Jan 20.And 8 weeks later. pic.twitter.com/Ms8fRt3Glo— Carl Quintanilla (@carlquintanilla) March 14, 2020
― Josh in Chicago, Saturday, 14 March 2020 19:22 (four years ago) link
In conclusion, the Dow Jones is a land of contrasts.
― Andrew Farrell, Saturday, 14 March 2020 22:39 (four years ago) link
well, yeah, but the benefits themselves are derived from a set formula and it's entirely employer paid (other than those archaic contributory plans), so worst that happens is the trust gets severely underfunded and the company can't afford to fully fund it or fund it at all.
worst that happens is the employer is the government and due to underfunded pension plans, government services are cut in order to balance budgets resulting in increased poverty, homelessness, dangerous and decaying infrastructure, underfunded schools, and all the other problems facing American cities with financial problems in this day and age.
― sarahell, Sunday, 15 March 2020 17:54 (four years ago) link
I know this isn't the ACAB thread but ... even in retirement, cops punish marginalized people -- because their pension obligations take away from city services for vulnerable populations (and yeah, normal people too)
― sarahell, Sunday, 15 March 2020 17:56 (four years ago) link
I know cops are unpopular, because too many of them are racist pigs, but public employee pensions are a boon to millions of people who aren't cops and never were. Forcing everyone onto 401K plans basically force feeds the equities market like a Strasbourg goose, which is periodically killed and its liver made into pâte d' fois gras for rich people.
― A is for (Aimless), Sunday, 15 March 2020 18:46 (four years ago) link
public employee pensions are a boon to millions of people who aren't cops and never were.
why yes! my father was a public school teacher and has a nice state pension. ... Maybe it's different in other parts of the country, but in California, many public employee pensions are funded at the state level, rather than the local level, which is less of a problem for individual cities because the burden is spread state-wide. Cops' pensions tend to be funded at the municipal level.
― sarahell, Sunday, 15 March 2020 18:51 (four years ago) link
Cops also get paid way more than teachers, and their pensions are a lot higher as well.
― sarahell, Sunday, 15 March 2020 18:52 (four years ago) link
My parents once were bitching to me about my brother who was being forced to retire early from the police department (because he fell down an elevator shaft, got tackled and screwed up his knee, had a heart attack at 39 so he basically was on desk duty (he is very, very not suited for anything desk related) and was expensive to insure). The big issue was that the dept was trying to pay out only a portion of his pension since he wasn't going to make it, just barely, to the full 20 years. My entire family is against anything remotely socialist except the stuff they benefit from directly. So of course I was unsympathetic to the argument that he deserved that money and it was his. I just kept questioning how much of the pension he had contributed to directly
― Yerac, Sunday, 15 March 2020 21:38 (four years ago) link
WaPo: Federal Reserve slashes interest rates to zero as part of wide-ranging emergency intervention
― Sanpaku, Sunday, 15 March 2020 21:42 (four years ago) link
um, wait, i can refinance a home with a 0% interest rate now?
― Fuck the NRA (ulysses), Sunday, 15 March 2020 22:35 (four years ago) link
ah, no of course not; that would benefit the wrong people i suppose
― Fuck the NRA (ulysses), Sunday, 15 March 2020 22:37 (four years ago) link
I wanna refinance every CEOs head with the back of my foot.
― sorry for butt rockin (Neanderthal), Sunday, 15 March 2020 22:39 (four years ago) link
The Federal Reserve has always been of the banks, for the banks, from its inception. Don't expect socially responsible action, only action that preserves Finance, and more generally, FIRE.
Zero interest rates seems nice, until you discover pensioners depend on interest income to eat.
― Sanpaku, Sunday, 15 March 2020 22:47 (four years ago) link
As I post this, per cnbc.com, Dow futures are down +1,000. It's going to be a bumpy day.
― Life is a banquet and my invitation was lost in the mail (j.lu), Monday, 16 March 2020 00:07 (four years ago) link
I really really wonder if/when they will close the market.
― Yerac, Monday, 16 March 2020 00:10 (four years ago) link
it completely seems like something that trump would pressure them to do.
― Yerac, Monday, 16 March 2020 00:12 (four years ago) link
He's good at talking about closing things and not staffing things
― mh, Monday, 16 March 2020 00:19 (four years ago) link
I am mad I didn't rebuy some things at the end of the day Friday. I stupidly thought maybe over the weekend things would look up. Completely ridiculous thought.
― Yerac, Monday, 16 March 2020 00:21 (four years ago) link
if action isn't taken re: mortgages/rent, lotta people gonna be ass out in a few weeks. esp if we lockdown like we finna do in a little bit.
― sorry for butt rockin (Neanderthal), Monday, 16 March 2020 00:52 (four years ago) link
https://gothamist.com/news/nyc-halts-evictions-one-week-rebny-pledges-90-day-moratorium
― Fuck the NRA (ulysses), Monday, 16 March 2020 01:41 (four years ago) link
I'm baffled enough by all this--and clueless--to ask the same question. But I know the answer: because there are billions being made, or about to be made, by enough people to let it happen.
― clemenza, Monday, 16 March 2020 02:41 (four years ago) link
I don't think they would close the market. Maybe they'll suspend floor trading for health reasons.
― o. nate, Monday, 16 March 2020 02:46 (four years ago) link
yeah i was thinking logistically or really, because it makes Trump sad to see his stock market go down. I had to look up how many days the nyse was closed after 9/11.
