Call me cynical but wouldn't he call for an Nat'l Emergency if he could postpone elections? The idea that he cares about anyone but himself and his moldy golf courses would surprise me.
4
Can't wait for him to say any one who wants a ventilator can have a ventilator.
4
stocks did NOT rally on Trump's speech. During his self aggrandation actually the S&P dropped 40 points. only when he ceeded the floor to professionals who seemed to have a semblance of a plan did markets shoot up.
detail of course, but important to note the narcissist in chief'a ramblings were not what reassured investors
10
@Tobias Who do you think assembled those experts, gave them specific direction, then put them on the stage? Santa Claus?
p.s. Try Grammerly next time you post. It will make your weak points at least seem articulate.
1
Dead Cat bounce.
3
What was with the malarkey that "we have ordered a lot of respirators, a lot of respirators"? Who has? Trump Hospitals? Are there thousands of them just collecting dust in warehouses, waiting for a pandemic? And hospitals will magically know when they'll need them, and how many, and have lots of extra money to order them? And the warehouse will overnight them, right?
11
The day before, the Federal Reserve Bank injected 1.5 trillion Dollars into the money supply ? So that means all of 2019 and half of 2020, the Federal Deficit was done by printing money. They bought Treasury Bonds with money that they created out of thin air.
Okay, one time, no problem. Maybe even another time. But if they keep doing that, there will be trouble.
3
NYT, you really need to STOP equating Wall Street ups and downs as an indicator of how well this president is doing. It is sick to be so slavish to the bloody stock market!
3
How about if everyone takes a 14 day staycation, while the public areas are disinfected?
3
In today's White House Press Conference: Asked about the delays Friday, Trump defiantly said: “I don’t take responsibility at all.”
This is our President... the Denier-in-Chief.
A despicable response to the question asked by a member of the press.
13
convinced the gender neutral times is font size un-neutral when it comes to market reports. drives me dizzy
Great, we are rich again
2
There is a non-zero probability the first woman president will be named Nancy.
4
Maybe... just maybe you could move away from the sensationalist headlines and give us real and usable information. “Stocks Reverse Yesterday’s Drop on Hearing...”.
A little context and less sensationalism might be helpful to our whole society right now.
3
You know that if he pulls this off and it's is less than a total disaster (which seems likely though not assured), NYT and its followers are going to have a lot of egg on their faces.
1
@Ambrose Rivers Much damage has already been done. Why would people calling Trump out for lying about the availability of tests and calling this pandemic a "hoax" have "egg on their faces" if it's not a "total disaster?" It's already been disastrous enough. The dead aren't coming back.
4
And of course he keeps blaming the Democrats for not giving enough to distract from his own monumental failures.
5
The stock market has been behaving like a yo-yo since Trump became president. All extreme highs and extreme lows coming at historic numbers. I expect this trend to continue. The market has had so many mood swings it probably needs to be medicated.
What's missing from this picture to sustain the rise? Confidence.
3
Follow the money!
Who was betting and who won big the last days?
2
For over 3years some major news outlets had daily breaking news reports of Trump/Russian collusion driving their ratings that ended fizzling into nothing. There seemed to be a anti Trump bias so bad news reporting lost credibility. This anti Trump bias lingers during this viral outbreak making it difficult to ascertain facts. How can we tell if the hype is to drive ratings and harm Trumps re-election or not?
Relatives and friends who watch CNN seem to be more frightened than those who don't ..and CNN leadership is committed to seeing Trump ousted..along with other drivers of the news cycle.
@Lane
Don't sweat it, because Trump told you the whole coronavirus thing is just a hoax.
Facts, shmacts.
The people who have died? You never met any of them, right?
People announcing they have coronavirus? Must have the flu and are brainwashed, don't you think?
All the schools closing, trips being canceled, businesses telling their employees to stay home because there are no customers? All rumors, right?
Until one or more of those things happens to YOU.
Then all of a sudden it is REAL, and not "reality tv."
Enjoy the "Apprentice POTUS" show while you can.
7
75% of this news conference was dedicated to patting his own back and criticizing other countries. 20% was others patting the President's back. 5% was spent on discussing some substance, though vaguely. Why it took til the end of the week? Had this happened earlier and heads not been put in the sand, perhaps the market could have stabilized earlier in the week.
Stroking one's ego is not leadership, though it can fool some of the people some of the time into believing you know what you are doing.
7
"The current range of interest rates on fixed-rate loans to undergraduate and graduate students is 4.53 percent to 7.08 percent."
These interest rates are outrageous usury by the US government, surpassed only in wickedness by the college/university industry incessantly raising the cost of a college education as a way to keep higher education available only to the aristocracy.
Sharpen the scythes and pitchforks, reinforce the lamp posts. Revolution is overdue.
7
Thinking forward. Italy’s epidemic, the measures taken to control it, and the economic fallout might provide a convenient excuse for defaulting on its mountain of debt. Anyone owning Italian government bonds might be holding junk shortly.
At a minimum, an Italian default would see France and Germany nursing big losses, and have dangerous political consequences for the EU. But it could also trigger sovereign defaults all over the world, on the basis that if the Italians can do so can we.
That was far better than Trump's last speech.
It was still so very sad. Most of it was lies, "It wasn't my fault", and promoting businesses as the solution, because he's fired everyone in the government that normally would have gotten our test production moving weeks ago. The only good thing was that he'd finally been pushed to say the magic words, the big words, "National Emergency".
And the lie, confirmed by Google as a lie, that they were producing some type of magic website to get people who need it a test was really bad. It's a small prototype designed to work in one city.
6
I'm seventy years old, diabetic, have advanced stage four NH Lymphoma, though it is slow moving, it speeds up as one ages. I've been lucky. I live on SS and food stamps. I'm still surprised, but grateful that I have a roof over my head.
The market has indicated its displeasure and approval of Trumps moves but he still does not get it. If the market does not rebound significantly many middle class Americans will bear the brunt, were talking seniors who don't have any opportunity to regain a decent standard of living.
Trump clearly does not understand the value of testing. Mapping CV-19 is the first step required to combat it.
Right now there are thousands, no millions of Americans walking around spreading the virus. NYTs informed readers are just waiting for the people around Trump to steer him in the right direction. We are very well on the way to exceed Italy's model. When the final hour comes we will not be able to address peoples needs, our hospitals will be crushed and many caretakers will be sick.
Just maybe those who voted for Trump and who support the Republican Party need to go back to the drawing board. But that may be a dream too far. Catching a little FAUX the other day a few Goppers were being interviewed, the GOP has its people so turned around not one of these three live in the real world.
16
The thing that terrifies me most is that he will get away with it again. Will this be a moment where he repeats the lie so often it becomes the truth. Again?
He delayed the testing apparently for the purposes of including private industry so the rich can get richer while the poor struggle to find child care or hope they will be lucky enough for a respirator.
12
Good press conference, with all the right people behind the podium to handle questions. Wish there had been more emphasis on how hospitals etc. are being helped to ramp up for a likely influx of intensive care patients, but journalists seemed more interested in asking about testing, Trump's own test status, and hand sanitizer.
6
Which are all valid questions. Also, were we watching the same press conference? That was less of a conference and more of an ad for target/Walmart/Walgreens/CVS.
11
@Snowball
Why aren't they taking any precautions? Huddling up, shaking hands, grabbing the same mike; it was surreal to observe the carelessness.
