Dow drops 1,200 as US stock market leads a worldwide sell-off following Trump's tariff shock
Dow drops 1,200 as US stock market leads a worldwide sell-off following Trump's tariff shock
Time for the rich to buy stocks on discount.
Assuming the US can recover...
Normally Trump does what's best for the ultra wealthy, but de-dollarization of the world economy appears to be good for nobody in the USA. I have no clue what they're trying to do, I suspect he's just lost it and there's nobody left to tell him these tariffs hurt his croneys too.
At this point I wouldn't be surprised if we're already too far along to save the dollar's position globally. Globally that's probably a good thing, but for any of us in the US it's decidely not.
If it doesn’t, the rich will still be fine. Unlike most Americans, they can diversify outside of the US.
Idk, when do they buy? This shit has to go way more south before our dear great leader decides to undo the tariffs, right? And if he doesn't undo them, when would it go back up? We're still in a race to the bottom...
I lost a lot of money today, but I’m still up from 6 months ago.
This is going to last a long time and the recession is when they’ll buy.
Even if he does undo them there's no telling when he'll put them back in place again on a whim. Everyone abandoning the market isn't going to come back unless Trump gets Epstein'd or Luigi'd.
It's good for them when they can buy other people's stock at fire sale prices, it's less good for them when their own stock is reduced to fire sale prices.
And it isn't good for them if stock growth doesn't happen because American companies lose market share.
It's only a concern if you need to sell during the downturn.
That's not how it works. Stock prices don't fall below the level that rich people are willing to buy them at, specifically because rich people buy them at that level.
Or they can all be in on it and collude to buy once the stocks fall to their target.
There's always a tweet.
This is apparently a fake tweet. An archive of the actual tweet corresponding to that datetime is here.
He inherited a growing economy, a healthy stock market and low unemployment. He has undone all 3. Power move!
Be fair, it did take a long time to undo all that...
He's been back in office an astonishing two months. That's a lifetime!!
Don't give me hope
He also had friends and allies all around the world. He's undone that too.
I keep saying that but a lot of people that just like to be contrarians (I guess?) keep saying that the economy was not really good at all.
The trump regime was designed to TANK the US economy so that stocks, businesses, and industries can be bought by billionaires at rock bottom prices.
All is going according to plan.
Its Russia in the 90s all over again. Must be a coincidence that the Russian mafia-turned-regime they're so chummy with, got its foot in the door and secured its power through an almost identical move.
Im wondering if America will have its equivalent of the 1999 Apartment bombings.
A lot of people might decide to violently resist such an eventuality. Things can quickly go off the rails.
Remember that despite the rule of law no longer applying to the rich and powerful, the laws of physics continue to apply.
A lot of people might decide to violently resist such an eventuality
I don't see a lot of evidence to suggest that'll happen.
Even the wealthy have to think about what is happening right now. To have their company's value go to shit overnight isn't winning him any fans.
I think a lot of them are ideological psychos. Saw an interview with Forbes magazine founder, and he's giddy about these tariffs because he thinks they'll enable tax cuts. I don't think he cares if his shares tank or whatever, as long as he doesn't have money "taken away" from him to help the poors.
No, that wasn't the point.
There were 2 goals:
Down 3,163.27 since inauguration.
His MAGA fans likely don't have anything in the market, or they don't think they do, so they think this won't affect them. They are in for a rude awakening.
No they are all over invested in the market. The techbros. The effective altruists. The boomers and anyone wealthy. They voted for Trump to pump their bags and dont care about anything else. Only the dirt poor maga aren’t baws deep.
Yep. The market is a lot like politics that way.
You might not take an interest in markets, but markets take an interest in YOU.
Old stock trader wisdom: don't catch a falling knife.
You don't know how low things can go. We're merely 100 days into the Trump presidency.
It's not even 100 days... 73 days since Jan 20th
GDP and EUR are pumping, time to jump ship.
Counterpoint: BTFD
My 401k today is $520 less than what it was Jan 21st. I put in almost $600 every 2 weeks.
That's a good chunk of change that just disappeared. I can only imagine how much someone with a bigger retirement account than I have is hurting.
Meh I went through the same shit in 03, 08 and Covid. It hurts but keep depositing and/or increase your contribution. Your future self will thank you.
I sometimes wonder if this time is a bit different, but we'll see. I don't know what qualifies as a safe harbor if donvict's wrecking crew end up destroying the entire fabric of why people invest in the U.S.
Meaning, the dotcom bubble, the early 90s recession, the 08 real estate bubble, the gigantic V that was early covid....those all still had a government that was looking to sustain most or all of our institutions.
Donvict and his crazy Project 2025/fElon dogebags are running around and ripping out the very infrastructure...
Oh I'm not stopping. Just pointing out how this is hurting people's retirement.
Switching from pensions to 401ks was one of the greatest swindles of the 20th century.
It's funny seeing how this generation grasps for morsels. Big reason why I don't respect ya'll.
