Stocks close at 3-year low in worst week since 2008; Trump era gains obliterated
Category: News & Politics
Via: krishna • 4 years ago • 118 commentsBy: Emily McCormick and Javier E. David
As a famous yogi once said:
Prediction is difficult, especially about the future.
-Yogi Berra
So at this point its impossible to know for sure what Trump's record on the economy will be. But wouldn't it be ironic if at the end of Trump's first (only?) term in office the economy had done worse than it had done during Obama's first term?
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Important related articles:
1. This week in Trumponomics: Recession arrives
2 The Trump Presidency is Over
S E E D E D C O N T E N T
Data as of 3/20/20 Stocks on Friday plunged to a three-year low, closing out their worst week since the 2008 financial crisis and obliterating all of the gains made since President Donald Trump was inaugurated, as investors weighed the escalating coronavirus outbreak against vast stimulus measures designed to mitigate the crisis.
Risk assets dropped even as the Trump administration unveiled a laundry list of new relief measures — including a three-month delay to the April 15 tax deadline and temporary pause on federal student loan payments — meant to backstop consumers. The Federal Reserve also stepped in with more relief, broadening out the types of assets included in its purchase program and expanding its dollar liquidity operations with other major central banks.
However, the virus’ rapid spread had led to social distancing policies that have all but brought America’s public life to a grinding halt. Amid mass closures of private businesses, soaring layoffs and school shutdowns, economists all but expect the global economy — and the world’s largest — to plunge into a deep recession in the coming quarters.
New York Governor Andrew Cuomo said Friday that 100% of New York’s workforce must remain at home, aside from those at essential businesses, in an effort to slow the spread of the coronavirus in the state.
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Economists all but expect the global economy — and the world’s largest — to plunge into a deep recession in the coming quarters.
Many economists have predicted a Trump recession.
Guess they finally lucked out and got one right--even though the reasons are all wrong!
Or they genuinely understand rump and his supposed economic expertise is more than highly suspect? They realize that he couldn’t fold paper into a toy plane without getting frustrated and confused.
TDS knows no bounds.
It took a severe Pan Epidemic to take down the World Economy- not just the US economy. It wouldn't have matter who was in the White House for this. Our government is proving it hasn't learned from the Swine Flu or Ebola epidemics. We are just as incapable of handling it now as we were then.
The Democrats have no ideas and no plans on how to handle this, and only partisan sniping to separate themselves from Republicans.
Agreed.
In fact TDS is almost as bad as HDS ("Hillary Derangement Syndrome") amongst Republicans!
Trump's good economy was just a continuation of Obama's great economy.
If Trump was smarter or nicer I could almost feel sorry for him for his huge mistakes.
Right. Which is the reason the economy truly took off after Obama left office. Seems that businesses were just waiting around for Obama's policies to end to start investing in the US again.
Sheer TDS on display.
Do you really think we wouldn't notice the extreme ODS ("Obama Derangement Syndrome") on your part?
LOL....
OMG-- not the dreaded Ignore List!
What a truly horrible thing to do to!
(I am sure CJ is terribly upset...Oh, the horror!
)
True. So far...
But as the saying goes:
It ain't over 'till its over.
Let's wait 'till the end of Trump's first term to make a comparison between the economy under Obama's term vs the economy over Trump's term.
(I am mentioning comparing results at the end of their first term because IMO there's a good chance that Trump will not serve a second term)
Useless competition signifying nothing. When will it end? Can it stop? (Rhetoric.)
What would Yogi have said about Trump?
Good question!
(I'm not sure, but IIRC he steered clear of political commentary)
So at this point its impossible to know for sure what Trump's record on the economy will be. But wouldn't it be ironic if at the end of Trump's first (only?) term in office the economy had done worse than it had done during Obama's first term?
If the coronavirus struck during Obama's first term the Dow would have dropped to below 200 points making him a one-term president
Actually Obama had a team in place to deal with pandemics that Trump trashed.
Obama saw the CDC as a good thing and as a result Trump tried to destroy it.
The delay in America dealing with coronavirus is all on Trump.
Like AGW; Just another Chinese hoax huh?
Yes, Obama handled the Swine Flu so damn well./S
Obama would have sucked even more than Trump at handling the Coronavirus; but don't let a little thing like history are facts get in the way.
If the coronavirus struck during Obama's first term the Dow would have dropped to below 200 points making him a one-term president.
And if my grandmother had two handles and a wheel she would've been a wheelbarrow!
If.
If, if, if!