6
@Snowball
All the business people and a few medical people right there next to a few people known to be exposed to the Coronavirus and not yet tested nor cleared - really bad idea - if they're the right people, they just got a good shot at getting sick.
5
Who the heck knows what causes these market fluctuations? Sure, stocks are overvalued. But isn't everyone looking for some predictability?
We may see some further ups and downs, but I reckon this crisis will be over in about 6 to 7 weeks. Personally, I am not getting caught up in the hysteria and am not touching my portfolio.
1
Trump declared the failure of testing is due to Obama! And that Trump never dismantled the task force to combat global pandemics that Obama created. A classic case of Doublethink, where he is now rewriting the history of just the last three weeks, and spinning it his way. Exactly what Winston Smith was charged to do in 1984.
21
@Robert M. Koretsky
And guess what: because the aggregate American memory is about a long as that of a fruit fly, its going to work!
4
Years ago I had some dealings with a couple of rocket scientists in the business of manufacturing derivatives. The subject of the financial press came up, and one of them said: “We don’t believe a word of it.”
The stock market rally on Friday was mainly short covering. The markets have a long way to fall yet.
6
@Pelasgus
Years ago I was speaking with a couple of financial analysts and they told me to ignore amateur financial commentary on online news websites.
2
I didn't trust the run-up of the last few years. It seemed irrational. I'm retired and old enough to know it wouldn't last.
So every time Wall Street had an especially good day, I sold a bit before the close. This built up a cash position that would last 3-4 years if it had to, and helps this retiree feel secure. Only 30-40% of my portfolio is in equities.
Starting next week, I'm going to take a small portion of cash and dollar-cost-average back into stock index funds on a weekly basis for the next year or two.
Don't trust Wall St. exuberance as real money. It's sad that it took a virus and the naked exposure of a foolish leader to create a buying opportunity. I would urge young people with 401ks to continue your contributions through all the ups and downs.
8
Press conference scheduled for 3 pm Friday.
Starts 30 minutes late and runs right up to market closing time.
Lots of empty claims, lies, and self congratulations.
With smart money selling right into silly money right up to the close.
Next week, reality is back. No testing, more cases, more dead. harder truths. The markets will re-price.
Smart money is now in treasuries.
26
@Yuri Vizitei
After 3 months, Trump finally pulls out his two "very big words" for this press conference...national and emergency.
Wait til next week when these fantasy "drive thru testing sites" he promised in WalMart parking lots are non existent or remain empty because CDC "criteria" still do not allow people to be tested.
Gotta keep those numbers low.
2
NYC leadership, what is the plan for the collection and disposal of bodies? There has to be a plan. It will be a nightmare if we get to be like Italy and China before them. We have to get ahead of it.
3
@Matt
I imagine loved ones will hold funerals, and have the bodies buried or cremated.
1
The pandemic is just starting and the government is about to run out of band-aids. Throw a few buckets of water on a forest fire and you can expect very little. The stock market will continue a precipitous drop as the virus spreads and people hunker down. Panic never helped anyone but it's the human way, unfortunately.
6
There wasn't much to get excited about. Trump continued to lie about the reality on the ground and largely handed over the response to private corporations. It remains to be seen whether that's the right approach. The most promising efforts to test and contain this virus are taking place in countries that have a single payer health care system. He also denied responsibility for his poor response in the beginning and for having dismissed the seriousness of the epidemic.
However, it could be that Nancy Pelosi managed to force his hand. Her proposal is helping with the costs of testing, sick leave, meals for kids who will not go to school, and food stamps. This is where the help should go, not for a payroll tax break that the president wants. Good on her to take him on and do the right thing.
29
These are positive measures. Trump should have stepped aside a month ago and let the scientist, doctors, and economist take over. Having anti science VP Pence in charge or blaming the democrats isn't going to work this time.
14
Ah. The real reason for the national emergency. Let's see where the money actually goes. The same direction the wall money went? Yup.
12
I hate to tell you, people who saw Trump's press conference are wondering how many of his guests will test positive for coronavirus after repeatedly touching the podium, the microphone, and shaking hands with each other and with the Very Stable Genius. SAD!
25
@Hugh Briss
So much for this serious "National Emergency" when the President himself flagrantly disregards the SINGLE MOST IMPORTANT recommendation by the CDC to prevent transmission of this virus...avoid person to person contact (hand shaking)
And on national tv for the entire world to see.
Donald Trump, stable genius.
3
Trump says, "I don't take responsibility at all ...".
Of course you don't, Donald. Not taking responsibility has been the modus operandi for all aspects of your life, since you were a child.
37
**Post 9/11. Thanks for over-correcting me Siri!
What a charade. I would feel much better if 1/2 the country wasn’t already infected. Which is the reality once we get the test kits we should have had a month ago. And to hear the president refer to Dr. Fauci as Tony was absurd. We all need to see this debacle by the government for what it is and take the precautions to keep ourselves and our loved ones safe. It is clear this administration and our health care system is about to overwhelmed by this pandemic. His fake tan looked great though.
9
@Save the Humans
As things get tougher, Trump's fake tan gets more and more deeply orange. It's kind of looking like he's spreading it on with a trowel instead of his usual air-brushing.
2
I think some of the increased optimism is related to Ted Cruz extending his quarantine.
29
It's all about the smell of money.
11
Trump gave a speech featuring corporate execs giving phony testimony to Trump in exchange for a small, temporary rise in their stocks.
15
Don't get too excited: I think the markets closed before Trump started speaking/answering questions. We'll see how overnights react.
7
Just went to the grocery to get a few things: there are bare she leaves everywhere, people
Lined up around the store waiting to check out.
Totally reminded me of post 9/12, when we were encouraged to buy cars. If I really was a conspiracy nut, which I’m not, I would think that this is Big Retail
Trying to get us to stock up on stuff, just to pump the markets up and drive sales.
6
@Suzanne
Big Retail is laughing all the way to the bank over in Italy. Wuhan as well. (not)
2
The President is just along for the ride on this one. Expecting that the President would lay out a cogent path forward in his own words is folly. Remember, in reality, the most important aspect of this crisis in his mind will be its effect on him and his aspirations. Of course the country and its people finish a close second.
13
Stock rally today wiped out all the losses from yesterday but there are still losses from last week remaining to be recovered. Looks like some of the looters and profit takes have returned their loot and invested the profits from the last week and the week before that.
Trump administration seems to have a very responsive and a qualified A team in place and I am confident that Corona will be conquered in a systematic manner and that I will not have to be in bed like swine flu H!N1 pandemic about 10 years ago in the fall of 2009 which killed several 1000 all over the world but thankfully did not kill me even though the vaccine arrived well after the pandemic and could not prevent the flu that I had. That was the only flu I have had in this century and although there is not going to be a deployable vaccine against Corona for at least a year, I am not afraid as long as all is done to prevent the virus from coming near me in large numbers. I think my immune system can handle a few.
Airlines are becoming more accommodating and allowing to make changes and cancellations without fees or penalties. Thank you American Airlines for not charging a single dollar for cancelling my award travel.
6
@Girish Kotwal your facts about H1N1 are wrong. The outbreak began in April 2009. Obama declared a state of emergency within a week of the first cases in the United States. There was a vaccine by October 2009. The pandemic. The pandemic did not end until Aug. 2010.
12
@Girish Kotwal
Your optimism is admirable and your confidence in the Trump administration is adorable.
Only time will tell if your sentiment is misplaced but if it were a stock, I'd short it big time.
