2 trillion, so far!
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.
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.
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’.
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.
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?
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.
Oh I can see it. I just don’t give a fuck.
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?
O’Doyle rules!
$2T so far
13 hours later and I had the arrogance to think I had an original comment.
And you italicized it! Well done!
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.
“…and right here is where I’m going to manufacture the worst economic crash since the literal Plague.”
Plague massively increased economic situation of peasants in western Europe.
Only in the long run. A lot of them died and suffered horribly first.
Of course, first things need to hit rock bottom for regular people to demand fair treatment.
Looks like he’s working towards a fire sale.
It all makes sense when you look at it from the perspective that he’s doing all this at the direction of Putin to destroy American hegemony in the world.
As bad as the world thinks it’s been under Ametican leadership, its better than letting Russia or China run the show.
Putin ordered 0 tariffs for Russia. So sus.
Not the first time. Back in 2016, when he was first elected, it was quickly determined that Russia had onterfered with our election, and Congress voted to impose sanctions on Russia. When it came time to order the Congressionally-mandated sanctions, HitlerPig ignored it, saying the Russia wouldn’t do it again.
To Putin
Mr Miller told me this was a REALLY GOOD IDEA!!!
As an impoverished no body with nothing to lose in this country, I’ve just been laughing my ass off.
This is bad for us too. A cratering stock market slows down hiring which depresses wages and makes it harder to find work.
I’d argue that’s reversing cause and effect. A cratering economy on Main Street often gets reflected as a crash on Wall Street.
Sometimes the outcomes diverge. One common analogy in finance circles is that the stock market is like a hyperactive puppy on a long leash being walked by a slow owner whose gradual movements trend in a particular direction while the puppy erratically moves back and forth near that owner. Maybe it’s some kind of hype or panic moving markets in a way that’s uncorrelated with the underlying economic activity. Or it’s a specific play on a specific type of financial instrument that has become untethered from a thing it used to be tightly wound up with. Many financial panics happen when correlations between things break down, and all the financial engineering in a particular type of product relied on a bad assumption so that it spreads to other financial products.
But in many cases, they move together because the people buying and selling stocks feel sentiment driven by actual economic fundamentals.
If jobs need to get done, you’ll be able to find positions to work in.
Don’t be fooled into thinking we can’t succeed unless rich people get theirs.
A recession is basically only those jobs hiring. Its the opposite of a bubble where because nobody has spare money nobody is spending so nobody is hiring and everything is undervalued. That’s why the only solution to the great depression was to hire a ton of people to do something.
The stuff the ccc did was awesome, they preserved huge chunks of America’s cultural heritage, made beautiful things, and made lots of natural beauty available to the masses. Go to any national park that existed at the time and you’ll see it. But they existed to take the masses of itinerant labor and put them to work for reasonable wages. It kickstarted the economy, fed people and gave them money to send to their family, and ensured that skilled labor remained as such.
Straight up, that’s probably going to be what this takes to get out of. A green new deal. Not the bullshit one we had proposed. Not the infrastructure act. No, hiring a fuck ton of young people to lay high speed rail lines and build solar and wind farms and battery facilities at wages that will let them reproduce and restart their local economies.
Only a government can do that. A company would pay market rates and expect a reasonable profit. A government can tax hoarded wealth, seize assets, and generally compel the behavior that gets you out of that mess.
If jobs need to get done, you’ll be able to find positions to work in.
Yeah, agreed. No guarantees that they’ll pay a wage you can survive on though, or that they won’t cut corners on worker safety etc. There were lots of jobs during the industrial revolution but most were profoundly shit to the point they’d shorten workers’ lives.
We live in a capitalist society (unfortunately). Rich people hoard their capital during recessions, which means fewer job openings. I graduated HS during the 2008 recession, and it took me 6 months of applying everywhere I could to get a temp job in a factory paying minimum wage (and no benefits or any job security at all, of course). It was literally hard to get a job at McDonald’s or Wendy’s. IIRC, it took nearly both of Obama’s two terms for the job market to recover to what it was. So yeah, you may be able to find a job after a lot of hunting, but everyone’s so desperate they’ll accept anything. The way things are going with deregulation and all that, I wouldn’t be surprised if company-towns make a comeback (which, incidentally, is kind of like the corporate city-states people like Peter Thiel, who worked with Musk and groomed JD Vance, openly talk about).
Yeah, it’s absolutely fucked. My laughter comes from a place of being glad that some faces got ripped to shreds by leopards and then also because it’s the only thing to keep my mind from totally fizzing out from this mountainous heap of daily shit we’re subjected to. And then the rest of the world is getting dragged into it so fuck. Just fuck.
Heya you are correct that the rest of the world is being dragged into it. The tarrifs for us (Australia) have a little silver lining though, our meat will be cheaper if what we exported to the US stays here and no alternative market is found so I am happy about that. The farmers will feel it but us Aussies are always happy to help bail the farmers out tbh, could be a good opportunity for us to create something similar to USAID and send some food where its needed. Who knows really, but its an opportunity for everyone except the US. So thanks for making every other nation (that was trading with the US) great again.
I hope you call it AusAID, it’d be perfect
Well we did have AusAid, just got renamed to DFAT (Department Foreign Affairs and Trade), which do provide assistance to foreign nations but our scope is limited and as far as I could see we were not really buying any excess agricultural production to send off. I have to look into it because maybe we don’t or all of ours is absorbed into the Asian markets. But was thinking due to the US BS could be a good opportunity to still help our farmers while doing some good at the same time. Bang for our buck, when I saw the USAID doing it for their farmers before it was cut I thought its a great program that provides benefits across the board.
