Rolling US Economy Into The Shitbin Thread

BREAKING: Dow completely erases 945-point gain, turning into the red https://t.co/q4MhIKA07O pic.twitter.com/EnYQuNomB5

— CNBC Now (@CNBCnow) March 10, 2020

Did I say surge? I meant crater!

yeah, i don't really talk about positions here so much because I don't want people to take any advice off the internet about their own finances but I saw the green in premarket and just walked away until it tanked. and now I am happy.

i was bad and ignored the advice of everyone and moved my retirement money (public sector version of 401k) out of stocks over the weekend. i know that i have been bad i am glad that i did it

if only oil would give it up.

my plan is to wait until a skeptical republican dies of coronavirus and then put it back in

what we really need is more of those huge liquidity injections by central banks amirite

:(

it's almost as if this casino banking system can't function without constant intervention by political appointees

Today's market can best be described as a flight back to poor quality, because high quality was already over-booked.

I describe it as DERRRP.

1000 point drop today and not a single post, y'all are getting spoiled

just a little morning dip before the afternoon outbreak breakout

heh. i think some people expected it. xpost

I've had my 401k in an old-man portfolio since like April 2019, so I am sort of thinking of increasing the % of equities soon. Just haven't decided yet what my trigger point is.

Crater! Surge!

stonks

stonks

my employer is up today so actually this is good

caek do you work for Zoom Communications? ... the only stock in my portfolio that is up today!

no i work for a company that announced modestly good Q4 2019 results yesterday

Sold my house last November, bought a new one at half the cost, put some of the money into the market. Won't need to touch any of it for many, many years. Which is good, because these people are fucking nuts.

officially in bear territory

and there's the dead cat bounce

that was yesterday.

but who knows. It seems endless the amount of magic tricks they keep pulling out to try to keep this up the last couple of years.

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.

here we go https://www.washingtonpost.com/business/2020/03/11/layoffs-coronavirus/

good luck these places https://en.wikipedia.org/wiki/List_of_ports_in_the_United_States

dowwwwn dowwwn dowwwn

When DJIA breaks below 20,000 I'll know it's getting a bit more serious. In 2008 iirc a 13,000 DJIA was near all time highs and the crash took it down to ~6,000. So, this is still far, far above the mid-aughts bull market highs.

yeah, I want continuation for the rest of the week before I feel like it'll stick.

almost everything is still way, way above the last pres election/inauguration.

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.