4
Yeah, these clowns have been pushing that lie for a while now: the Post gave it the full four Pinocchios, but why would they care? I mean, they don’t even care that it’s nuts to portray the market as mostly recovered, after it drops from about 29-5 to 23-something in what, three weeks?
This entire virus (AKA flu) panic has been a farce driven by the media and the Democrats--often I think one and the same. So the wealthy will make a lot of money when this is over--which is fine--but what bothers me is the old people are having the heck scared out of them for no reason. Stay away from other people and wash your hands.
3
@Jonathan you said it yourself, "Stay away from other people." That is the harm to the economy. We can't spend our money at the local restaurant. We can't go to the local mall. We're not getting on planes We're not going to conferences. Courts are closed. Vacations are cancelled. Economic activity will decrease. As to old people, they should be very cautious. A 15% fatality rate from a disease that epidemiologists say 40% to 70% will catch is scary.
14
@Jonathan Certainly your comment will come as a great comfort to all the people in Italy who are in dire need of respiratory support. The survivors of those who have already died will be gladdened to know those deaths were a hoax.
Why on earth do people like yourself think things will be different here?
22
@bill
34,200 people died of the flu last year. I expect a lot of people also died in Italy. One of the side effects of living is you eventually die. Fear of death is common among those without faith. If you believe in Christ you know that it just represents that you have gone to glory. Most of the deaths in Italy were people in their 80's and 90's with underlying heath issues.
For the stock market, there is something called a "dead cat bounce". It is so named because if you throw it downwards hard enough, even a dead cat will bounce. If this is the case here, and I expect that it is, stocks will after one or more days or a week go lower.
Or of course Mnuchin's repeated advice that you should hurry to buy up the declining stocks might finally be right, this time. However, being accurate once would spoil Mnuchin's perfect record in many economic areas. Krugman has recently noted that Mnuchin still claims the Trump tax cut reduces the deficit - not from what it would have green otherwise, but absolutely.
Reality, and even basic arithmetic, have a profound bias against Trump and his Administration. And as we have seen, the feeling is mutual.
12
@Marvant Duhon
Of course the stocks will go lower.
The fundamentals are still in trouble.
And if you believe these new drive-thru test sites are going to be available "SOON" to EVERYONE who wants a test as President Looney Tune promises, well I've got some swampland to sell you.
The patient STILL has to have the right symptoms and "fit" Trump's CDC criteria.
Another "pie in the sky" promise by Trump's task force commissioned to keep the numbers LOW.
Everyone who shook Trump's hand today should be very worried.
3
@Marvant Duhon Truth is, if I had the money, I would have been buying stocks like crazy when the DJ careened down by what, 8%? It was a given it would be back up within a month. What I don't understand is why words coming from our ignorant president make investors fly back to their terminals to buy again. Nothing has changed. Do we need google to tell us - again - what the symptoms for covid19 are? Is a Google note as good as one from a physician?
Evil.
The president never once mentioned or thanked healthcare workers in his phony “caring” speech. You know, those that give of themselves to save lives and give real care?
But keep the banks happy.
Shame! Shame! Shame!
53
@MIMA
But he nauseatingly boasted at least 20-30 times of the "great job" he and his task force team (who won't ever see an infected sick patient) have been doing...despite the fact that still no one can get tested after 2 1/2 months.
3
Thank God, not TRUMP or PENCE!!!
5
Thank science, not god.
2
Oh boy! Walmart and the right-wing owned Walgreens and now Target are what Trump has trotted out to save America! God bless American Capitalism—always ready to exploit every opportunity to make money at the people’s expense! God Save the Dollar! God Save Wall Street! What would we do with Trump’s buddies to save us from this “foreign” AKA “Wuhan” according to Mr Pompeo, virus. Then... Oh my it gets worse! Now Pence is prostrating himself and licking Trumps boot, his knees, his small hand and slathering richly undeserved praise on this naked Emperor Without Clothes and actually claiming Trump has single-handedly organized the nation and all its mega-businesses to defeat this virus! This is sickening while the pandemic rages out of control as our Caligula boards his warships in Lake Nemo to Conquer the Barbarian Hoard!
28
@James
They offered parking lot space!
Not financial help for the infected patients or for those quarantined and losing worktime.
Yep, the richest corporations in the world and all they offer is parking lot space.
2
Won't last. Get ready for Monday -2700.00
15
Totally absurd. There has been no change, except perhaps things are worse, so, what is the excitement about? Irrational exuberance, 2020-style.
Hang on to your hats, kids, there’s a mean wind a-blowing.
14
Does Donald Trump own shares? Has he been trading his shares this week?
8
Of course he has, he, his family, and anyone with knowledge of what he would say today.
Trump’s brags about propping up the billionaire (many, many times over) oil companies but refuses to agree to paid sick leave for people even as he wants to cut yet another break for companies by eliminating payroll taxes (including, presumably, employers’ share). What twisted priorities, and yet all the righties and their lemming followers love him, even the ones who have been, and will continue to be, hurt by his avarice, incompetence and narcissism. Unbelievable.
20
How does any of this help the average American?
16
@Jake Maybe the few who can figure out if their [dear God, is that the current student loan interest rate?] student loans are qualifying '[federal] government-held' notes. I'm skeptical that even that will be of much use.
The dip and partial recovery didn't need to be as bad as it was. And if Trump keeps shuckin' and jivin' and wasting time blaming everyone else for everything instead of telling the American people what the real deal is and doing something effective about it, the dips will keep happening.
Unfortunately for America, the buck doesn't stop at the desk of this President. It stops everywhere else but there, even at the desk of a President that hasn't been in office for over three years.
11
@Barry William's. Just a month ago Obama was still taking credit for the strong markets...
As bad as Covid-19 is, the biggest emergency is still in residence at 1600 Pennsylvania Avenue in Our nation’s capital. And the narcissist is calling the shots. That’s a chilling thought. He’s also basically trying to use the payroll tax cut to kill Social Security and Medicare.
27
I fail to understand the surge. The proactive measures are welcome but we still have an immoral and utterly incompetent leader at the top. He shook hands after the press conference and is possibly infected! My state and local leaders are doing a better job than our president is.
25
What funding and structure is in place for those who do not have access to the Internet and should not be going to their (quite possibly closed) public libraries? Money for hotlines, staffed by trained professionals? And won't those types of hotlines be better calibrated anyway, since they will be able to ask the nuanced questions from a health professional's perspective that the best algorithms will likely not be able to capture, at least in the immediate term?
What does waiving student loan interest payments have to do with the coronavirus epidemic? Is this just a way of buying votes through throwing money at young people - who, by the way, are likely the least at risk?
How can Trump's handpicked person, Mnuchin, working round-the-clock with Pelosi on the stimulus package related to the crisis, have botched the negotiations so much that Trump is not on board with them? Who is listening to whom, and what standards is Trump using to think about how this relief will provide the most immediate help in the fairest possible way? Does he only have the viewpoint of the capitalist, the business owner, in mind, given his belief that tax cuts and bailouts for cruise lines is needed now?
Where is the Senate right now? Why are they not in the negotiations and staying in Washington D. C.?
Elections matter. 2016 did, 2018 did - thankfully - and 2020 will matter more than either of those.
11
Scott, the Senate’s on a short break. Because they all work so hard.
1
Much of the trading activity in the markets is computer generated. Computers push prices up and down on their own. This tends to exaggerate price swings, which has been happening all week.
