NEW YORK - President Donald Trump’s tariffs have spooked investors, with fears of an economic downturn driving a stock market sell-off that has wiped out US$4 trillion (S$5.3 trillion) from the S&P 500’s peak last month, when Wall Street was cheering much of Mr Trump’s agenda.
Good thing I sold off my entire 401k last month 30 years early in anticipation of the market taking a massive dump
Good job. For what it’s worth you should still take your employer match and invest it all outside North America. Don’t leave that free money on the table because the US is headed for a depression.
I sold the stocks we had for a down payment on a house late last month too. I have avoided $9000 in losses SO FAR. I was talking about this a couple days ago and was essentially told I’m an idiot for trying to time the market instead of riding the dip. Then yesterday early morning before open I was told I got lucky and better buy back in to lock in my winnings. $5000 of those losses would have occurred yesterday if I’d bought back in. I’m not putting money back in the casino until it’s under new management.
I feel like it’s about time to shift money into gold securities or something tangible as our reputation based currency systems take a beating.
I thought about precious metal securities. I wonder if you can buy rare earth securities yet? I’m honestly thinking about getting the physical stuff and hiding it. Insane. I wouldn’t have believed I’d be thinking like this half a year ago.
It’s all about what level of collapse are you trying to shield yourself from. Like if you’re talking worldwide mad max, no electronic claims to wealth will be honored, only physical substances, like actual gold, water, guns.
But if it’s just a economic recession or depression and we aren’t seriously talking about countries going away… Yeah I’m thinking gold securities, lithium probably. The guy in The Big Short started started buying up water next, for what that’s worth.
In a Mad Max scenario gold will be worthless compared to fuel, water, food, medical supplies, weapons, and drugs.
Hey, even in medieval times gold was currency! I don’t know why, except for is shiny.
It was rare. That’s it. Also easily made into coins.
Things like that would be useless in full collapse.
Glad you got it out! And glad you didn’t buy the dip before it dipped even harder. Definitely don’t think now is the time to be playing the stock market game unless you have extra money laying around to gamble with.
Trump is bankrupting ANOTHER CASINO?!?
Art of the Deal, go!
Somebody else called it his casino boss battle. I like that. Can the heroic Cunt d’Orange bankrupt the biggest casino in all the lands? Find out this week on Great Again!
Lol, this motherfucker’s on a casino bankruptcy boss rush! Love it!
America! Fuck yeah!
Yeah my SPY is down as well. Buuut idc. As long as its still a thing in 30 years uwu
That’s a load bearing uwu
Oh im bearing loads owo
Tarif go in to effect then he pulls out. Then back in. Dammed. I fell lile this a bad sex joke.
I’m sure a significant chunk is middle class retirement savings. (Sources are not definitive, but over 40% of the value in the stock market is 401k and other retirement savings).
Gonna F the job market again, too; as people who would retire won’t because their nest egg dried up.
Granny, time to get a second job, we need eggs.
Hello easyspeezy here, today we got quite a special order, we are doing a bankruptcy speedrun!
I think that’s not enough.
More!!! 🗣️
The fact that spooking the market could wipe out such an absurd amount of money, larger than many GDPs - and the economy hasn’t even crashed completely at all yet - should provide a good reference for how much of billionaire wealth is actually just abstract numbers representing nothing tangible but raw power over people and processes.
I’m struggling a little to understand the main aim of this comment. It’s not untrue, there’re just a lot of parts going in different directions and, potentially, coming from different places. Without context it’s kinda just a surface observation, ya know?
i think the commenter is just baffled at how drastically overvalued (over hyped) so many stocks are - a well known problem where speculative over investment can and does distort the whole economy and has power over the whole population. see for example, speculation bubbles like the dotcom overvaluation or subprime mortgages, or Theranos, or Bitcoin, or even how Tesla stock was being traded higher than the next 6-8 major car companies combined.
in other words, stock prices are a bunch of bullshit.
stocks are not “money” they’re placeholders for value, speculative bets on what something is worth and therefore they can fluctuate rapidly, as rapidly and suddenly as human emotions.
At some level of wealth, money stops being conceptually a medium of exchange for goods and services, and just becomes a scoreboard for bragging rights.
The guy who bankrupted a casino is tanking the biggest economy in the world. Who knew!
bankrupted a casino
That’s false. He bankrupted multiple casinos.
Thats false. He’s bankrupted multiple casinos and hotels.
That’s true.
Not quite, he is also morally bankrupt
The guy who bankrupted a casino is tanking the biggest casino in the world. Who knew!
How close are we to global market crashes and bank runs?
once the FDIC is gutted, we’re on our own with the banks.
1 - Gloating
2 - Hubris
3 - Denial <-------We’re somewhere about here, depending on the individual’s MAGA level
4 - Doubt
5 - Leopards ate my face
Billionaires call this a fire sale. They get richer.
Rothschilds and Waterloo, mortgage crises…
Sure bro, that’s who’s behind it.
The Rothschilds.
Not yet. Still a ways to go before proverbial (and maybe literal) blood in the streets.
Trump has gone even more bonkers today. More tariffs on Canada and threatening our country.
It’s important to remember that the rich in the US will profit off this as the working class gets fucked, it’s not “haha trump dumb,” it’s a planned thing to increase the wealth of the super rich
it’s a planned thing to increase the wealth of the super rich
The prior generation of neoliberal economics was doing this just fine. Trump is being buoyed, in large part, by a generation of middle managers, professionals, and small business owners who have eaten shit through a generation of consolidation and de-skilling of advanced labor.
But his policies still suck. His neglect of critical infrastructure and his race to defund public goods and services and his clumsy implementation of pseudo-scientific economic policies won’t benefit anyone in the US, rich or poor. The rich will endure the catastrophes better (probably). And they’ll have the resources to flee when shit really starts to hit the fan (for the most part). But the idea that the biggest shareholders of Boeing, Microsoft, Exxon, and JP Morgan Chase are somehow positioned to come out ahead on a massive contraction in real economic production is delusional.
American kleptocrats have made the choice to rule in hell, rather than to pay a 36% marginal tax rate in heaven. And you only have to look as far as Russia, Saudi Arabia, South Korea, and Israel to see where this miserable policy ultimately leads. Sergey Brin and Eric Prince are going to trade places with Ahmed bin Abdulaziz and Yevgeny Prigozhin, entirely for the opportunity to avoid dealing with the IRS.
$5T? That’s just $16K per person. No big deal.
Sort of but not really.
They aren’t really “the US economy”. Most of those corporations live outside the bounds of nations. They just have their HQ in the US. Manufacturing etc is done wherever is cheapest, and now they’re finding out that they might have to pay real wages and real money to make things in the US.
The losses per person are lower because people from all over the world have investments in those stocks. It’s been overvalued for a while and still is.
Americans will still end up poorer though, because even if they move the manufacturing, they’ll no longer be able to buy things at Chinese poverty wages.
Yeah, what is that? A couple grocery trips? Small price to pay for making America so great.
It’s a banana, Michael, what could it cost, $10??
