Rolling US Economy Into The Shitbin Thread

I'm surprised it's that high.

How the fuck does only 52% of the population have a retirement account?

Results of a 2017 survey:

$0 saved: 39 percent
Less than $1,000 saved: 18 percent
$1,000 to $4,999 saved: 12 percent
$5,000 to $9,999 saved: 6 percent
$10,000 or more saved: 25 percent

I'm in the 39 percent.

yeah, no one is saving. the younger millenials I speak to have a bone-deep understanding of just how fucked they are.

does that same set of stats feature a breakdown by age group?

enjoying the official designations that down 10% is a 'correction' and down 20% is a 'bear market'

yeah i don't really buy any of the currently circulating theories about why this is happening, prob more mass psychological than fundamental. stock markets been going gangbusters for a while, shiller PE ratios are huge so there's a lot lower it could fall (but that doesnt mean it will...)

I'm in the 39 percent.

lol i'm in the 12 percent just from half-working a few years at a place where the contract precludes you from opting out of making contributions to the account (at this point i would really have rather had the cash)

america is really pathetic

Make America less pathetic again!

i love that the upper echelon of those savings categories wd buy you PERHAPS 9 weeks of life in NYC

another very red day tomorrow is a no brainer technically, which means it'll be green I suppose

lol

https://i.imgur.com/zMPlatn.jpg

lol bloomberg businessweek cover art dept back at it again

pouring one out for janet yellen

https://www.nytimes.com/2018/02/09/us/politics/federal-reserve-nominee-goodfriend.html

keep voting GOP trump country

https://www.msn.com/en-us/foodanddrink/restaurantsandnews/potential-trade-war-could-hurt-kentucky-bourbon-and-wisconsin-cheese/ar-BBJeesq

happy anniversary!

https://www.politico.com/story/2018/02/20/senate-bank-rules-rollback-meltdown-416158

TBF I think the banks have learned their lesson.

hardly.

I dunno, they seem duly chastened to me. Humble. Wiser for having flown too close to the sun and seeing the effects firsthand. I'm sure if given the chance they will self-regulate with a sure and steady hand, mindful of their grave responsibility to the hardworking American people. I like to think of them as philosopher kings, myself.

Kylie Jenner wiped out .3 billion of Snap's market value in one tweet https://t.co/pE6KIuLAal pic.twitter.com/W64JSKGvDs

— Bloomberg (@business) February 22, 2018

#capitalism

Welcome to the resistance (?)

In related news, I no longer use pets.com.

I will never understand Snapchat. The shares are basically memberships to the Snapchat CEOs fanclub. Dude didn't even invent the fucking concept behind the company! I understand there's more to it than just coming up with the idea but..

Ousted Snapchat early employee Reggie Brown was paid $157.5 million in a settlement in September 2014 to close off a 2013 lawsuit he had brought against other co-founders Evan Spiegel and Bobby Murphy, alleging that they had taken his original idea and run with it, pushing him out of the company without compensation in the process.

The details were made public for the first time in Snapchat’s parent Snap Inc. S-1 filing today, unveiled as a first crucial step in the startup’s bid to go public on the NYSE, which is expected to happen in early March, according to our sources.

The financial terms of the deal between Snapchat and Brown were not disclosed when the settlement was first announced.

I can see venmo existing in 6 years or so. snapchat otoh

Silicon Valley had better be the first thing to go when debt gets more expensive

Newer tech co's all have pristine balance sheets. Snap for example has 2,366 million in current assets, 346 in current liabilities, and 83 of other liabilities. Zero debt. When speculative equity investors dry up, maybe try to slowdown their cash burn, which is running at 2 million a day.

on their balance sheet, "marketable securities" make up almost 3/4 of their current assets -- is that shares of their own stock or ...

Iirc that usually means short-term securities that are low risk and nearly as good as cash.

I more meant I assume less money will flow from Sand Hill Road at some point rather than unicorns that have already gone public going under.

Though presumably Twitter is still trying to sell itself to anyone who will take it

xp - thanks

Unprofitable tech companies have mostly been a means of transferring wealth from speculative investors to insiders for several decades. I wouldn't be troubled, except some of those speculative investors are teachers' pension funds and the like.

at the staff retreat at my office last week it came up that we ought to be planning a policy response to "the really bad recession that's about to hit us"

no better time for a guy in his mid 50s to become jobless, i guess

tariff wars and recession - Trump's new flirtation with ruining everything

got this email yesterday:

In other news, I feel a recession is coming. My friend is a GM at a major car dealership and he said they just had their slowest month in five years. Experience tells me that car sales tend to be an early predictor of an economic downturn.

i work with the state unemployment agency in WA and i get something called WARN notices which alert service providers to large local layoffs. i signed up and got none for months, but received two this week, both logistics and distribution companies, about 350 permanent layoffs in total

I didn't realize the bitcoin crash would have such far-reaching ramifications.

Paul Tudor Jones: Jay Powell is like General Custer ahead of the Battle of Little Bighorn, surrounded by Foreign Currency Fighters, the Stocks, the army of Corporate Credit, the Crypto Tribe and the Inflation Nation. pic.twitter.com/1ugphj7eeD

— Robin Wigglesworth (@RobinWigg) March 1, 2018

and then to top it off...

NEWS from pool spray: TRUMP SAYS U.S. WILL SET TARIFFS OF 25 PCT FOR STEEL AND 10 PERCENT FOR ALUMINUM

— Kayla Tausche (@kaylatausche) March 1, 2018

??

President Trump decided against announcing tariffs on steel and aluminum imports on Thursday after 18 hours of frenetic pushback from inside the White House and on Capitol Hill, two people briefed on the decision said.

https://www.washingtonpost.com/news/business/wp/2018/02/28/white-house-planning-major-announcement-thursday-on-steel-and-aluminum-imports/?utm_term=.e194517a18ae

well, yeah

To recap:
- No tariff announcement on schedule issued at 9 PM
- Trump says he wants to announce tariff today, sending officials on mad scramble
- Senior officials say the policy isn't ready, there'll be no announcement today, just a "listening session"
- Trump announces tariff

— Daniel Dale (@ddale8) March 1, 2018

ah OK that explains the cluster of tweets from the last ten minutes, thanks

MillerCoors statement: We are disappointed with President Trump’s announcement of a 10% tariff on aluminum. While we won’t know the details for a week, the Department of Defense recently reported that aluminum does not cause any national security issues. (1/3)

— MillerCoors (@MillerCoors) March 1, 2018

while this might make trump seem like an enemy of the common man, a shrewd observer pointed this out

Donald doesn't drink Beer. Need a strong statement from @CocaColaCo to really drive home the costs he will pay with every Diet Coke he drinks.

— Rich McGilvray (@Misterchief) March 1, 2018

Alooooo min um

Lol u ppl talk funny

"But we're still cool to sell our alu minnn yum, yeah?"

"Absolutely. Big league."

we need to run the government like a business. tax cuts!

man, between Delta and Coca-Cola it has not been a good month for Georgia business

well s/month/week

Can someone explain to me why US Steel stock is down 4.5% on news of a foreign steel tariff? Do they import/process foreign steel themselves?

It seems to be a case of “buy the rumor sell the news”. Steel stocks were already up big on anticipation of this announcement, so now it’s probably profit taking.

most ominous first post ever?

here we go guys

― El Tomboto, Thursday, October 18, 2007