The sudden turnaround of the coronavirus from being a hoax invented to take down Trump to a national emergency is stunning. Trump changed his tune faster than Biden went from being a washout to the front runner. Trump is now taking credit for saving the day when it was he who caused the delays by refusing to accept the reality of the situation.
As far as the general economy is concerned, all of the deterioration in the fundamentals still exists. The new procedures will certainly help us fight off the virus, but they will not restart an economy that is shutting down. Trump is still fighting Democratic proposals targeted to helping out individuals. As I write this, there still is no deal.
We will soon see the evidence of the economic contractions in the employment figures next month as well as first quarter GDP. Let's see if Trump wants to take credit for those numbers.
This thing is going to take many more months to work itself out. We can slow down the rate of infections, but there still will be many infections. Hopefully, they will be spread out over manageable period.
22
I have been a consistent critic of Trump. I have dubbed him WOAT. As presidents are rated worst of all time. On prime time Wednesday night he was tense unsure and and seemed robotic in his delivery. And the Dow Jones tanked on Thursday reflecting his woeful performance. Today a grand slam. In charge. Surrounded by experts including leading CEOs.Trump came across as knowledgeable,relaxed and at ease with the press. And the markets applauded.Advice to Trump. No more prime time speeches in the Oval Office reading from a teleprompter.
7
@Milton Lewis I didn't watch the first press conference and was appalled at his performance today. The entire thing took far too long - thanks corporate America, but I care what our government is doing. The private sector can inform me about their efforts on their own time.
Trump also repeatedly shifted blame for his lackluster initial response to his predecessors and 'old regulations.' Nevermind the ineptitude of placing a travel ban on Europe but leaving the UK out. He also repeatedly said 'this will pass" which was inappropriate when announcing a national emergency. Then he shook hands with almost everyone onstage. He could be infected through numerous transmission routes at this stage, but denies the need for himself to be tested. Trump and the word 'knowledgeable' do not belong in the same universe.
19
@Milton Lewis Are you kidding? Do you know what happens when he feels he has free reign?
7
@Milton Lewis He was neither knowledgeable nor at ease with the press. He was defensive and mendacious. As usual.
8
So in an national emergency, Google can spin up a 1,700 engineer effort to implement and track testing for Corona Virus Testing for Millions of people.
Just for some perspective on the scope of effort involved here, from this Senior Technical Analyst, Big Data Cloud Storage Designer, Electrical Engineer (BSEE), Hardware Engineer, Silicon Valley hardened, 25 years-of-experience engineer, this type of project can be done by about 16 engineers in a couple years time years time. Cost $250k / year per engineer, including overhead == $8 million dollars. Double it to $16 million because I'm always low. Quadruple it to $64 million for HIPA-compliant (health care rules/regulations) government work.
Cost per person to the nation: 6 cents.
Got that? Trump, in order to keep his Republican corporate, neoliberal, oligarch masters happy, is putting the lives of everyone in the nation at unnecessary risk, in order to save six cents per person and to exude his hatred of all things Obama did right.
November, 2020, if you're still alive.
24
@Kip Leitner
Your argument is insane apples and oranges. In addition, you’ve created a Straw Man. The cost of testing, and the cost of subsequent tracking are of no concern to anyone. Those FACTS have nothing to do with the stock market, “oligarchs”, or anything else you said.
It leaves one to wonder how many times a dead cat can bounce?
The panic sell is now offset by the panic buy.
But it is all panic reactions.
Look at the fundamentals. Get out of the travel and tourism sectors. Ditto hotels, rental cars, live entertainment and retail sectors etc. Dump any stock held in gyms, including those companies that have all those spin classes storefronts.
Social distancing is going to fundamentally alter human behavior for a long time. People are going to substantially curtail external group activities.
The loneliness of the long distance runner (or in my case, the solo cyclist) is back.
See you in 2021....
10
@George S. As someone who has managed to find a way to do my work remotely at home for years now, the lonely lunch time ride has been my go-to exercise choice for a long time. Lost 40 lbs, reduced my daily spend on lunches, and gotten much healthier. I do miss the camaraderie of the office, but not the commutes on BART!
5
Does anyone not believe there was a pre-designed huge “buy” plan to begin the minute Trump started speaking? Nothing he said or did should have juiced the market and he needed to show (or be shown) that his disaster the other day was a fluke. Watch markets fall back again Monday.
16
Yes
Just think about it. Up until the EU came up with positive measures to deal with the pandemic, Trump was/is clueless, ineffective and only concerned with his reelection. He finally figured out a plan after one was created by Europe. He'll undoubtably claim it as his own brilliant action and all the trumpeters will believe the biggliest con in history. The bilking of the American people is his only narrative. He is unfit to hold office on demeanor alone. I hope by November for those of us who survive, we ALL come to our senses. Oh, and let's just see where this 50 Billion ends up. Can't wait....
15
@moishman
Now, c'mon, let's be fair minded here.
Let us not forget that the Stable Genius is an expert at bankruptcy. He's bankrupted several firms in the past and now he's using his expertise to do in not only the US, but the entire Global economy.
The Covid-19 crisis is a wonderful tool to finish the job he started with his Trade Wars.
He's doing his best at what he does best.
10
I expect stocks to plunge again Monday when Covid 19 cases spike over the weekend. Today’s rally was a sugar high. The tentacles of Covid 19 are a massive tangle, and the ongoing poor management at the top will allow it to get out of control, especially since Trump fans seem to delight in following his lead and refusing to take it seriously. Such rebels.
11
What are currently the most terrifying words to an American?
We're the private sector and we are here to help (ourselves).
20
Manipulating the news cycle is his best asset...unfortunately.
Well, Wall Street didn’t disappoint.
Vote him out.
14
Wall Street, go home. You're drunk.
This is going to an 8 week or more test of our global economy. If you're going to react to everything with despair or exuberance, we're all going to go insane.
11
Insane dead cat bounce.
What other point is there to trot out heads of business other than essentially giving them a 5 minute ad slot on the world stage? They said the word “Google” like they were in an infomercial.
Go remind yourselves of the current scene in Northern Italy. That’s us in a matter of weeks and our leaders know it, yet they only seem to care about manipulating the market.
13
why was Trump shaking hands with everybody during this press conference? everyone who stepped up to the mic also was breathing each others' germs.
It seems Donald Trump's fixation on appearing macho and strong and above the law also includes serious medical matters.
I wonder what Dr. Fauci thought about all that!
17
@ChristineMcM
Dr. Fauci participated fully, as we watched in rapt disbelief.
1
I can't tell you how sick I am of Trump laying the blame for all his inadequacies on everyone else. It's either the Democrats, or the system. "The system was not meant to deal with this," or some such nonsense. Yet, Obama handled the Ebola crisis so well that we had fewer than a dozen cases - seven of those brought in from other countries to be treated in the U.S.!
I was hoping that this time away from his pep rallies would serve to humble him. As he is surrounded by obsequious sycophants, though, that clearly won't happen. Pence all but crawls onto his lap and licks his face. I'm sick of the walking, talking-ego.
24
Hate to say I told you so...no, just kidding.
I told you so! See you next Friday!
2
Hey, there's no need for such malicious glee. I couldn't stop laughing. By the way, how's your super doing?
So, our sleazebag President waits until almost the close of the stock markets on Friday afternoon, knowing the announcement to declare a national emergency would cause a surge. It's all about the markets, folks, not our health. It's all about Trump and his ego, his image and his inability to manage this crisis. God help us all.
