2 trillion, so far!
we’re in a recession right now. this is the beginning of one. people mass selling off their stocks to take money and that shakes all markets down the river is exactly a recession start. get ready folks.
He did that in theee month. Only 4 more years to go
As a guy with nothing, I really couldn’t give much less of a shit about retirement accounts and the ultra rich losing money. And I already make shit wages and live on almost nothing. The only thing that is going to really hurt is the continued hyperinflation.
Why is this comment getting downvoted, while Fingolfinz is getting upvoted in the same thread for saying the same thing…?
Can’t see past your nose, can you?
Oh I can see it. I just don’t give a fuck.
Enlighten us oh great prophet.
Go slow so our little brains can understand.
I’ll take a stab at it:
- Local businesses will suffer across the board, might lead to this poor fella maybe loosing his already shit job.
-There won’t be another job for him to take (see first point).
-He makes shit money so he has nothing saved up.
-social nets and government help is being systematically wiped out.
-It’s the streets now, and for many others like him. Where does this lead? Massive uptick in crime, and a lot of crime everywhere. Everyone is fucked - those who currently care and those who currently don’t care.
I’m actually semi prepared for this. My shit paying job is working for a non-profit that distributes food to people who need it, and honestly those who work there have the first access to the resources if they are in dire need. If all of that were to fall apart, and it could, my history is in working in food service and frankly I can get a food service job as well as anyone else. I’m super qualified. It might pay shit, but if anybody can do it I can and somebody will be doing that job as long as any jobs exist.
If the economy collapses completely and there are no jobs, I’m kind of prepared for that too. I’ve got a .22 rifle with a suppressor and a crap load of ammo that I can feed my family with for at least a couple of years feeding on squirrels and cats and dogs and fuck it humans if I have to. Not that I want to eat any of those things but damn it I’m going to survive. I’m not someone who advocates poaching or breaking laws, but when it comes to survival everything goes out the window. I know how to garden too. I have crazy amounts of filtration capability for water also, not to mention you can just boil it and as long as we’re not dealing with irradiated Fallout water, I’ll be fine. I could live the next year just in a quarter of the camping gear that I own, no matter what the weather. Birds make good eating too. If everyone’s money becomes completely valueless, I’m better off than most.
Right - first option survive the storm, next option… Murder? Steal? Pillage? (I’m stretching what you said, but it was implied). This is the very possible future we all might be living in, so again to OP’s point about spiting your nose/face. Basically I find the moves of Trump to be catastrophic and the potential of where it might lead us is… Horrific
Entire year of gains lol
He did as he promised, financial liberation.
From the poor
It’s just utterly infuriating and miserable. This isn’t a Nelson-Ha-Ha.gif moment.
Ordinary Americans will suffer for this. People will lose their homes, their jobs, their lives. And ordinary people in other countries will suffer for it too - job losses for companies who majorly sell to the US are inevitable. Car companies in the UK (Landrover, Aston Martin, Jaguar, etc are already making noises about job-cutting).
And the vastly wealthy will benefit, as they always do, by picking up those bargain basement stocks which will, eventually, become valuable again. And it’s the plan. It’s always the plan. Transfer wealth from the many to the few. Brexit was a cash grab. Trump is a cash grab.
And the vastly wealthy will benefit, as they always do, by picking up those bargain basement stocks which will, eventually, become valuable again.
I don’t think that’s correct.
Imagine, if you will, an uptick in vandalism on Tesla Cybertrucks. Insurance companies notice and increase the price of insuring them. The used car market price for those vehicles goes down, with fewer people wanting to buy vehicles that are more expensive to insure and are more likely to be vandalized.
Is that price drop a dip that a savvy investor can take advantage of? Is there an investment case for buying used cybertrucks and then hoping that Elon’s stink fades? I don’t think so. The value of that thing has permanently decreased.
Look to American soybean farming. Trump put tariffs on China in 2018, and China retaliated with tariffs on soybeans, among other products. Brazil stepped in and started exporting a lot of soybeans to China, and maintained that market share even as the tariffs were canceled. Basically, American farmers never recovered. Buying up all that farmland for cheap wouldn’t have done anything because the new owners of that land can’t benefit from some kind of higher profits from that land.
