.gif )

/sarcasm

 
 
 
Texan1211
Professor Principal
1.1.2  Texan1211  replied to  Krishna @1.1.1    one month ago

If one chooses to listen to what Manchin had to say back then, one would have known what his clearly-cut position was. Just because Democrats in the House and Senate and White House chose to ignore reality didn't mean investors should have.

 
 
 
XXJefferson51
Senior Guide
1.1.3  XXJefferson51  replied to  Texan1211 @1.1    one month ago

It was all based on irrational fear.  

 
 
 
Krishna
Professor Principal
2  seeder  Krishna    one month ago

The news buffeting global markets. Investors in Asia and Europe dumped shares in a broad-based selloff. Risk assets, the ones most tied to global growth, took a pounding.

Brent crude fell more than 4%, and that rocked energy and travel and leisure stocks.

The benchmark Stoxx Europe 600 was off nearly 2.3% in early trading, and S&P 500 futures were down nearly 2% at one point.

 
 
 
Krishna
Professor Principal
3  seeder  Krishna    one month ago

Crypto bulls, too, were hardly cushioned from the volatility. Bitcoin was off nearly 3% at 4 a.m. ET, well below its 200-day moving average. Ethereum's Ether was down nearly 5%.

 
 
 
bbl-1
Professor Quiet
4  bbl-1    one month ago

Omnicron and Manchin.....and 'the Markets' trend downward.

I am a skeptic on our so called financial system.  A whole bunch of people 'lost' some of their value.  And a select few gained.  Isn't this how it always works?

 
 
 
Raven Wing
Professor Expert
4.1  Raven Wing  replied to  bbl-1 @4    one month ago

Manchin is just pissed off because he wanted more ass kissing than Biden was willing to add to those he had already given. The only one happy with Manchin at this point are his WV coal corporations and Putin. The WV coal corps want the money and Biden wants to go for a better ecology and environment, and Putin wants to see the US in turmoil, and it seems Manchin is his new henchman. 

 
 
 
Krishna
Professor Principal
4.1.1  seeder  Krishna  replied to  Raven Wing @4.1    one month ago
Manchin is just pissed off because he wanted more ass kissing than Biden was willing to add to those he had already given. The only one happy with Manchin at this point are his WV coal corporations and Putin. The WV coal corps want the money and Biden wants to go for a better ecology and environment, and Putin wants to see the US in turmoil, and it seems Manchin is his new henchman.

True. manchin tries to put on that innocent act-- that he's only trying to do what's best for the common folk in West Virginia. But the fact is, he corrupt as hell. Several large corporations "have him in their pocket'.

 
 
 
Krishna
Professor Principal
4.1.2  seeder  Krishna  replied to  Raven Wing @4.1    one month ago

Super-Rich Americans Feel Relief as Tax Hikes Are Canceled for Now

An exceptional year for wealthy Americans, at least in terms of their financial health, just got better.

If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of dollars over the next decade. ( Read it all)

 
 
 
Greg Jones
Professor Guide
4.1.3  Greg Jones  replied to  Raven Wing @4.1    one month ago

Total BS

 
 
 
Texan1211
Professor Principal
4.1.4  Texan1211  replied to  Raven Wing @4.1    one month ago
Manchin is just pissed off because he wanted more ass kissing than Biden was willing to add to those he had already given. The only one happy with Manchin at this point are his WV coal corporations and Putin. The WV coal corps want the money and Biden wants to go for a better ecology and environment, and Putin wants to see the US in turmoil, and it seems Manchin is his new henchman. 

Liberals and their batshit-crazy Russian conspiracies.........

 
 
 
XXJefferson51
Senior Guide
4.1.5  XXJefferson51  replied to  Greg Jones @4.1.3    one month ago

That’s exactly right!  

 
 
 
Sparty On
Professor Principal
4.1.6  Sparty On  replied to  Texan1211 @4.1.4    one month ago

Well. it's not crazy per se imo.  

I mean Russia has been at odds with the US since after WW-2.   This is nothing new but to connect Manchin with Russia's goals?

That is complete left wing crackpottery.

 
 
 
Ronin2
PhD Quiet
4.1.7  Ronin2  replied to  Texan1211 @4.1.4    one month ago

Here is the craziest one.

The POTUS they elected caved on the Russian Nord Stream 2 pipeline that Trump's sanctions had stopped. He got nothing in return for doing so; and screwed over all of the US former Soviet block states that rely on subsidies from the Russian oil currently traveling through the pipeline in their countries.