22
@mletavle- I thought the same thing: scaredy cat Trump was waiting until markets closed to deliver the SOE. What a pathetic little sadly predictable man he is.
5
Too little too late. What a farce.
10
WOW! NOW I'm impressed! Trump just got all of those (HUGE) "fine American companies" to provide FREE Coronavirus services to all of America!
Brilliant. Okay...Now I'm giving him some serious cred.
(I'm NOT voting for him...but good going!)
SPREAD THE NEWS!
3
Will the government be paying for the Corona virus tests?!!!!!
5
More window dressing from our Liar-in-Chief. If he doesn't sign a new law helping regular people by Monday, the stock market is going to drop like a big, big rock. Bigly.
12
Is anyone else wondering why during the news conference streaming now, everyone there is within about 2' of the idiot that refuses to get tested after recent contact with someone who tested positive? Will all of these executives (including both president and VP) be self-quarantining next week?
9
Why would I believe anything Trump says?
11
Truman "the buck stops here!" Trump "I don't take responsibility!" God we need a real president!
14
Whoo-hoo! Only 6500 points down in ten days!
4
Why do I smell a rat?
6
Listened to the entire press conference. All I could think about is what a small, pathetic and ignorant man Trump is. Totally without compassion or comprehension. This makes him an even greater danger to the rest of us.
15
Fill the Strategic Petroleum Reserve while prices are low. Let Russia and Saudi Arabia's loss be our gain.
That idiot George W Bush was buying oil for the SPR when oil was at $140 a barrel in 2997.
4
@RM That is, 2007
3
No matter the issue it's always about him.
The first national emergency started in January of 2017 when this moron became president.
18
The top news should be about the families about to struggle. The stock market can take a back seat.
12
I managed to sell some ETFs as the market recovered because I am not convinced that Trump and his minions have this under control.
5
Why are you selling quality investments when the market is artificially low?
4
@Matt Well duh let me guess, because the economy is about to go into a major recession, that's why there is no rush to buy stock now.
Don't be fooled. This is another sugar high. More testing will lead to more positive cases. More positive cases will lead to 'extreme social distancing' - lock down. Lock down will lead to leveling off of positive cases and then decline. Until we reach this point there is no bottom to this market.
15
@Markymark , almost anything is possible, but now that Donnie Dum Dum has wrapped his vacuous head around the idea that COVID-19 is real, that it's not the flu, and that lots of people could die unless he takes a few days off from playing golf, the markets may reflect confidence that we are on a path toward handling the pandemic.
3
If Pelosi included removal of the ACA in her Bill, I'm sure that she'd get buy-in from the president.
5
Wish I put 10K in the S&P index this morning.
3
Well Trump got what he wanted. After completely messing up his virus response and causing the market to tank on Wednesday night, he can now head into the weekend with a strong market rebound during this afternoon's press conference.
Trump can now still boast about HIS economy and his chances for re-election remain firm. This is what it has been all about really.
He got scared and finally was forced to listen to someone else who put together the administration's actions today regarding Covid-19 outbreak.
It took him long enough but at least he got the message. I guess the CEO's behind him are looking to being reimbursed handsomely from the money now freed due to the national emergency declaration.
So for now Trump's ego has actually helped us little people and just in the nick of time. So let's hope our country can get back on the track and mobilize our forces to manage the outbreak as best as we can.
Trump can go back to his fantasy of exceptional humanhood and eventually his rallies. It's good to be King.
Trump WAS completely incompetent up until today and should not get a pass for finally doing something right. It's still weeks away before this is all 'over' and lots could happen. He hasn't changed, he just got worried about HIS future outlook. He is still incompetent and selfish.
8
I feel so relieved to know that Google and Donald Trump will now be combining their genius in telling me exactly how to manage my healthcare concerns. No wonder Wall Street bounced back today. Everything is now AOK and All Clear!
/s
11
say what, the market decides this malignant goof is no longer that and figures it's worth a 10% bump. Tells us that the makers either don't know the business or don't know the business. Which is it?
10
oil prices jump $10 a barrel on Trump's announcing US buying oil for strategic reserve.
4
Mr. President, why not go back to Mar Lago and rest, for you may have the virus and not know it as yet. In the meantime, Vice-President Pence can handle things very well. He did a good job this afternoon explaining the way things are at this time, and I'm sure that he'll keep up aware when it's proper. Now, play golf again and we'll see you later. Mr. President, why not go back to Mar Lago and rest, for you may have the virus and not know it as yet. In the meantime, Vice-President Pence can handle things very well. He did a good job this afternoon explaining the way things are at this time, and I'm sure that he'll keep up aware when it's proper. Now, play golf again and we'll see you later.
Trump was asked by Kristin Welker if he takes responsibility for the shortage of test kits.
Trump replied "No, I don't take responsibility."
So much for the buck stops here.
This Rose Garden event was an unfocused mess with various CEOS introduced and then stepping forward to say they agree to work on the problems.
Then Trump called Pence forward to speak. Pence opened with flowery praise for how well Trump has been handling the crisis.
Trump also took a lot of time to blow his own horn, of course.
Yamiche Alcindor asked Trump about the closing of the pandemic response unit set up by the Obama administration - was it a mistake to close it.
Trump replied "What a nasty question. No, I didn't close it. Maybe somebody else in the White House did it. It wasn't me."
So this from Trump in a nutshell:
I didn't do it.
It wasn't me.
Maybe it was somebody else.
No I don't take responsibility.
---------
The overwhelming negative response to Trump's handling of the crisis - including the collapsing stock market and consumer panic buying - has not caused Trump to reassess his own performance in a realistic way.
He's not willing to address his own role in this crisis and he's not going to take responsibility for his poor decisions.
Trump tweeted this morning trying to blame Obama for this mess.
As if.
What a shabby performance at a time the nation needs honest information & reassurance Trump understands & is addressing the crisis in a professional way.
No surprise.....
20
One would hope 1.5 trillion pulled out of thin air might help a touch.
3
Market manipulation at its finest
11
The lack of widespread testing and the lack of required reporting of test results has left us in total ignorance.
We are in this mess because Mr Tump would not accept test kits from WHO.
11
It shows once and for all that these ups and downs are manipulated by WallStreet and Big Banks, they come out making loads of money from the losses of small investors and their pension funds.
Nothing for them to live off and more for the profiteers to party with.
The rise already started to happen before Trump started his speech dictated to him by the Wall-street American Corporate kleptocracy.
Of course Sanders and Warren were right about stealing from the poor and middle class.
3
Looking at the spike up in the futures/options market and how the timing was set, this doesn't look like investors suddenly becoming confident in the market but more like a coordinated intervention, likely FED intervention in the markets.
Overall, the presentation was managed well but to anyone with a real understanding of the facts on the ground should be weary as "Truth" and "Facts" have not been hallmarks of this administration from my perspective.
Central Bank intervention doesn't equate to a real market rebound but it is good to see that they are willing to step up to support the markets and really the derivatives markets but the underlying economic problems that are being incurred are not going to be resolved and a real resolution to the problems is what Bernie is talking about and not this we'll make sure that the Walton's and other billionaires profit hugely. We could have had the German test kits in this country three weeks ago. The fact that we didn't may be the difference between "reducing the peak" and a real pandemic in the United States.
I'm not quite ready to go "all in" to this market. When Trump's good friend and previous economic "advisor" Carl Ichan are alluding to the fact that the market crash has room to go, I'm simply doing nothing in the markets.