Yeah its a no brainer situation like paying farmers to fallow so your soil can heal
Oh it could definitely be beneficial to Americans, it could very well collapse the US which would probably spur on a post Imperial boom. Basically if the US collapses the inevitable economic reorganization could cause some areas to improve greatly.
Problem is that I suspect that you’d also have what would amount to a Crusader Khmer Rouge or two forming, upside is that’s what punitive campaigns are for. Also id prefer if the entire US didn’t turn into that.
Hell yeah, I think the power the US has had over the world has been abhorrent and just straight up imperialism in the modern world. This shit storm has been very fucked up to witness and attempt to fight but I’m really happy to see how several countries have responded to counter it and even empower themselves more and do a lot of good from it. So many fucking Americans have no remote clue how easy we have had it and I fucking hate them for bringing this shit to the world but at least they’ll be getting a reality check that they probably won’t process anyway but fuck it. And the US needs to stop having such a disgusting amount of power. I’m glad there’s some positives out of it, most of this shit hasn’t surprised me but the tariffs against Australia really took me by surprise honestly. Hope things work out for you all for the best
…and cancelling 500k work visas just few days ago, that should hit the economy too
And everyone being deported as well. Even most of the illegals paid into the economy. Now we’re taking that away and spending who knows what to create chaos.
It hits even harder then that, I know a family of truckers that never stops working, but they’re Lebanese and not natively born yet are all U.S. citizens, so for now they’ve all decided to finally take time off untill this blows over, leaving an even bigger hole in our economy to fill for natural born citizen.
But all the government institutions are being dismantled, so why have taxes at all?
Need to pave a road to your house? Pay it yourself! Need to drive on a road you haven’t paid for? Pay the toll to the owner.
Libertarian police
I was shooting heroin and reading “The Fountainhead” in the front seat of my privately owned police cruiser when a call came in. I put a quarter in the radio to activate it. It was the chief.
“Bad news, detective. We got a situation.”
“What? Is the mayor trying to ban trans fats again?”
“Worse. Somebody just stole four hundred and forty-seven million dollars’ worth of bitcoins.”
The heroin needle practically fell out of my arm. “What kind of monster would do something like that? Bitcoins are the ultimate currency: virtual, anonymous, stateless. They represent true economic freedom, not subject to arbitrary manipulation by any government. Do we have any leads?”
“Not yet. But mark my words: we’re going to figure out who did this and we’re going to take them down … provided someone pays us a fair market rate to do so.”
“Easy, chief,” I said. “Any rate the market offers is, by definition, fair.”
He laughed. “That’s why you’re the best I got, Lisowski. Now you get out there and find those bitcoins.”
“Don’t worry,” I said. “I’m on it.”
I put a quarter in the siren. Ten minutes later, I was on the scene. It was a normal office building, strangled on all sides by public sidewalks. I hopped over them and went inside.
“Home Depot™ Presents the Police!®” I said, flashing my badge and my gun and a small picture of Ron Paul. “Nobody move unless you want to!” They didn’t.
“Now, which one of you punks is going to pay me to investigate this crime?” No one spoke up.
“Come on,” I said. “Don’t you all understand that the protection of private property is the foundation of all personal liberty?”
It didn’t seem like they did.
“Seriously, guys. Without a strong economic motivator, I’m just going to stand here and not solve this case. Cash is fine, but I prefer being paid in gold bullion or autographed Penn Jillette posters.”
Nothing. These people were stonewalling me. It almost seemed like they didn’t care that a fortune in computer money invented to buy drugs was missing.
I figured I could wait them out. I lit several cigarettes indoors. A pregnant lady coughed, and I told her that secondhand smoke is a myth. Just then, a man in glasses made a break for it.
“Subway™ Eat Fresh and Freeze, Scumbag!®” I yelled.
Too late. He was already out the front door. I went after him.
“Stop right there!” I yelled as I ran. He was faster than me because I always try to avoid stepping on public sidewalks. Our country needs a private-sidewalk voucher system, but, thanks to the incestuous interplay between our corrupt federal government and the public-sidewalk lobby, it will never happen.
I was losing him. “Listen, I’ll pay you to stop!” I yelled. “What would you consider an appropriate price point for stopping? I’ll offer you a thirteenth of an ounce of gold and a gently worn ‘Bob Barr ‘08’ extra-large long-sleeved men’s T-shirt!”
He turned. In his hand was a revolver that the Constitution said he had every right to own. He fired at me and missed. I pulled my own gun, put a quarter in it, and fired back. The bullet lodged in a U.S.P.S. mailbox less than a foot from his head. I shot the mailbox again, on purpose.
“All right, all right!” the man yelled, throwing down his weapon. “I give up, cop! I confess: I took the bitcoins.”
“Why’d you do it?” I asked, as I slapped a pair of Oikos™ Greek Yogurt Presents Handcuffs® on the guy.
“Because I was afraid.”
“Afraid?”
“Afraid of an economic future free from the pernicious meddling of central bankers,” he said. “I’m a central banker.”
I wanted to coldcock the guy. Years ago, a central banker killed my partner. Instead, I shook my head.
“Let this be a message to all your central-banker friends out on the street,” I said. “No matter how many bitcoins you steal, you’ll never take away the dream of an open society based on the principles of personal and economic freedom.”
He nodded, because he knew I was right. Then he swiped his credit card to pay me.
Let’s cancel student loans too, that will own the libs!
It was worth a shot.
If the economy crashes, people won’t be able to pay their loans, which I sincerely hope will fuck up a billionaire or two.
No the government will bail them out with unlimited funds while we all lose our homes, jobs, healthcare and food security. Then the morbidly wealthy will come in and buy up the foreclosed houses, small businesses and force wages and benefits down.
At which point do we eat them? I’m hungry.
Hopefully soon
