Rolling US Economy Into The Shitbin Thread

ah, no of course not; that would benefit the wrong people i suppose

I wanna refinance every CEOs head with the back of my foot.

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.

As I post this, per cnbc.com, Dow futures are down +1,000. It's going to be a bumpy day.

I really really wonder if/when they will close the market.

it completely seems like something that trump would pressure them to do.

He's good at talking about closing things and not staffing things

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.

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.

https://gothamist.com/news/nyc-halts-evictions-one-week-rebny-pledges-90-day-moratorium

I really really wonder if/when they will close the market.

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.

I don't think they would close the market. Maybe they'll suspend floor trading for health reasons.

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.

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.

(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.)

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?

(Of course I'm sure it will benefit a certain number of speculative grifters.)

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.

the 0 interest rate is good

Is it?? We already did that for a long time. It just uhhhh resulted in a lot of terrible Silicon Valley startups

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

They should just send everybody like eight grand

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

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

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.

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.

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.

down 10% already, god damn

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

umm guys

they just don't know how to stop.

sittin on caaaaaaaash

i am on the inverse etf/etn trip. And tvix. Oh I hate it. It burns to hold.

up 1200 points in a couple hours, working hard thank you!

hilarious that they are going to bailout the airlines.

I hate the airlines

airlines and financial institutions should've had enough in reserves for this type of scenario.

Spend the $50 billion the airlines want on trains instead, fucking leeches

omg trains and buses. yes.

for profit companies should never be bailed out by the government.

airline profit margins are very thin iirc?

xps

not that I'm gonna champion them or anything, air travel should be banned imo

like, just in general, not because of the virus

re: airlines having money on hand in case this happens: but shareholders would see that as undistributed dividends!

the one conspiracy theory I am starting to believe in is that publicly held corporations and the ridiculous frantic trading of the stock market are designed to slam our system into a brick wall

fuck an airline: https://www.nytimes.com/2020/03/16/opinion/airlines-bailout.html

Holy shit! That presser tanked the fuck out of the market

I don't understand why. Trump rates his performance a 10.

Yerac: you seem to know a lot about this. Is there a floor here?

Yerac, do you trade using an online brokerage or do you have a "guy"?

dow is now negative during trump's term

No, I have always used online brokerages. Floor?