If we get a leader in place who doesn't say things like the Corona virus is a Democratic "hoax" or give the Russian foreign minister code word intelligence, the sooner we have stability.
6
Glad to see Trump give credit to the people working on this situation -- Dr. Fauci, Dr. Birx and others. It's also good to see how labs, pharmacies and others are answering the call to help out in whatever ways that they can.
As my own little effort, I contributed my usual monthly amounts today to my IRA and brokerage accounts. Trying to convey a little investor confidence. Well, maybe not confidence, but long-term hope.
3
I STILL cannot get a test and will have to wait until Sunday nite or later for a computer program to tell me IF I need one. But good news, we have “topped off” and are awash in oil reserves purchased at record low prices. Whew..... I feel so much better now.
14
Trump did this presser right before the closing of Wall Street for the weekend so he could have a big bounce. Completely calculated.
27
Several financial websites are reporting insider purchase (Lowe’s CEO, among others) of their weakened stock. While this signals a strong belief in the company’s fundamentals, isn’t it also a form of profiteering?
21
I am glad that President Trump took this step today. Yet, I still cannot figure out why actions and partnerships did not happen in the earliers of stages, though.
Dr. Monroe continues to point out the logic for why the administration has done what is has done (or not done) up until this point, but even his commentary leaves more questions unanswered.
On one hand, I have the feeling that sometime after Iran's outbreak, we reached a point in this country where if mass testing was performed, then week by week we would see more states get cases and more cases rising in each state. This progression could have worried the administration that markets would see it as a failure to contain
On the other hand, if President Trump were to have pushed production from the very beginning, the the US would not only have its own backstop, but we could have also led the way in helping the world. That sort of decision would give Trump the praise he so loves.
Then there is the shortage of soaps, disinfectants and hand sanitizers. This shows two odd things. One, the administration did not perform the simple task of reaching out to manufacturers to have them produce an abundance of which, the government could have bought and stored if too much excess was produced. Two, how were there no market demand signals prompting these manufacturers to produce more? And even in the absence of that, you have to believe the instincts of those at the company would have told them to produce in mass anyways
10
That step by America’s mini dictator was taken because of the devastating criticism over his earlier speech.
He only speaks to his improve his personal ratings and bad reviews.
You fell for his old snake oil trick as so many Americans have done for over 3 years. Americans are so incredible gullible and willing to believe even the biggest self congratulatory nonsense coming out of his blabber mouth.
So in denial, so eager to please their baldheaded leader who only has one goal, to achieve the same power and wealth as his little man in Moscow.
3
Perhaps the largest dead-cat bounce ever.
The economic and market fundamentals have not changed.
34
Trump's response to this pandemic was to call it the "new hoax" and his dismantling of the U.S. pandemic response team, as well as his refusal to receive testing from abroad, put us weeks behind in testing. As of yesterday the entire United States had seen testing equal to one day in South Korea.
It's about time we received today's response in calling it a 'national emergency.' I'm glad our stock markets that have seen a nosedive of almost 30% in the last few weeks are showing some recovery today.
14
A recovery whose benefits will only go to Wall Street and the Big Banks?
How much long are Americans going to be in denial of the full destruction of America by the individual in charge in the White House.
How much more health issues and money losses are they willing to take to praise a machiavellian president whose heart is full of evil?
5
Ya I wish a reporter would’ve asked him if he regretted calling inslee a snake or the virus a hoax.
4
@Johan D. Can't argue with any of this Johan. The 'recovery' I was addressing is minor and was only mentioned in hopes of working people who lost 30% of their retirement savings in 410k's, which I don't have personally, will not be hurt too badly. Make no mistake I believe Trump's response to this pandemic has been horrible and self-serving.
1
“Mr. Trump said the administration was working with Google to develop a website to determine whether an individual needs a test — a move aimed at avoiding overwhelming the health system with people who are ill but do not necessarily need to be tested for coronavirus.”
My healthcare provider, Columbia Doctors (which takes my Oxford UHC Freedom plan) will not cover the video consultation that my doctor recommends. Why do we need an algorithm when we have facetime and skype? The gov should mandate that all insurance cover remote consults, tests and treatment!
26
@Another NYC Woman
Algorithms are cheaper and sometimes more effective
1
During the past three years, many "Big Money" investors/speculators have earned more big money on wild stock market swings, which were directly caused by Trump's tweets and announcements. It's reasonable to believe that insiders knew information in advance, and bet appropriately, long or short. Isn't it about time for an SEC investigation? Mueller's charges couldn't stick, nor could impeachment charges. Perhaps market manipulation charges will.
59
@Stop and Think
I spoke with a person several days ago who suggested the same scenario, he included Trump as an investor who knew about the virus before it was revealed. Meanwhile many of my co-workers have lost severely in their pension plans. Bernie is correct, the system is rigged by the billionaires.
28
Absolutely agree
Interesting that Mnuchin and business leaders want and will get government action to support purportedly free markets. And if it gets bad enough for a frank bailout, that will happen, too.
When it comes to covering diagnosis and treatment of Covid infection for everybody, that is socialized medicine.
Obviously socialism is fine as long as we are dealing with money and rich white guys are acting, but it is bad when poor people and people of color are being helped.
If there is a second term, and if privatization of social security is again tried, remember this week.
32
After all is said and done and we admit that the
Corona-Virus was not as virulent as the Media and
mis-reporting of numbers made it out to be -
just a modern version of internet/twitter/media hysteria -
the Corporations and Wall Street will be doing just fine.
Meanwhile, those of us in forced Retirement Plans will have
paid the price as the best stocks/funds/bonds will have been sold off only to be picked off by other investors who will make
back our money as their various prices go back to where they will.
It really is a "Shell Game" and it is sad that the Government,
our Government, the very people our taxes pay do not look
out for the Common Citizen but Wall Street.
Anyone old enough to remember the Oil Crisis of the mid-70's
will recall the National News when Exxon, Chevron, Shell announced Quarterly Profits increases of 1,000 % plus percent ?
Why - yes OPEC raised the price of oil from the ground but all the oil in transport, that that Exxon, Chevron and Shell had already paid for, had its price raised by those companies and so Gasoline prices doubled overnight, and all that subsumed profit went to
Exxon, Chevron and Shell...
Meanwhile, as long as the Stock Market Zooms this way and
that way, the Brokers make a killing and the wiser investors
become even richer and richer and richer.
7
@John Brown, OPEC did not “raise the price of oil” they lowered it! Do some research!
4
@Mari
Mari, if you will notice I spoke about the -
Oil Crisis of the 1970's when the major
Oil Companies declared profits of 1,000 plus
percent, the next paragraph continues that
line of thought.
Why you and three recommenders did not notice
that, I do not know, perhaps you were not alive
in the 70's and perhaps they were also not
alive then.
1
Between Wednesday night’s “speech” and today’s news conference, I feel so much better about getting a test or our country doing well in the few weeks.
I am sure that all Americans do as well. Even though trump clearly delayed our testing and other responses for several weeks because he thought the virus was no big deal.
If trump could stop congratulating himself ... but no wait, even this is all about him.
14
He delayed the testing--and yes he played a role in that, it was reported- because he didn't want the real number to be known.
He refused testing kits from the WHO, and sat on his hands for almost 3.5 months because of his fixation on his reelection. The lack of testing has been a true abomination and nobody will ever know how many people have already died as a result.