Yet somehow, it is everyone the left hates at the moment that is a Putin puppet. 

 
 
 
Tessylo
Professor Principal
4.1.8  Tessylo  replied to  Krishna @4.1.1    one month ago
"True. manchin tries to put on that innocent act-- that he's only trying to do what's best for the common folk in West Virginia. But the fact is, he corrupt as hell. Several large corporations "have him in their pocket'."

You and Raven Wing are correct!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 
 
 
Tessylo
Professor Principal
4.1.9  Tessylo  replied to  XXJefferson51 @4.1.5    one month ago

The corrupt prick Manchin belongs with the republicans.  

 
 
 
Krishna
Professor Principal
4.2  seeder  Krishna  replied to  bbl-1 @4    one month ago
I am a skeptic on our so called financial system.  A whole bunch of people 'lost' some of their value.  And a select few gained.  Isn't this how it always works?

Yes. 

But I think you were referring to our system (the U.S.). But it also exists everywhere and always has (with a few breif exceptions. such as small hippie communes in the 60s , mostly in Oregon, or the Israeli Kibbutzim). 

 
 
 
Krishna
Professor Principal
4.2.1  seeder  Krishna  replied to  Krishna @4.2    one month ago

Overtime, various groups have tried to fix the inequities. But with the exceptions of some very small insular communities, it always fails over time.

Perhaps the greatest attempt at remedying the evils of Capitalism was the rise of Communism. A lot of what the early Communist leaders advocated sounded great in theory. But of course it didn't do what it attempted.

Under strict Communism (ex: Stalin) the promised equality just didn't happen. The party leaders and a few other s had dachas (large country houses) plus large elegant apartments in Moscow. They had the most luxurious cars, went to the best restaurants, the most expensive whores, etc, etc. The promised "equality" never happened. 

Communism also advocated equality amongst all their minority peoples-- but the Russian's historical prejudice &severe discrimination toward minorities didn't go away.

(In fact you could make a case that under the strictest forms of Communism there was actually less equality and fairness than under many Capitalist -- and mixed economy countries!)

 
 
 
Krishna
Professor Principal
4.2.2  seeder  Krishna  replied to  Krishna @4.2.1    one month ago

There will always be some people who have more wealth and/or power. and always some who spen a lifetime living in poverty.

The reasons may vary. Sometimes for historical reasons a totalitarian system develops, which greatly help some people and hurts others..

But its also partly due to human nature. A few people will be be born who are just smarter than most others-- in some cases extremely brilliant. That doesn't seem fair, but that's the way evolution works.

Some people may or may not be smarter, but may have the type of personality that likes to work hard and try to achieve lofty goals,  while other people by nature are just more "laid back"-- would rather relax more and just "enjoy life".

Then there are a few who just happen to be lucky. Some unforeseen circumstance may happen that, through no effort of their own, brings them a huge fortune.(And conversely, some happen to have had 'bad luck"-- not because of anything they did).

Sometimes people just happen to be born into a minority group in a place where a totalitarian gov't arises.. andn the gov't decides to select their group for horrendous discrimination-- or even barbaric extinction.

Finally, some people are deeply dishonest, achieve a huge fortune..and never get caught! (And of course others do the same thing...and do get busted!)

 
 
 
Kavika
Professor Principal
5  Kavika     one month ago

Manchin thought parents would spend child credit on drugs and use paid sick leave to go hunting, report says

 
 
 
evilgenius
Professor Guide
5.1  evilgenius  replied to  Kavika @5    one month ago

If I were Manchin's voters I'd be calling asking why he thought ALL poor people were as corrupt as he is.

 
 
 
Kavika
Professor Principal
5.1.1  Kavika   replied to  evilgenius @5.1    one month ago

The United Mine Workers just issued a statement to Manchin, they are not happy with this decision.

The United Mine Workers of America is urging Sen. Manchin to rethink his opposition to Build Back Better

 
 
 
Tessylo
Professor Principal
5.1.2  Tessylo  replied to  evilgenius @5.1    one month ago

So you're admitting he's corrupt?  I thought you were all for him before.  