President Trump is doing more 'bailing' and 'chunking' of the nation's wealth than Carter has pills! As that old "hammer meet nail" President Trump is discovering if you try to outdo yourself and rely on greed and self-interestS to rule the world, the world-Itself CAN AND WILL humble you if your own fail to act. Being done in by a microbe. . . . Watch and See what is already and what is to be.
As that old "hammer meet nail" President Trump is discovering if you try to outdo yourself and rely on greed and self-interestS to rule the world, the world-Itself CAN AND WILL humble you if your own fail to act.
Exactly.!
What goes around comes around"."
A person can only commit evil deeds for so long before it comes back to him.
As it is written:
Do not be deceived: God is not mocked, for whatever one sows, that will he also reap.
--Galations 6:7
It’s very ironic that you would quote that Galations passage while hating on Trump .....
Do not equate criticism with hatred...
Too late for that ridiculous rationalization.
Way too late!
It’s very ironic that you would quote that Galations passage while hating on Trump .....
That is an interesting observation. What do you base that statement on?
You’re a smart guy, you can figure it out.
I know you can.
You’re a smart guy, you can figure it out.
I know you can.
Alright! A challenge!
Who knows, why don’t you ask him/her.
Pretty sure it’s just being applied hypocritically but to be sure why don’t you ask that question to the originator as well.
rump?
Rump?
Nah, I understand it perfectly. Others here are clearly having trouble with it though.
How about you. What do you think it means?
What do you think it means?
Means that some old ancient writer was having fun with the gullible.
Don’t worry about it. It wouldn’t matter to one with such a haughty attitude towards words of wisdom like this.
Fanatic Trump groupies like to imitate the revered leader.. So they can't conceive of legitmate criticism of Dear Leader-- anything that is even mildly critical of him or his policies throws them into a hissy-fit.
Heck-- they even went to the trouble of inventing an important sounding acronym for what is actually legit criticism--"TDS".
Which is the height of hypocrisy as they are totally ignoring their own "ODS".("Obama Derangement Syndrome?)
Any of our so-called "Christians" remember this?
Jesus bent down and wrote with his finger on the ground. When they kept on questioning him, he straightened up and said to them, "Let anyone among you who is without sin be the first to throw a stone at her."
Yup-- whenever I see the term "TDS" it reminds me of their total hypocrisy!!!
Trump supporter's can't help but do that-- strange as it may seem, most of them have no concept of the role of criticism in a Democracy!
(Perhaps their attitude should be called "DDS"..."Democracy Derangement Syndrome"?)
Another ironic biblical quote.
The folks bagging on Trump non-stop are the last group that should be trying to play that card.
Talk about hypocrisy ..... yowsa!!
The context is about human relationships, not being full of yourself, and that God fully understands when we are being selfish, and when we are giving of ourselves. God can’t be fooled, so don't even try.
Since when is it the providence of rumpsters to own Scripture?
It is a term quite often used by TDS sufferers on the internet to refer to President Trump. More often than not the user has no originality and is trying to pander to the other TDS sufferer's.
If you want to speak of virtue do so or just drop the point altogether.
The meaning is simple and clear.
If you don’t plant corn, you don’t harvest any corn.
Or in the context of this discussion, you get back what you put out, so if you put hate out there, you get hate back.
Ergo, why it’s ironic when used by haters.
What’s a rumpster? A gay person?
I speak truth friend. That you don’t like said truth, makes it no less true.
Ah .... who knew .....
I love truth. What of virtues would you have me, us, discuss?
Cool, glad you love truth.
There is perhaps no more virtuous pursuit, than attempting to truly realize the concept of reaping what you sow for the good.
It's not easy for most of us but it's especially difficult for the haters of the world.
A good concept. How are you applying it to this discussion. Connect the dots.
Yeah, it is a great concept isn't it? But in this case, since it's off topic, you can start another article specifically about connecting any "dots" you would like connected. I'll be happy to "connect the dots" for you once again at that time
Hold that point. . . . I will consider doing an article on virtue ("short and sweet") if time permits and you will be invited when I do! (Smile.)
Don't put it in one of the left leaning, mutual admiration society, groups. I opt out of those echo chambers whenever possible and couldn't participate. I'll be happy to have a sincere, adult conversation with you on the topic.
Not interested in biased, deranged, delusional discussions.
I sent you a Private Note invitation to my article. See ya there.
I was hoping to see Trump fail in a manner that wouldn't hurt We the People this time.
[deleted]
Bible and Gun tote'n folks ?
You have a really bizarre notion of the meaning of the word "winning"!