43
The market surge is interesting. It seems the economic impact of measures taken to limit the spread haven’t begun to be felt yet. Also, I’m happy to not pay interest on student loans, but I’m not going to feel that difference. The payments I make just cover the interest anyway, so my principal will go down slowly over time. I’m certainly not spending that money elsewhere. Curious decision.
8
@DH
Also, what does interest on student loans have to do with supporting people who have to stay home from work without pay for 2 weeks (6 weeks here in the Seattle region, where schools have just been closed), gig workers such as Uber/Lyft drivers, and so forth?
7
Why is Trump blaming Democrats for his not favoring the legislation that Pelosi negotiated with Mnuchin other than the fact he hates her?
Even when addressing such an esteemed group of experts, he can't seem to resist politicizing the very topic he excoriates others for politicizing.
43
Hard to shake one’s core sense of self. That’s why I don’t pay any mind to disappointed Trump voters who thought he would rise to the occasion after the election. Nope! You got what you voted for.
5
I seriously doubt there's any disappointed trump supporters - they worship the ground he walks on.
3
A free 45-minute nationwide campaign speech. But still he says "I've done everything right," he takes credit for everything good, whether he was responsible or not, and takes no responsibilty for his many mistakes.
38
Tests being provided by various nationwide companies and not the federal government to remove the burden from each state is really proving the point that our healthcare system is in a horrible place
63
Anybody else believe for one second that the funding legislation stalled because Dems don't want to do enough?
84
No.
5
Hahahahaha! Nope!
6
@Saints Fan
Republicans tried to add a non-essential wish list abortion restriction! Sheesh.
2
The fact that the market rose on Trump's speech tells you that people want to see the underlying issue - the virus - addressed. This seems to be a good start.
11
The market rose when he started the conference expecting he was going to announce the house Bill was proceeding. His comment about the Democrats not giving (in?) enough and so no bill yet, came after the market closed.
11
Exactly. It was a actual coincidence, but the real Trump came out after market closed. If he had been bringing up the politics of it 15 minutes earlier, I think we would have seen market reaction trimming a percentage off the top of the final days total.
3
@Michael The market rose because Trump paraded a bunch of CEO's out, abdicating the responsibility for securing the public health to them, minutes before the closing bell. The virus was not addressed, we have no idea when and where to get tests, just a few promo pitches for some private firms. Disgraceful.
3
Ironically, if Trump would delegate responsibility to the experts, get out of their way, quit tweeting, stop talking and order Pence to stop praising him when clearly he doesn’t deserve it, he might actually enhance his chances of winning re-election.
36
Hear, hear!!!
@Mike Roush
He can't stop being the center of attention for one minute.
There they are, pres., vp, business leaders, all standing by the podium not following recommendations. Why are they shaking hands? Why are they touching the microphone? What happens when part of this top section of business leaders becomes infected and can no longer be effective? The pres. is still defending why he and the vp should not be tested. They are not addressing asymptomatic persons. These people can spread the virus. Without testing them there is no way to know how far the virus has spread, especially communally.
45
@lynne matusow That's exactly what he wants. He wants to keep the numbers artificially low. He is not a leader. He is a walking, talking-ego. "There is no 'there' there."
6
Incompetence, carelessness and hubris. Short of willfully infecting people I don't know what could be more deadly.
6
@lynne matusow
What happens when part of this top section of business leaders becomes infected and can no longer be effective?
Things begin to get better. These guys are part of the problem.
2
Is it an illusion that as the closer COVID-19 gets to infecting our anti-science president three things have happened:
1. The stock market rises. (Why?)
2. Our anti-science president stumbles through speeches claiming all will be well and taking credit for something. (A given!)
3. Some action is taken after our anti-science president is kicked on his wide bottom by accurate criticism from many sources. (Nice to see for a change.)
It’s one thing to rush COVID-19 tests to market. It’s another thing to rush any vaccine to market and start sticking millions of humans with it. Rushed to market, uncontrolled, not rigorously tested vaccines are like playing Russian Roulette with potentially disastrous consequences.
19
Trump says „we don’t want to test people who don’t have any symptoms.“ Wrong. The people without symptoms who already carry the virus are in a way more dangerous spreading the virus. They can only be detected with tests.
56
@marc
Do you order 329 million test kits every three weeks? If you have symptoms follow CDC guidelines.
5
No, you get things set up well in advance. As opposed to firing the guy on your staff who was put in to manage epidemics, chopping his staff and the funding, screwing around for two months, and blaming Obama and the media.
3
@GDB CDC guidelines don't actually do the testing, they are guidelines for when to test and when to seek medical attention. South Korea does drive through testing, it's the only way to get a much better idea what is happening at the community level. For goodness sake, Alabama just now reported one case! You really believe that of all the residents of AL there is only one case? You can't know what is going on if you're not testing, and no, this drama you republicans like to feign and exaggerate things is not what we're talking about - I mean, come on, 329 million test kits? Who ever said that is the answer?? The answer is a lot more testing in communities at risk or where you already see cases, it's the only way to get the numbers right. But then again, that's the problem. Your clown in the white house doesn't want those numbers to impact his reelection. Please, some sincerity already!
3
I'm glad. They are taking it seriously. That will save lives.
10
No wonder stocks surged. The administration just explained how private corporations will have opportunities to profit from this pandemic.
This gives new meaning to the phrase "vulture capitalism."
154
@Joel Geier If this were handled properly from the beginning, I would have no qualms with corporations profiting in some form. But, this should have been pushed from the very beginning to allow us to not only have all necessary inventory for ourselves, but also enough to help other countries. In not doing so, we not only left options for friendlier relations with Iran on the tables, but failed to provide for ourselves
4
@Chris V Reports are that this administration rejected the idea of adopting test kits that the WHO and other countries around the globe had already developed, in favor of "developing our own" American version.
That's a clear case of protectionism for U.S.-based corporations run amok, counter to the public interest.
Our main problem right now is a shortage of test kits. That seems to be a direct result of protectionist (or worse yet, crony capitalist) policy decisions that have put all of us and our loved ones at risk.
1
The markets (Dow) weren’t surging while he made the initial announcement—they were giving up the day’s gains for the entirety of his initial statement and had dropped from being up by 900 points when he began to being up by only between 500-600 points when he stopped. Only when the industry leaders got up and began speaking did the markets surge. That was a smart move. Unfortunately, he hasn’t learned that everyone is much better served when he just keeps his mouth shut and allows the experts to speak.
33
I am very anti-Trump, but I listened to the announcement, and it was very effective. Granted it should have been 2 weeks ago.
13
@Dave
I like to wait until it's all been fact-checked before evaluating the effectiveness.
7
Me too.
1
It says much about the handling of the crisis to date, that the declaration of a national state of emergency caused stocks to soar rather than collapse.
36
Wow ... was listening to Trump's latest conference but had to turn it off. Just couldn't stand it anymore. While it would be good news if our testing capacity was really going to increase, this is the same thing they've been saying for days and days now. A little flowchart and repeated invoking of Google's name doesn't give me any reason to believe this will bear fruit anymore than his previous proclamations.
And what I didn't hear was extremely concerning: No calls for nationwide lockdowns and quarantines to meaningfully slow the spread. No executive order mandating that everyone who can work from home do so. No sick pay for workers that don't have it. No ban on evictions and foreclosures during this crisis. No extra financial assistance to help those who lose their jobs. No contingency plans to make sure that groceries keep moving into the stores in the face of potential shortages of workers.