 
 
 
Kavika
Professor Principal
5.2  Kavika   replied to  Kavika @5    one month ago

Seems Manchin has a real high regard for his constituency. /s

 
 
 
Krishna
Professor Principal
6  seeder  Krishna    one month ago

Super-Rich Americans Feel Relief as Tax Hikes Are Canceled for Now

An exceptional year for wealthy Americans, at least in terms of their financial health, just got better.

If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of dollars over the next decade. ( Read it all)

 
 
 
Texan1211
Professor Principal
6.1  Texan1211  replied to  Krishna @6    one month ago

Yeah, except that the SALT tax repeal won't go through, either, so the rich will in fact be paying more without the Democrats raising the cap from $10k to $80k.

And if you don't believe me, just listen to the Democrats from the super-high tax states like California, New York, New Jersey, and Illinois complain!

 
 
 
Sean Treacy
Professor Expert
6.1.1  Sean Treacy  replied to  Texan1211 @6.1    one month ago

Yep, The second costliest program was the tax cut for the rich.  That's why Democrats are so mad it didn't pass. It was a giveaway to their base. 

 
 
 
Texan1211
Professor Principal
6.1.2  Texan1211  replied to  Sean Treacy @6.1.1    one month ago

The thing is, liberals will largely ignore the fact that Democrats tried to give the wealthy a HUGE tax break, and definitely can't justify it in any way.

 
 
 
XXJefferson51
Senior Guide
6.1.3  XXJefferson51  replied to  Texan1211 @6.1    one month ago

And that is the single best side effect of what Manchin did.  

 
 
 
XXJefferson51
Senior Guide
6.1.4  XXJefferson51  replied to  Sean Treacy @6.1.1    one month ago

That’s exactly what it was!  Now it won’t happen for a few years.  

 
 
 
evilgenius
Professor Guide
6.2  evilgenius  replied to  Krishna @6    one month ago
If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package...

Negotiations continue between Manchin and the Administration and they may yet get there. Also the coal miners union that Manchin is super tight with sent him a letter yesterday saying they need him to pass it for the provisions that help with healthcare and job displacement in coal country. Pretty much Manchin got handed his marching orders, but he's seems to still want to push dropping the child credit to make himself look good to fiscal conservatives. 

 
 
 
Sparty On
Professor Principal
6.2.1  Sparty On  replied to  evilgenius @6.2    one month ago

Coal Miners union?   That's barely a blip on Manchins electability radar.   It seems many West Virginians still like what he is doing.

The opposition to his stance come from the usual liberal sources.   Unions, universities, etc, all looking for more of a free lunch on the US taxpayers

 
 
 
evilgenius
Professor Guide
6.2.2  evilgenius  replied to  Sparty On @6.2.1    one month ago
That's barely a blip on Manchins electability radar. 

Hmmm....

Standing alongside the UMWA members while they fought tooth and nail to secure the pension and healthcare benefits they rightfully earned has been one of the greatest honors of my life.

Manchin said the above quote after he was given an honorary membership into the union last year, but okay, sure, they are only a blip on his radar. 

The labor union noted that the bill includes an extension of a fund that provides benefits to coal miners suffering from black lung disease, which expires at the end of the year. 
 
 
 
Texan1211
Professor Principal
6.2.3  Texan1211  replied to  evilgenius @6.2.2    one month ago

Hey, just business as usual, aren't many Democrats constantly sliding onto bed with unions?

 
 
 
Sean Treacy
Professor Expert
6.2.4  Sean Treacy  replied to  evilgenius @6.2.2    one month ago
e labor union noted that the bill includes an extension of a fund that provides benefits to coal miners suffering from black lung disease, which expires at the end of the yea

Democrats can extend that anytime they want to. Do you think Manchin would vote against a bill doing so?

The better question is why Democrats are holding relief for coal miners hostage to secure a tax break for the wealthy?

 
 
 
evilgenius
Professor Guide
6.2.5  evilgenius  replied to  Texan1211 @6.2.3    one month ago
Hey, just business as usual...

That's true. I'd say it's politics as usual, but it pretty much means the same.

...aren't many Democrats constantly sliding onto bed with unions?

But, but, but the Progressives say Manchin isn't a real Democrat and McConnell said he'd welcome Manchin to switch sides anytime. LOL again, it's politics as usual.

 
 
 
evilgenius
Professor Guide
6.2.6  evilgenius  replied to  Sean Treacy @6.2.4    one month ago
Democrats can extend that anytime they want to.

