dohboi wrote:...serve healthy, high-quality meals to the homeless and others in the community.
dohboi wrote:"no debts, no mortgage, no real ambition" Me too
And well put, OS
I put the time my meager savings give me to serve healthy, high-quality meals to the homeless and others in the community. Lots of vets come through, and are honored for their service. Lots of Trump supporters, as well as socialists, anarchists, and pretty much every other political, spiritual, and ethnic 'persuasion'.
I do something toward this pretty much every day. Haven't tallied the total, but it must be more than a part-time job by now. Probably 30+ hours a week. Just got done serving over 100 meals today.
copious.abundance wrote:Coming next, an official bear market.
As trading days go, Thursday's session on Wall Street was a terrible, horrible, no good, very bad one.
Stocks were annihilated, oil plunged, credit markets tightened - even gold and bitcoin weren't spared from the carnage as anxiety over how deeply coronavirus could damage the economy continued to decimate investor confidence.
An announcement of a major funding injection by the United States Federal Reserve - aimed at flushing out financial plumbing gummed up by growing investor panic - only managed to stem the bloodbath briefly.
The Dow Jones Industrial Average closed down 2,356.60 points or just shy of 10 percent - its biggest one-day plunge since the 1987 market crash, when it lost 22 percent in a single session.
copious.abundance wrote:It is now 15 months since my OP. And right on schedule, we have a stock market crash. Coming next, an official bear market.
And don't let anyone tell you THE cause is the coronavirus. It was merely the pin that popped the bubble. To be sure, it's probably going to make things worse, quicker, than otherwise would have happened. But we were headed for a recession anyway.
Outcast_Searcher wrote:copious.abundance wrote:It is now 15 months since my OP. And right on schedule, we have a stock market crash. Coming next, an official bear market.
And don't let anyone tell you THE cause is the coronavirus. It was merely the pin that popped the bubble. To be sure, it's probably going to make things worse, quicker, than otherwise would have happened. But we were headed for a recession anyway.
Keep telling yourself that. In the real world, we'll never know, will we?
It's probably not good to be in company with the clown set like armageddon and shorty who will use COVID-19 as an excuse to claim they were exactly right all along.
Keep telling yourself that. In the real world, we'll never know, will we?
It's probably not good to be in company with the clown set like armageddon and shorty who will use COVID-19 as an excuse to claim they were exactly right all along.
Armageddon wrote:The record govt debt, record corporate debt, record credit card debt, record personal debt, record student loan debt had nothing to do with this current crises?
It was all Corona and its .0016 global infection rate is what caused it.
onlooker wrote:Armageddon wrote:The record govt debt, record corporate debt, record credit card debt, record personal debt, record student loan debt had nothing to do with this current crises?
It was all Corona and its .0016 global infection rate is what caused it.
Yep, the Corona was just the pushing of the grenade pin. It all that underlying stuff you mentioned and more.
But the cornies here still refuse to concede that.
The record govt debt, record corporate debt, record credit card debt, record personal debt, record student loan debt had nothing to do with this current crises?
It was all Corona and its .0016 global infection rate is what caused it.
rockdoc123 wrote:The record govt debt, record corporate debt, record credit card debt, record personal debt, record student loan debt had nothing to do with this current crises?
It was all Corona and its .0016 global infection rate is what caused it.
yeah I was waiting for you to go there. Just like a number of you here kept trying to blame the 2008 recession on high oil prices you had this 3 year or more tirade about debt and how it was going to destroy the stock market and what happened.....never happened, the market continued to rise and the vast majority of economic indicators were up and until February still showing a recession wouldn't show up until 2020. Very few market analysts were saying the debt would destroy the economy imminently as you have been claiming for the last 3 years. And now when it is absolutely clear there is no other cause than the Covid for the rapid decline in the markets aided by the oil price war as of the weekend it only took you a couple of days to come up with the ....well, yes but it was really debt that did it.
You must think everyone here is actually stupid.....not as stupid as you it seems.
rockdoc123 wrote:The record govt debt, record corporate debt, record credit card debt, record personal debt, record student loan debt had nothing to do with this current crises?
It was all Corona and its .0016 global infection rate is what caused it.
yeah I was waiting for you to go there. Just like a number of you here kept trying to blame the 2008 recession on high oil prices you had this 3 year or more tirade about debt and how it was going to destroy the stock market and what happened.....never happened, the market continued to rise and the vast majority of economic indicators were up and until February still showing a recession wouldn't show up until 2020. Very few market analysts were saying the debt would destroy the economy imminently as you have been claiming for the last 3 years. And now when it is absolutely clear there is no other cause than the Covid for the rapid decline in the markets aided by the oil price war as of the weekend it only took you a couple of days to come up with the ....well, yes but it was really debt that did it.
You must think everyone here is actually stupid.....not as stupid as you it seems.
evilgenius wrote:The crisis has yet to actually destroy any money. That can't happen unless people default on their debts. Trump should be able to figure that out in his stimulus package. He may still try to glad hand the rich, but he will have to throw some scraps in for the rest of us. For that reason, I think there may not be deflation as a result of this. But gold has certainly dropped a lot. That kind of drop in gold is a deflationary indicator. Mortgage moratoriums can be implemented, and similar schemes can hold off auto payments. The government could pay landlords, or freeze the financial constraints the landlords are under in exchange for suspension of rents. Then they just pay the banks.
We might most probably expect inflation out of this. Rates this low have to result in some kind of economic impact, so long as the banks will lend the money. A year or so from now the Fed Funds rate could be above five percent. It depends upon how quickly the effect of these low rates permeates throughout the economy. The economy is paying the price for the government's decision not to step in and make minimum payments to citizens. It looked too Bernie like.
The smart money must be on the sidelines. It's probably in treasuries. The Fed just made an announcement regarding treasury buying that pretty much guarantees that the smart money can get out of bonds whenever they need to, without taking a loss. The Feds idea is to make certain that the market is always large enough so that no one player making any move can disrupt price discovery. Unless they all move at once, any one of them can buy or wait, depending upon their own consciousnesses.
I guess gold is going down because enough people own it who expect they could die. It's probably better to be in cash if you need to move your money around quickly at some point. That could be to take advantage of low prices in the markets, or personal reasons.
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