― Yerac, Monday, 16 March 2020 02:51 (four years ago) link
One thing I'm going to remember from this meltdown (just thinking aloud--compared to the real economic devastation happening and on the way, I'm fine): how the broker I got involved with reacted vs. how my bank reacted. The broker, second or third day into the slide, e-mailed to tell me what a great time it was to start buying more. Somewhere, far down the road, he may be right. Meanwhile, I'd met with the guy at the bank who handles my account a week earlier, and he was going to do some stuff with some money I had in a savings account, after he contacted me for final approval. The slide started, I didn't notice any changes to my account, and when I contacted him, it was what I thought; he thought it was wise to wait until everything settled down.
Telling difference.
― clemenza, Monday, 16 March 2020 04:13 (four years ago) link
(Should mention that I responded to the broker's e-mail with a quick "Uh, I think I'll stay where I am" response, so I at least dodged that.)
― clemenza, Monday, 16 March 2020 04:16 (four years ago) link
Zero interest rates seems like they're still misdiagnosing the problem, or like they don't know what to do about the real problem so they're just grabbing for any lever. People want stability and assurance in a very concrete way that things are going to be ok, not just giant pots of cheap money. Is anyone really looking to borrow or spend a huge amount of money right now?
― a man often referred to in the news media as the Duke of Saxony (tipsy mothra), Monday, 16 March 2020 05:04 (four years ago) link
(Of course I'm sure it will benefit a certain number of speculative grifters.)
― a man often referred to in the news media as the Duke of Saxony (tipsy mothra), Monday, 16 March 2020 05:06 (four years ago) link
Double digit unemployment by the end of the year. Closing the markets does feel like something trump is dumb enough to try, but difficult to think of something more likely to trigger a run on retail banks.
― 𝔠𝔞𝔢𝔨 (caek), Monday, 16 March 2020 05:10 (four years ago) link
the 0 interest rate is good
― flopson, Monday, 16 March 2020 05:28 (four years ago) link
Is it?? We already did that for a long time. It just uhhhh resulted in a lot of terrible Silicon Valley startups
― silby, Monday, 16 March 2020 05:34 (four years ago) link
no it has nothing to do with the number of sillicon valley start-ups, it resulted in lots of people getting jobs. many more would have, and would have done so sooner, if they had kept it at 0 for longer, or let the real rate go negative by increasing the inflation target
― flopson, Monday, 16 March 2020 06:11 (four years ago) link
They should just send everybody like eight grand
― silby, Monday, 16 March 2020 06:13 (four years ago) link
lots of unconventional tools will be considered and maybe some will be used. i wouldn't count on helicopter drop as it requires coordination between fiscal and monetary authorities, and trump is currently itching to fire powell. but the first unambiguous conventional thing to do is cut rates to zero, and it's good that they did that
― flopson, Monday, 16 March 2020 06:19 (four years ago) link
I don't think they would close the market. Maybe they'll suspend floor trading for health reasons.― o. nate, Sunday, March 15, 2020 10:46 PM (yesterday) bookmarkflaglink
― o. nate, Sunday, March 15, 2020 10:46 PM (yesterday) bookmarkflaglink
Supposedly every few years the exchanges say "You know, we don't need to physically be on Wall Street anymore." Then NYC gives them the concessions they want. Rinse and repeat.
I don't know if the current trading floors are literally maintained to give CNBC a dramatic backdrop. But I do assume that if they had to shut down the physical locations all parties would be able to switch remote and virtual operations by the next opening bell.
― Life is a banquet and my invitation was lost in the mail (j.lu), Monday, 16 March 2020 10:02 (four years ago) link
xpost, in general Financial Advisors are pretty terrible. The really really good ones are so good that they do private wealth management/only take on super high net worth individuals. I'm sure there are decent ones that serve the general public but...it's a lot of work to find one you trust.
― Yerac, Monday, 16 March 2020 12:25 (four years ago) link
i had a job once where I would just fight with financial advisors all day long. They all wanted to do shady stuff and did not understand simple ethics.
― Yerac, Monday, 16 March 2020 12:26 (four years ago) link
down 10% already, god damn
― frogbs, Monday, 16 March 2020 13:45 (four years ago) link
White House Scheduling Update: The White House coronavirus task force briefing (which was scheduled for 10:30AM ET) will now be held at 3:30PM.— Geoff Bennett (@GeoffRBennett) March 16, 2020
lmao gonna try this again huh
― frogbs, Monday, 16 March 2020 13:51 (four years ago) link
umm guys
― frogbs, Monday, 16 March 2020 13:54 (four years ago) link
they just don't know how to stop.
― Yerac, Monday, 16 March 2020 13:55 (four years ago) link
sittin on caaaaaaaash
― Its big ball chunky time (Jimmy The Mod Awaits The Return Of His Beloved), Monday, 16 March 2020 13:57 (four years ago) link
i am on the inverse etf/etn trip. And tvix. Oh I hate it. It burns to hold.
― Yerac, Monday, 16 March 2020 14:02 (four years ago) link
up 1200 points in a couple hours, working hard thank you!
― frogbs, Monday, 16 March 2020 15:27 (four years ago) link
hilarious that they are going to bailout the airlines.
― Yerac, Monday, 16 March 2020 19:44 (four years ago) link
I hate the airlines
― silby, Monday, 16 March 2020 19:45 (four years ago) link
airlines and financial institutions should've had enough in reserves for this type of scenario.
― Yerac, Monday, 16 March 2020 19:45 (four years ago) link
Spend the $50 billion the airlines want on trains instead, fucking leeches
― silby, Monday, 16 March 2020 19:47 (four years ago) link
omg trains and buses. yes.
― Yerac, Monday, 16 March 2020 19:48 (four years ago) link
for profit companies should never be bailed out by the government.
― Yerac, Monday, 16 March 2020 19:49 (four years ago) link
airline profit margins are very thin iirc?
xps
― Οὖτις, Monday, 16 March 2020 19:49 (four years ago) link