I just heard a guy on MNSBC say something like “This is worst self inflicted wound I’ve ever seen a president give himself.” If the US was a sane country - congress would immediately remove Trump’s emergency tariff powers plus they’d use some kind of legal mechanisms void the tariffs. They’d be immediate legal challenges and all of that but this is an insane situation. The GOP would do it so save them from a midterm bloodbath.
Of course - the US is an insane country so nobody knows what comes next. My hunch is that Trump quadruples down on his batshit economic “theories”. GOP goes along and becomes openly and aggressively fascist so they can win. They’re going to be yuge losers if they play by the rules. In the red states next year - the GOP saves itself by openly breaking voting laws (and all sorts of other laws) so they can keep control in those states and at a federal level keep the House. And the criminals are never charged with crimes by the GOP courts of those states or by Trump’s DOJ.
Biggest single day drop was in 87, known as black Monday, 22.61%. COVID had 3 days that were cumulatively ~21%, the 2008 crash had 3 separate days that were around 21%, and the crash of 1929 also had 3 record days that totaled about 35%.
Black Monday lead to some trading pause mechanisms if there’s too big of a drop, and the market will close if it continues. So suffice it to say this isn’t in the toping the least, but it could be the start of a depression. It’ll probably be a few days before the first big effects are directly hitting major industries imo. But I’m not a stocks sicko.
It’s so wild that when their make believe infinite money generator goes into a death spiral, they just turn it off and pretend it isn’t happening. Like covering it with a sheet and pretending it the problem goes away.
Yeah they’ll halt trading for the rest of the day so the death spiral doesn’t continue. On Black Tuesday in 1929, one of the problems was they didn’t stop trade or shut down banks. So everyone was trying to avoid being the last one holding onto worthless stocks while normal people were trying to withdraw all their money out of their bank accounts.
This doesn’t really do anything other than get stock brokers to sleep it off because they can resume their bullshit in the morning.
On that note, how bad is this for the regular person?
we’re still 30% of the way into a mass extinction event
Actually regarding that, this is good news!
yeah destroying america now probably buys us a few hundred surviving tetrapod species
Typical Thursday then.
I just heard a guy on MNSBC say something like “This is worst self inflicted wound I’ve ever seen a president give himself.” If the US was a sane country - congress would immediately remove Trump’s emergency tariff powers plus they’d use some kind of legal mechanisms void the tariffs. They’d be immediate legal challenges and all of that but this is an insane situation. The GOP would do it so save them from a midterm bloodbath.
Of course - the US is an insane country so nobody knows what comes next. My hunch is that Trump quadruples down on his batshit economic “theories”. GOP goes along and becomes openly and aggressively fascist so they can win. They’re going to be yuge losers if they play by the rules. In the red states next year - the GOP saves itself by openly breaking voting laws (and all sorts of other laws) so they can keep control in those states and at a federal level keep the House. And the criminals are never charged with crimes by the GOP courts of those states or by Trump’s DOJ.
Biggest single day drop was in 87, known as black Monday, 22.61%. COVID had 3 days that were cumulatively ~21%, the 2008 crash had 3 separate days that were around 21%, and the crash of 1929 also had 3 record days that totaled about 35%. Black Monday lead to some trading pause mechanisms if there’s too big of a drop, and the market will close if it continues. So suffice it to say this isn’t in the toping the least, but it could be the start of a depression. It’ll probably be a few days before the first big effects are directly hitting major industries imo. But I’m not a stocks sicko.
Here’s an interesting bit on Wikipedia:
https://en.m.wikipedia.org/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average
It’s so wild that when their make believe infinite money generator goes into a death spiral, they just turn it off and pretend it isn’t happening. Like covering it with a sheet and pretending it the problem goes away.
Yeah they’ll halt trading for the rest of the day so the death spiral doesn’t continue. On Black Tuesday in 1929, one of the problems was they didn’t stop trade or shut down banks. So everyone was trying to avoid being the last one holding onto worthless stocks while normal people were trying to withdraw all their money out of their bank accounts.
This doesn’t really do anything other than get stock brokers to sleep it off because they can resume their bullshit in the morning.
Apparently the biggest crash since June 2020 so barely a drop in the ocean fr fr