Dow tumbles nearly 900 points, Nasdaq suffers worst day since 2022 as recession fears erupt: Live updates
www.cnbc.com
Stocks dropped as the selling pressures that dragged Wall Street last week persisted, while investors braced for a slew of economic data reports this week.
  • cygnus@lemmy.ca
    0·
    1 month ago

    “Small price to pay to own the libs!” the faithful cry as they slowly eat their daily ration (one egg and a slice of wonder bread)

  • Dagwood222@lemm.ee
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    1 month ago

    I think he’s doing this deliberately. Encourage people to sell, so his buddies can scoop up stocks at low prices.

    • stopdropandprole@lemmy.world
      0·
      1 month ago

      it’s so much more than stocks. stocks are mostly vibes and short term get rich schemes for already wealthy people. they’re Pokemon cards for the finance class, creating almost nothing tangibly beneficial to society. hype and FUD in an endless cycle.

      you can’t eat stocks. you can’t warm your house with stocks. you can’t manufacture solar panels with stocks.

      real wealth, the serious fuck you Big Money, depends on the ownership and distribution of real resources: real estate, agricultural land, factories, pipelines, commerical buildings, capital infrastructure. these are what the ultra wealthy buy up during recessions and then charge rents and leases for everyone else to pay, forever. forget about owning land or a home, your kids can’t compete with someone paying cash on a 600k house or snatching up entire portfolios of hundreds of rentals in a single purchase.

      bailouts and blank checks given out as PPP loans to “business owners” during Covid redistributed wealth from the taxpayers (government) into the hands of the wealthiest people in the world. they can then convert their Pokemon collections into real wealth generating resources. government bailouts to corporations become an engine for not just making the rich richer but the types of assets they then acquire using that money cements them at the top of the wealth generation food chain forever.

      Trump 2.0 is engineering another massive redistribution, even bigger and more focused on real estate than before. he made his fake reputation on real estate. loyalist oligarchs who bank rolled dark maga will be handsomely rewarded with the newly emptied government office buildings and public lands.

      and your kids and grandkids will be homeless.

    • Magister@lemmy.world
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      1 month ago

      yup, I’d buy apple or microsoft or nvidia because they are going down now but will go up certainly in 1 or 2 days or even weeks/months. Except tesla, this one will go down and down and down for days/weeks/months, tesla stock is super toxic, dump all of it.

    • maplebar@lemmy.world
      0·
      1 month ago

      I sold all of my stocks a couple weeks back and I’m feeling pretty fucking good about that right now.

        • maplebar@lemmy.world
          0·
          1 month ago

          To be totally honest, this isn’t about stock market gamesmanship to me–I’m not trying to buy the dip over the next few days. (If anything I’m waiting for the AI bubble, which I personally believe is bigger than the .com bubble, to blow the fuck up.)

          Between incompetent idiots and assholes running everything, ridiculously inflated stock prices, meme stocks and market manipulation, on-again-off-again trade war bullshit, and the AI bubble, I’m happy to have my money out of the market. I have zero faith in the people who are running our economy to do anything worth investing in, and I’ll be perfectly happy to find alternative means of investing over the next 2-4 years.

          Frankly, I’m sick of putting almost my entire life savings in the hands of corporations and the delusional k-holed fucknuts like Musk who run them. It’s a bonus that I’m no longer the shameful owner of bullshit ETFs and company shares that serve only to enrich and empower the richest corporate oligarchs.

          I’ve lived through multiple crashes already, maybe I’ll hop back into the stock market during the next one, or maybe not because fuck this whole system.

      • empireOfLove2@lemmy.dbzer0.comEnglish
        0·
        1 month ago

        That’s why I said “for now”. I was mulling buying in after the election when corporate interests were riding high on a “pro business” President. But I didn’t. Now I have that cash free to buy in when we hit the bottom of the slump, if there is a bottom…

        • veni_vedi_veni@lemmy.world
          0·
          1 month ago

          There have been studies showing that just dollar cost averaging is a better strategy then trying to time the market using market sentiment for long term gains.