Yes, you are very correct s/. Trump should have stood at every single airport and checked every passenger for this virus. Because he didn't, Trump is the reason for all of society's ills today.ss/
I doubt any of these people criticizing Trump can show where they wanted him to close the borders to all travel prior to the first case of the virus being confirmed in the US. It reminds me of something Dale Carnegie wrote in his fantastic book How to win friends and influence people. “Any fool can criticize, complain, and condemn—and most fools do.”
Well, the democratic party sure does live up to that great quote.
You won't hear Trump conservatives whine about Trump's "compassionate conservativism," Bush was wrong (for the Alt-Right noisemakers) for giving relief to some of the needy/masses.
You won't here any Tea-partiers griping about Trump "stimulus" packages now. Of course, Obama was wrong (for the Alt-Right noisemakers). Wonder why?
An excellent question!
Probably for the same reasons you won't hear many Democrats praising anything Trump does. They did, however, cheer Obama's bailouts and tax cuts.
For a good work getting the job numbers down below where his predecessor left off, I applaud President Trump. For raising the standard on the markets I applaud President Trump. For any good work President Trump does I applaud him individually.
Now then: For being a deliberate and compulsive liar; cheater; abuser of his office by firing good people and ruining their careers just to please conservative think-tanks, Fox News anchors, conspiracy theorists, right-wing evangelicals, and the Alt-Right; for choosing to exist in an alternate reality while in the office of the presidency; while withholding and/or misplacing and destroying sensitive documents which speak critically about his mistakes as president; while lying about the Coronavirus public-facing-while some of us die (and probably soon some of the youth and children); while diminishing former presidents and irony of ironies having four living ex-presidents to draw on their 'years' in service to the nation he can not say he as called anyone of them; while figuratively standing on the shoulders of former Leader Barack Obama and pissing down his pantsleg; I condemn President Trump for being a chump.
Everything that Obama did was good for We the People.
Everything Trump does is only good for Trump and the 1%.
Exactly what flavor was all of that KoolAid you drank?
The Obama required "Beer Summit" created MANY "Bummer Moments" for the country !
I like my Bacon "Baked" slowly ...… Instantly "Fried" still Your preference ?
And yet now there's a good chance Trump will bailout the airlines!
(What goes around comes around!)
And???
Would you prefer he didn't?
BTW, Congress has to do the bailing out. Only Congress can appropriate funds.
There he is! Doing that thing he does on a regular comment basis. Spin. Deflect. Spin!
Obviously, my comments bother you.
Perhaps you should stop reading and responding to them.
WTF are you going on about NOW?
Pray tell what is deflecting OR spinning about my comment?
Or is all you have are personal jabs?
That's IT?
SMMFH
Obviously, my comments bother you.
Then WTF are you going on and on about?
Disturbing. Obviously, I am not going to waste time explaining what you already should know. I am going to move on now.
excellent!
That is not how you are supposed to respond to that.
You are supposed to claim a moral internet victory and accuse the person of running away because of a faulty debate position.
A virtual expression of flopping it on the table to prove yours is bigger than theirs ......
I'm not panicking yet but it is looking bleak where I am. I'd get in the car and go but there is nowhere to run to...
Live way out on the prairie and the only business that has closed in the nearest town is the local library. I miss it. Thankfully the grocery, the liquor store and the gas station are still open.
No cases of the virus anywhere near here (yet).
I looked at the map of the early # of cases in different areas. And perhaps not surprisingly the rate was higher in urban areas, where people have more frequent contact with others. (Imagine having to ride a crowded subway train to work!) And even in a supermarket-- how many hands have touched the items on the shelves by time we buy them>
So of course it spread more rapidly in those areas.
But I imagine that soon (possibly within the next week or two) the number of cases will start to rise significantly even in the most rural areas.
(Even your mail-- how many people have come in contact with it since it left the sender?)
I predict there will continue to be a rapid rise in the # of cases. But of course the good news is the majority of people who have it will experience nothing more than what seems like a bad cold-- or perhaps even a bit of nasal congestion and an occasional cough...that disappears in a few days.
We can hope. And the reason, IMHO, for the more rapid rise in cases is the number of tests administered which is rising also.
jbb, I am with you. I know we all are. If you have something stiff drink one and calm your nerves. If you have an anxiety pill take one. This situation hit real for me when my county declared a health emergency Shelter in Place and the governor of California established a Stay At Home Order. Still, I can hear the 'roar' of activity on the freeway and some hustle in bustle in the stores so I still feel the excitement of being alive today - not just shock and confusion. What's liftin' you up as a distraction today? Anything?