Sometimes things drop in price because they just become less valuable. I think that’s what’s happening with American stocks right now, because the damage that is being done is hard to reverse.
I’m so glad that as a millennial I get to live through so many different historic times…/s
How many once in a lifetime economic events is this now?
Didnt your hobo turned ccc worker turned GI great grandpa have the coolest life. Your gen Z sibling gets a similar experience.
Do I remember correctly that trump was elected mainly on improving economy?
That’s what they kept saying…
That’s what I heard people said, but I suspect it was more the anti-immigrant, christian nationalist, white supremacist, misogynist not wanting to out themselves so they said things like the ‘price of eggs’ or ‘the economy’ instead of ‘I’m scared of everything I don’t understand like diversity and worker solidarity’ or ‘i don’t want to be treated the way I treat minorities’.
Who knew that Tarriffs, a historically bad idea when used broadly and heavily, would be bad for an economy propped up by massive consumer debt and a stock market existing solely on speculation/over valuation?
C’mon keep it going!
$2T so far
13 hours later and I had the arrogance to think I had an original comment.
And you italicized it! Well done!
O’Doyle rules!
The Powers That Be aren’t going to tolerate this for very long.
Trump is fucking with their money.
Nope. This is more like The Oligarchs Who Came to Regret Supporting Hitler or, in The Dark Knight Rises, the billionaire who finds that funding Bane’s rise to power doesn’t actually give him any power, or another business dude learning that working with Bane doesn’t even save him from the movement itself.
The billionaires thought they could buy influence and just get the things they want, while stopping Trump from getting what he wants. For whatever reason, Trump is a true believer in tariffs, so that’s what giving him power will result in.
They are the powers that b.
These tariffs are a tax on the working class, which they will gladly pay.
There will be no revolt. No pushback. No (snickers) value of ownership.
This generation has been conditioned to be dependent on a system that exists to take advantage of them, then act surprised when they get taken advantage of.
The only solution in an abusive relationship is to leave. Consumers are going to play this song and dance until they die.
These tariffs are a tax on the working class, which they will gladly pay.
When taxes rise consumption falls. The wealthy live off the fat of consumption.
Nah. Rich people profit from recessions and other crisis. They have enough money to buy everything and then are even richer afterwards.
That is why everyone lets Trump do whatever he likes.
They have enough money
Their money is in shares and bonds, not cash.
See, that’s what you don’t understand.
They can never get enough. It’s a competition with their peers.
Like a children’s game.
I understand that perfectly, they like the crisis situation because they hope to acquire more, and maybe even loose a couple of aspirant mill- or billionaires on the way.
They do see it as a game, and thus big disruptions create great new chances for them to gain even more.
Stocks aren’t real resources, they are imaginary potential resources. Stocks market fluctuations are important only as long as people think they are. Like a king who is a king only because his subjects consider him a king.
Neither are money, but we’re still not a communist society so we still consider it one.
If you want stocks to not be important, phase out public companies.
Oh, so my 401k losing money isn’t real? Damn, that’s a relief.
That’s what you get for being suckered into accepting 401ks instead of pensions.
You say it like I had a choice to get a pension.
Pension funds have invested in stocks and bonds for decades.
The same is true for fiat currency.
Anyone too dumb to know how stocks work probably thinks you’re talking about the car
Some stock have value because the company is profitable, solid and is making money. I am no investor but Coca Cola I would imagine fit the description.
Tell that to the people living on automatic withdrawals from their IRA accounts 🙄
They shouldn’t have put their faith in that system.
Big “leopards ate my face” vibes.
It’s giving BTC/silver/gold investor, off-the-grid incel vibes
As bad as this is, it can still get a lot worse. The market seems to be pricing in a high probability that Trump will reverse course. If the tariffs stay on for at least a few months, there will certainly be a recession, probably a depression, and possibly social unrest that will take decades to fully recover from.
When things really crash is when the rich will decide to pay their cash and start buying up shit, and then we will think the economy recovered but really all that happened is another wealth redistribution in the wrong direction
Maybe but it could crash anyways. JP Morgan tried to stabilize the stock market in 1929 by buying up stocks, but it collapsed anyways and led to the Great Depression.