          • empireOfLove2@lemmy.dbzer0.comEnglish
            0·
            1 month ago

            While thats true in the real long run during stable times, that also assumes there are not overt outside pressures forcing the market in one direction.

            Trump does not bring stable times and is actively sabotaging economic stability.

    • tal@lemmy.todayEnglish
      0·
      1 month ago

      The TCJA passed in Trump’s first term. It cut the mortgage interest deduction.

      Mortgage interest deduction for newly purchased homes (and second homes) was lowered from total loan balances of $1 million under current law to $750,000. Interest from home equity loans (aka second mortgages) is no longer deductible, unless the money is used for home improvements.

      The mortgage interest deduction is a tax break for homeowners, and Trump Term 1 saw that get cut. One would expect that cut to generally apply downwards pressure on house prices, since it makes it more-expensive to borrow money to buy a house.

      If one assumes that one could use that as a guidepost as to policy during a second term, maybe that’ll continue.

      kagis

      https://doeren.com/viewpoint/president-trumps-proposed-tax-plans

      To that end, GOP lawmakers in the U.S. House of Representatives have compiled a 50-page document that identifies potential avenues they may take, as well as how much these tax and other fiscal changes would cost or save.

      To help generate savings, the GOP document proposes making changes to various tax breaks, such as:

      • The mortgage interest deduction. Suggestions include eliminating the deduction or lowering the current $750,000 limit to $500,000.

      Sounds like it. So that could push prices of houses downwards.

      I haven’t been following the situation there, so this is just a quick skim, mind.

      EDIT: I’d also add that some of Trump’s policies may have dramatic increases on house prices, depending on what he actually does at any given point in time; he’s not really one for providing clear guidance, and even when he does, one can’t very well take his statements at face value. Two potentially relevant factors include:

      • Trade disputes with Canada. The US gets a lot of its lumber from Canada, and North American homes are typically wood-framed. If lumber becomes more expensive, that will drive up the materials cost of construction of new homes.

      • Illegal immigration. If Trump actually has a significant impact on the illegal immigrant population, it will increase labor costs in construction, as construction makes use of a lot of illegal immigrant labor. That will drive up the labor cost of construction of new homes. My personal take is that most of Trump on immigration is political theater for domestic politics, but it’s worth keeping in mind.

      So it’s hard to judge what factors might dominate.

  • formulaBonk@lemm.eeEnglish
    0·
    1 month ago

    Everyone here mentioning billionaires and missing the point that the Russian agent in charge is just doing his best to deliver any and all assets to Russia. Sanctions getting lifted just as the fire sale on American assets begins right before the civil unrest. If you’re a Russian dictator you could not have planned it better. Republicans are seriously the dumbest mother/sister fuckers on the planet. I can’t even believe how fucking stupid you’d have to be to hold “conservative views”. Like it does not compute how you can be that dumb

    • Revan343@lemmy.ca
      0·
      1 month ago

      Like it does not compute how you can be that dumb

      Easy, lack of education (or even actively detrimental ‘education’), courtesy of decades of Republican sabotage of the education system

      • Bytemeister@lemmy.worldEnglish
        0·
        1 month ago

        Welcome to inelastic demand. They take a percentage of what they charge, and they have to charge more because of the tariffs, so they basically get to take more for free because you have to pay more for it, and you have no choice in the matter.

  • ofcourse@lemmy.ml
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    1 month ago

    Recent recessions have shown that the top 1% get richer after the recession. It makes sense when you think about the super rich having the cash to invest is now much cheaper stocks and property while everyone else is struggling to make ends meet.

    So I wonder how much the Nazi and the monkey want to avoid a recession. The monkey does not have to worry about reelection and the Nazi is a psychopath.