Whether or not people who get it will have a severe case..or a really mild case... will depend on several factors, One of which is the strength of one's Immune System. And of course there are steps one can take to strenthen that...
I have some ginger root and vitamin C fruit teas I do now.
All the alternatives are probably worse.
Oh yeah? Care to explain that?
Alternatives I envision would be 1) to just continue along, business as usual, or 2) take emergency steps to protect the economy as opposed to human life. The state of the economy sucks but I sure can't argue that hundreds of thousands of dead Americans would be a better alternative.
Are you saying then that sacrificing some people is worth keeping the economy rolling along as usual?
That's literally the opposite of what I said.
"The state of the economy sucks but I sure can't argue that hundreds of thousands of dead Americans would be a better alternative."
Data as of 3/20/20 Stocks on Friday plunged to a three-year low, closing out their worst week since the 2008 financial crisis and obliterating all of the gains made since President Donald Trump was inaugurated.
Democrats are rejoicing.
Spin that around: Trump is not arrogantly gloating. What is happening in our cities, our towns, and what is being projected in the coming day is loss, ruin, and disaster for our nation and other nations of this world, and I would not wish it on anyone—including not even on a president who is lying to us yet again about a virus that is killing a great many of our citizens.
I didn't mean Democrats are happy about the virus since it affects them also, but there's no doubt the majority have been hoping for a down-turn in the economy.
that is a fact.
it should be interesting to see how states (right or left) handle this crisis and which ones drop the ball.
since states are different, we will learn what works and what does not work
I am talking about the economy on a grand scale, too. Democrats are affected by the ups and downs in our economy too.
It is President Donald Trump who arrogantly conducted himself as the "Me-conservative" president. It is Trump who tuned out the Liberals and set to the task of turning our mutually shared governmental systems into a lop-sided, unhealthy, disfigured monstrosity, where some important positions are currently held by some underwhelming professionals, or not occupied at all.
This is one of the oldest lesson in all of humanity: One is wise to not disturb what is working until one has done proper research and established why it works and what it is good (useful for)! There were professionals being prepared, installed, and kept in place—just in case. Those folks have value to us all. —They once did, that is. They were unceremoniously purged and told to go beg for work and their shelter elsewhere.
Now, this unapologetic, unrepentant, and unforgiving president has no method to communicate the recall of liberals to come back to serve the nation in its time of need. And now, republicans who have forsaken republicanism and conservatives who have forsaken conservatism to enter this joint-venture with Donald Trump's 'America' are going to have to try to fix the nation and world they have broken by applying even less republican and conservative principles.
Now is the time for our nation to be on the proper side of history. Because this is a distinct moment in time. Do the right thing going forward for all Americans, not just conservatives.
You choose faux competition over unifying? As some conservatives here are fond of saying: "Why am I not surprised?"
faux competition? it is real enough.
that is why we refer to the states as laboratories of democracy.
they all do their own thing and get differing results. other states learn from those experiments and enact the good bits while not enacting the bad bits. meanwhile voters see what other states are doing and get to move to the states they like best.
if ya need to see that as a competition instead of a learning experience for everyone... OK by me.
id always seen a state like california as a leftwing experiment, while a state like texas is a rightwing experiment.. and california lost the "keep humans from shitting on the streets" competition.
Good point. Some will believe Trump's downplaying of the severity and won't take protective actions. Others will listen to the medical experts and disregard Trump's Fake Advice.
Over the years its been my observation that when someone is losing an argument online they usually resort to some tactic to derail the conversation....which is what you just did.
(But Iwonder if you were even aware of it?)
not even worth a grain of salt.
It's one union. Why the heaven do you want to spend all your days in competition against people interested in advancing the same world you live in? Go figure!
And yet many Republicans keep repeating how "Trump is winning">
Weird, eh?
Wow. The world is in turmoil, Americans are suffering, and the seeder of this article is giddy at the idea of the American economy crashing so Trump can't brag about his presidency. And they want to call Trump the crazy one? Where do these "Americans" come from? I mean I hated Obama, but I never wanted America to fail just to spite him. You Trump haters really need to do some soul searching and make sure your hatred of Trump isn't affecting your dedication to this country. Sheesh.
I mean seriously, even if the US economy crashes because of the coronavirus, you think history is going to look back at that and blame it on Trump? The global economy will crash if the US economy crashes, so I guess every current global leader would be as incompetent as you would want Trump to be. Honestly this is an opportunity. Every investor should be taking advantage of this crisis. I bought my house during the housing market crash. If I knew then what I know now, I would have bought 4 houses back then.
