Rolling US Economy Into The Shitbin Thread

has anyone heard anything about the IRS postponing tax filing deadlines?

good question!

if they're forced to do it then they still have to issue refunds to people who file now, but they don't get the income. seems bad.

there was news today that they are recommending extending the deadline.

we filed last week, fortunately

i thought that new tax income is put aside, intended for use the following fiscal year? i could be way wrong on that. but it would be very bad financial practice to rely on new tax revenue for payments due in the next few months.

30% occupancy in boutique manhattan hotels - service industry layoffs ahoy

Pretty confident what the WH does in terms of stimulus will be the wrong thing and will be ineffective. But before they realize that, they will do the wrong thing again, claiming there wasn't enough of the wrong thing done the first time.

― Josh in Chicago, Wednesday, March 11, 2020 3:39 PM (two hours ago) bookmarkflaglink

In other words, the incumbent administration's SOP. But don't call it completely ineffective; it's been markedly functional at putting even more money in the hands of the 1 percent.

I'd like to see a field trial of basic universal income in households directly impacted by service industry contraction. But I'm not holding my breath.

okay now what

i mean, time to take out a loan to invest in the stock market while it's low i think

what would a rich person do

i suppose the less wealthy half of the world could grab some pitchforks and go after the 8 wealthiest men, doubling their wealth in the process, but the problem is those 8 rich dudes are really, really hard to find and tricky to pin down

you know it will be lotsa tax cuts and subsidies for a few mega-corporations. maybe some unemployment insurance bones tossed to the laid off workers, but nothing about health care. it's always helpful to have a dysfunctional government during a global pandemic.

yeah, i loved how trump's speech mentioned $40B (or $50B? i forget) to go toward "selected companies or individuals". it was almost like a disclaimer during a penis pill ad

"many hundreds of millions will benefit jared"

I am 100% confident the markets will be calmed by President Trump's amazing, dignified speech.

I caught the last two minutes. He sounded sick? Did he snort at one point?

he snorts a lot

my 401k and i have chickened out

xp yeah he didn't sound good, but then he never really does

You'll feel better about your 401k if you look at a longer view of the chart. Like 2,3,5 years.

Or just don't look especially not right before bed.

i will never look

want to see a rally where Trump straight up hocks a loogie on the ground mid-speech

lol what if all the decongestants are because he has allergies/chronic congestion

In the Clinton debates he snorted and sniffled so much it sounded like he'd just done all of the meth in the green room.

no way a dude that age is chronically snorting stuff for years and still has recognizable nasal cavities

it's probably the grease from his Extra Crispy dripping down his throat

how do i short the world?

The Big Short 2: Bigger and Shorterer

I intend to put money in my Roth IRA when I get paid tomorrow (god willing, I won't have touch it for another 15-20 years). But looking at my Fidelity account will almost certainly be painful.

xpost. ha. I jut found an article called "How to Short the World" from early 2016.

what's annoying is that they make it so easy for most people to invest long in equities but they make it so hard for those same people to take about equivalent risk short/bear positions.

i hate money, so this is good

i hate halts.

every halt, a terminator sequel

coffee break! I am still holding tvix which I supremely hate and am going to force myself to get rid of it today even though I may regret that.

or maybe tomorrow. Ugh.

coffee and tvix over several days would hurt my heart

the DJIA closed at 19,804.72 the day comrade combover took office. an annual budget deficit north of $1 trillion later, we're almost 2000 points higher! MAGA!

yerac how did you learn about investing?

i worked at 2 large investment banks and a rating agency, but that was completely accidental; my degree was in anthro, astro. but there is a ton of information out there that you can learn the basics fairly quickly (i would just investopedia everything at work because I did not have a background). And i've always been good with money, since I was a teen.

but I would not recommend investing any money in the market that you are not prepared to just lose.

lol that might be taking it too far

I don't know anyone's personal situation or age so it's difficult for me to encourage people to put their money somewhere not knowing their risk.

like i worked at a bank (that eventually bought LEH) and I saw employees making 10k x's whatever volume trades for their own accounts to buy LEH at $10, $8, $4 because they were so sure it would come back.

but i mean also, if you have money that you won't need for x length of time you kind of should put it somewhere.

but I would not recommend investing any money in the market that you are not prepared to just lose.

which is why it is so cool that the default retirement savings package for every corporate job now is a 401k and not a pension :/

I figured you learned all about money from working at a record store.

let me tell you all about moondog's estate planning.

which is why it is so cool that the default retirement savings package for every corporate job now is a 401k and not a pension :/

otm

catching a falling knife is v different from having a 401k.

If you're saving for 10/20/30 years out then panicking and taking money out now is the worst thing to do because you're essentially swallowing all the losses of the last few days rather than waiting for it to come back and potentially investing while things are cheap. If they don't come back then we will have bigger things to worry about because the underlying reason for that will be very bad indeed.