And yet people still felt the need to vote for him
I'll never understand this country....
And people still thinks he is playing some sort of 4D chess. My friend in Georgia mentioned that people around her says Trump is creating a dip, so that federal reserve will lower interest rate.
Yes, because president can fire tons fedral workers, can send secret police to abduct people, but cannot control the federal reserve, and have to play stagnation or bust.
One of the talking heads on one of those business news shows summed up the theory about lowering interests rates as "it's like burning down the house to cook a steak."
There's no plan here, it's just a deranged old man surrounded by sycophants doing all of the things people previously told him wouldn't work.
Racism.
The south started a war and killed 600k Americans for racism.
It's all some of them care about, it's their alpha and omega.
Dow drops 1200... so far.
Dropped 1,679.39 by the end of the day today.
I was considering trying to cash out my 401k and ira in the US (I bought my first house and I think that's one of the allowed cases), but hadn't worked out the details yet. Guess that's not happening right now. I no longer live in the US and will probably renounce citizenship once my parents go.
I looked at my other investments this morning based on this post and.... Lol. Granted, I only one a handful, but it still hurts. My stock that was worth only like 40 cents moved up 5+% so yay for that, I guess.
Got my family out last year, I commute back and forth.
There is something really sick about watching this from overseas, like watching paramedics carry bodies out of a car crash.
But it was no fun when I was there.
Fucking morons shooting themselves in the balls to look tough.
I've only been twice in the last decade: once the year after I moved and summer 2022ish. It's just crazy to watch. My family just offered to pay for us to fly out for vacation but I declined. My non-white wife that doesn't really speek English + immigration now means we're not going near the place.
What happens to your 401k and IRA if you've moved abroad and renounce your citizenship? Will it ever be paid out?
Not an American so I honestly don't know.
I don't know either. I imagine it just lives on. I can't put money in them now from Japan anyway (well, unless I want to pay some taxes in the US on top of what I pay here; no thanks). I can't use Japan's equivalent either since the US tax authorities will massacre you with paperwork and fines (PFICs). If social security still exists, I worked long enough in the US to get that and it doesn't matter for that if I renounce.
That wouldn't effect legal agreements. if he's still the owner of the accounts the are still enforced, at least when there was a functioning system in place to enforce contracts with in the US legal and banking systems.
To be fair, the market is roughly at where it was in September (pending further tanking). So, not a huge difference...yet.
They voted for this. We all have to be onboard for the crash.
*Trading partner tariff rate is calculated by the White House to include "currency manipulation and trade barriers."
This needs to be way fucking bigger than a tiny light grey caption under the image, AP. "Trading partner tariff rate is pulled directly out of the administration's collective rear end"
1500!!!
US fire sale!! 🔥 every stock must go! 🔥 15-25% off priced to sell! 🔥 hurry, these deals won't last!* 🔥
*profits not guaranteed. in the event of mass economic collapse, cross your fingers for a bail out. This is not financial advice.
3% It dropped 3%.
3% = DJIA just closed its worst day since June 2020
This is what Trump wants. He wants the market to drop and/or a recession. Why? To force the Fed to drop rates back to essentially zero. Once that happens, expect a blistering turnaround in the market. Everyone and their great aunt will be borrowing money at ultra low interest to buy stocks. The stock market will explode, maybe crypto, too. Inflation will skyrocket. It will be nuts.
They’re already shilling crypto hard and threatening to reneg on US debt. They want to crash the economy, do a full venture capital takeover and set up autonomous states in preparation for the coming inequality revolution.
Burn baby burn
yes bring on global depression because no one remembers 100 years ago..
If the rest of the world can reconfigure its trade (which it’s in the process of doing), it’s going to impact the US a lot more than anywhere else.
So much winning
We've probably been in a recession now for awhile. We won't know officially until I'll maybe, November? Figuring it usually takes 7 months for data to catch up and and a official recession needs to be 2 consecutive quarters of lost growth.
Two consecutive quarters and that is a very open definition since other factors also are considered.
Thank you for the correction. Edited original post.
Maybe whatever civilization replaces the US will learn from our mistakes and never, under any circumstances allow a single person to have the ability to set any kind of policy. Hopefully they also don't leave gigantic weapons that can destroy the country all over the legal tapestry and use the honor system to control their usage.
Us humans have been making the same mistakes for thousands of years. Lather, rinse,repeat.
It's not one person charting this path.
Who are you kidding we’re going to put lead back into everything again just for fun.
I wish there was some way to have seen this coming! Lol
The Orange Turd is an economic genius.
I didn't have much in but I'm divesting from all stocks and cashing out. Everyone should sell it all and let the market crash.
I sold out everything back in Feb. I even processed a 401K to a roll-over IRA just so I could hold the money in cash. The money-market account is paying around 4% right now.
This orange moron is going to cause a massive worldwide recession and a depression in the U.S.
I'll reinvest in a few years.
Get some EUR, GBP, gold, bitcoin. Dxy is down ~10% since Feb. USD to 0