I don't know of any individual who wants the economy to crash in order to blame Trump! What I remark on is his hubris to think he can lie his way through it. To gloat about his successes in the economy while disrespecting former leaders, and his incapacity to graciously allow the wisdom of four other presidents help him in this country's time of desperate economy crises. Future analysts will not blame Trump for the virus, they will, if it is occasioned, blame him for his self-aggrandizement and disrespect to the nation by permitting his arrogance to continue to get the best of him.
[deleted]
trumps re-election is not in jeopardy over any of this regardless of what the TDS crowd thinks.
what they keep forgetting? they have zero credibility, the entire msm is now a running joke and people are not going to suddenly start believing them again. [deleted]
maybe they should have read that book... "the little liberal boy who cried russia russia russia wolf"
Apparently, you like your media conservative.
Link?
That is a misinterpretation of Krishna's comment, in my opinion. You are letting your bias run away with you! But I will step aside now. . . .
I have been reading articles about how the coronavirus will most likely permanently change the world as we have known it regardless of who is in the White House.
Excellent post!
I often hesitate to mention this, because people who know nothing about the subject often condemn it-- but I believe I did at some point mention that I am an Astrologer.
And a while back noticed a very powerful influence was coming up--and would last an entire year as I recall (gradually started to be in force in early january IIRC).. Basically, it meant that the entire planet was going to undergo major transformation. Old structures would crumble, and new ones would take their place. A major turning point for the world-- although not easy to predict the exact details.
Often this is unpleasant-- especially got those who try to resist. But the end result is a whole new set of structures.
Another theme of this is "purification"--- any structures built via unscrupulous means-- from taking lazy short-cuts to outright manipulation and fraud , will be transformed.(when I realized that, one of my first thoughts was that Trump's days in office would be numbered. That's what the Astrology said-- or more accurately it was y interpretation of it.
At first I didn't believe my own work, because up until recently I was pretty sure Trump would be re-elected.
For several reasons-- but mainly the economy. The market kept going up-- it looked unstoppable. So while different people are concerned with various different issues, as long a she economy remained strong, I thought Trump would remain in power.
But as soon as the Corona Virus began (and remember, it didn't look all that bad at the beginning) I had a strong intuitive hit-- that what my work revealed was probably correct. Major transformation of the world, and the downfall of anything or anyone not of pure motivation.
I know that this sound sa bit absurd to the uninformed-- but I see it happening.
I also don't remember if I mentioned here that I've been retired from my "day job" for some years-- but now spend much of my day researching the stock market. And I do a few trades,but not many. One of the things I try to do is detect major trends...hopefully before many others do.
One I noticed that started, gradually, several years ago-- but recently started accelerating (this was even before the Virus): the trend towards many meeting, classes, and other in person activities movin away from interacting by being in the same physical space (office, classroom, etc) and moving online. I first noticed increasing use of Skype-- then Zoom.
I wanted to buy some Zoom, but the stock had already moved up too much.
So I bought a little Teledoc.
I wanted to buy some Zoom, but the stock had already moved up too much.
So I bought a little Teledoc.
And then news of the virus broke, and many physical classes and meetings were cancelled-- and some started to be replaced by online meetings. (I am in a longstanding discussion group that meet monthly at a physical location-- we stopped that and just had our first meeting in the comfort of out homes--via Zoom.
Since the Virus accelerated, TDOC shares have done well-- who says you can't make money in this market?
( Dark blue line is Teledoc stock, light blue line [labeled "IXIC" ] is the Nasdaq average.)
BTW that chart is interactive, you can click on other time periods such as 6 Months, 3 months, etc to see more recent activity)
Now I'm trying to decide if I should buy more- TDOC - but I think its run up too much.
Boy was I ever wrong on that call!
LOL.
This is hard to believe-- but today TDOC ran up just over 18%. (If a stock moves up 18% in an entire year that's pretty durn good!).
And then, in after hours trading-- it went up another 4+%!
And again, another one: WORK. I have had a pretty big paper loss on that one-- was beginning to think I made a big mistake buying that one. (Own a lot less than TDOC). But, finally...it had a decent move up today... +11%.
What do these two have in common? One sector related to the change mocowgirl alluded to. These are both for "remote" workplaces-- the ongoing shift from working together in a physical location to working on an online site.
That trend was already in place for some time, growing slowly but surely-- but since the Corona Virus took off-- so have these stocks.
And own just a little TTD, not too sure about that one.
Another one I missed: ZM.
(I do not recommend buying any of these now because they've run-up so much. May have a bit more upside, but too risky for me. Well may add a small amount of TTD__ also speculative tho')