Sean,we both know how the political circus runs and it isn't by trying to run clean bills - everyone has to get something to vote for so those things they don't want also get passed.

 
 
 
Tessylo
Professor Principal
6.2.7  Tessylo  replied to  evilgenius @6.2.5    one month ago

He's not a real Democrat.  I'm sure you'll disagree with THAT.  You said something along the lines of it being nuts to think so.  You may correct me if I am incorrect, I invite you to do so.  

 
 
 
evilgenius
Professor Guide
6.2.8  evilgenius  replied to  Tessylo @6.2.7    one month ago
I'm sure you'll disagree with THAT.

Of course I do. He's got a D after his name on all his ballots and he caucuses with the other Democrats. I don't play party purity games since I don't subscribe to any one party.

 
 
 
Tessylo
Professor Principal
6.2.9  Tessylo  replied to  evilgenius @6.2.8    one month ago

"I don't play party purity games since I don't subscribe to any one party."

Of course not!

Whatever!

 
 
 
Sparty On
Professor Principal
6.2.10  Sparty On  replied to  evilgenius @6.2.2    one month ago

You are missing the point.

I didn't say he didn't care about the union members i said they were a small part of his constituency.

Manchin thinks like i do.   All US taxpayers shouldn't be on the hook to solve things like Black Lung disease for WV coal miners.   The coal companies should be forced to do that and by that i mean the people who use electricity provided by those coal fired plants.   The people who use the product that caused the issue should be on the hook not all US taxpayers.

 
 
 
evilgenius
Professor Guide
6.2.11  evilgenius  replied to  Sparty On @6.2.10    one month ago
You are missing the point.

Am I?

I didn't say he didn't care about the union members i said they were a small part of his constituency.

No, you said they were a blip. A blip doesn't spend half a billion dollars an election cycle. I'll not dismiss them so cavalierly. 

Manchin thinks like i do. 

Awesome, but I don't know what that has to do with the discussion. 

All US taxpayers shouldn't be on the hook to solve things like Black Lung disease for WV coal miners.   The coal companies should be forced to do that and by that i mean the people who use electricity provided by those coal fired plants.

These things really aren't really black and white. That the coal is shipped around the country and around the world, right? I can post you a photo of WV coal in MN even though this part of MN uses hydro power for electricity. It's used to fire the furnaces in the ore plants up north here. According to you, should we not also track where the ore goes after it's made into steel and add that into the cost - for as you say:

The people who use the product that caused the issue should be on the hook not all US taxpayers.

We can either shoulder the responsibility as a nation through taxation as we are OR we can force the owners of the coal mines to do so. There seems to be little political will to hold corporations accountable for any health and ecological damages they continue to create so we are left with taxation, aside of your, or my opinion on the matter.

EDIT: Back to your original point where I suspect you and I are in agreement - Manchin will continue to hold out on the child tax credit to appease the fiscal conservatives of WV. He has to now or he looks weak. 

 
 
 
evilgenius
Professor Guide
6.2.12  evilgenius  replied to  Tessylo @6.2.9    one month ago
Whatever!

You make me laugh... jrSmiley_82_smiley_image.gif

 
 
 
Sparty On
Professor Principal
6.2.13  Sparty On  replied to  evilgenius @6.2.11    one month ago
Am I?

Yes, yes you are.

No, you said they were a blip. A blip doesn't spend half a billion dollars an election cycle. I'll not dismiss them so cavalierly.

Congrats and knock yourself out.

Awesome, but I don't know what that has to do with the discussion.

About the same as me not caring if you dismiss them cavalierly 

These things really aren't really black and white. That the coal is shipped around the country and around the world, right? I can post you a photo of WV coal in MN even though this part of MN uses hydro power for electricity. It's used to fire the furnaces in the ore plants up north here. According to you, should we not also track where the ore goes after it's made into steel and add that into the cost - for as you say:

Actually they are.   In this case, adjusted rate or coal costs, for the power it provides, would insure that the end user foots the bill and not someone else not using their energy/coal.

We can either shoulder the responsibility as a nation through taxation as we are OR we can force the owners of the coal mines to do so. There seems to be little political will to hold corporations accountable for any health and ecological damages they continue to create so we are left with taxation, aside of your, or my opinion on the matter.

A unions problem in WV is not my problem in Michigan per se but i'll be happy for you to pay for any treatments my Asbestosis may cost me in the future.

Where do i sign up?

 
 

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