Trump clearly still does not have a clue what really needs to be done to get a handle on this.
Oh, and I'll bet money that their shiny new website crashes within an hour.
129
@Kristin. "No executive order mandating that everyone who can work from home do so. No sick pay for workers that don't have it. No ban on evictions and foreclosures during this crisis. No extra financial assistance to help those who lose their jobs."
An Executive Order is not an edict from an absolute ruler (even if Trump seems to think that it is). He can't just sign a document and force everyone to work from home, nor can he order companies to make payments not required by law. Congress still has a role to play, even if Republicans have been strangely missing these past few days.
9
@Kristin "But it's better than...websites made by others" [Trump goon smirks in the background]
3
@Kristin
Loved how he managed to slip in that the website would be up very quickly, "...unlike websites in the past."
4
How nice that we magically find $1.5T to inject into Wall Street at a given notice and NOBODY asks "how are you going to pay for that"? Incidentally, that's the same amount it would cost to wipe out student debt. Corporate socialism is fine. Personal democratic socialism, not as much. Funny how that works.
197
@James Simon
That was a repo operation. Meaning, banks traded $1.5T worth of assets to the central banks, in exchange for $1.5T of cash, which they have to pay back in three months + interest. It's so banks have enough cash on hand to handle all their operations during the near future. It's a necessary maneuver, completely agnostic to the policies of the federal government. It's not some kind of free cash giveaway.
14
@nick
Yep.. this was no bailout and James Simon needs to pay closer attention.
This was a short term injection of liquidity to banks, which must put down collateral to get the loans and also pay them back.
7
@nick well, wait a second...where's all the money generated from the sell off then ?
I mean it's the Banks, Hedge Funds, Vulture Capitalists that got the selling going and scooped all the cash up as they sold out, so where is all that filthy lucre now !
Also the Investment Banks that had Short positions would have made a killing too, so there must be plenty of liquidity already in the system I mean it doesn't vanish into thin air...
You can be sure Wall St will come out of it well, it's us mugs at the coal surface that can't react as quick that'll have to sit this one out and hope for the best in the long term.
2
Here's the real problem. After reading a fair amount of responses it's proven that most folks who now have to rely on the market in their retirement really don't know or understand how to invest intelligently. But our Republican govt wants us all to fund wallstreet to their benefit. How many times does the DNC have to bail out the failed policies of each GOP administration.
54
@moishman Every time.
5
"Treasury Secretary Steven Mnuchin vowed on Friday that the United States government would do whatever was necessary to ensure that markets have “almost unlimited” liquidity."
How about doing whatever is necessary to help those families with two working parents get help when their children school closes and one of them has to stay home.
Or a bailout for the small business owner who's business is now cut to nearly zero because people are afraid to go to the store.
73
@confounded- Don’t count on Mnuchin to do anything at all for the working people. He foreclosed on a Granny for being $.87 short on her mortgage payment. He is not any sort of kind person. He is all about the Dollars.
4
Will Trump insist on payroll tax reductions in order to de-fund Social Security and Medicare? Will he undercut the deal Pelosi made with Mnuchin? Will he blame Obama?
27
@proffexpert Yes. Just as Roe v. Wade was and "established legal precedent," that was not at risk with a lopsided SCOTUS, Social Security and Medicare will remain a safety net for those left without enough resources to compete with the Wall Street wealthy.
@proffexpert, All of the above. That's the plan.
3
@proffexpert
Probably not. But one thing is certain, no matter what does or doesn’t do, you will blame him...
This roller coaster hasn't stopped yet. Trump talks and people get more fearful. His incompetence and bad governing skills have made our country more vulnerable that it should have be. How did Tom Hanks get tested just because he felt a little bad....because anyone in Austrailer can get a test.
I predict stability after Biden is sworn in and sits in the oval office.
51
Wish I had some extra cash to invest, this would be a great time to buy!
4
@JS I would wait another month to see how the virus contagion plays out.
@JS. Or, a great time to lose more money.
1
@JS
Your parents told you to save for a rainy day...it's pouring.
Trump will declare a national emergency. He's so crooked and wants to please the base, he's sure to use the $40 billion to build his wall. Likely all meeting for the project must take place at trump hotels.
18
@Mark
I'm afraid he'll use the national emergency to delay the 2020 election...
3
The current problems on Wall St. are a direct consequence of decades of neoliberal economic policies- - multiple tax cuts for the wealthy, attacks on labor and job outsourcing, financial deregulation, reduced spending on education, infrastructure and capital investments, and 5) providing $ trillions of taxpayer money to support the Pentagon and war. Since the 2008 financial implosion, the FED has provided >$5 Trillion of ultra-cheap money, which along with Trump’s 2017 tax cuts, have been used by Wall St. for share buybacks, purchasing stock futures and to sustain [still] insolvent banks and inflated equities, bonds and trendy real estate. The current situation is worse than 2008 because of continuing US economic decline- US Government debt exceeds $23 trillion and growing $1 trillion/year and corporate debt exceeds $10 trillion, while the Pentagon confronts looming strategic debacles in Afghanistan (longest war in US history), Iraq, Libya, Syria and Yemen. Peter Schiff points out that declining equity prices are a direct consequence of US economic policies- an orgy of money printing and exploding debt. See- This is the beginning of the greatest financial crisis in US history’: Peter Schiff makes dire predictions to Boom Bust Mar 13, 2020
Link: www.rt.com/business/483006-greatest-financial-crisis-us-history/
8
“We’re combing through the wreckage,” said Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management. “We’re looking at this as an opportunity to take advantage of absolute carnage in markets.”
May I humbly request that we retire the word "carnage" for a decade or so except when applying it to actual bloodshed?
Thanks.
28
Is Obama still claiming this is his economy..as he was a month ago?
1
@Lane He wasn't the one who dismantled his own pandemic team and ignored testing when it was offered three months ago. That makes it Don's economy.
23
It was the Obama economy until Donald Trump destroyed it with greed, hubris and incompetence
3
Hmm..... So what will the market do when our Dear Leader expands on his "emergency powers" in a few months, declares martial law and cancel elections? If I had to guess, I'd say the market would shoot up about 500% in one day. After all the moneyed classes in this country would be taken care of, indefinitely.
23
Thankfully the president doesn’t have the power to cancel an election, which is one of the (relatively few) advantages to our system of holding 50 state elections rather than a single national contest. Barring this impediment, Trump no doubt would use any excuse to do what you’ve suggested.
14
@Old Soul
Don't be too sure about that.
This president has done many things that, on paper, look to be out of his scope of power. He just does them anyway, and McConnell is happy to step in and block any effort at holding Trump accountable.
13
@Chuck They also own the supreme court.
2
Hold on to your hats! Trump is about to speak again.
1
It’s time to eat the rich.
8
Who wants to bet me that the 40 billion goes towards more southern border wall!
8
@moishman
That + a special bailout for Trump Inc.
Trump Inc, being mostly in the hospitality and resort business... is likely going to be severely cash strapped moving through the rest of the year. Trump will declare bankruptcy and demand that the federal government buy him out at $1.50 on the actual dollar face value of the left over equity in the company if there is any.
8
Yep, wall street sees more bailout money headed their way. Trump isn't finished with his pump and dump scheme until after November elections.
32
@William Thomas
There are no signs of any bailout at all for Wall Street. Only fed policy adjustments on liquidity... which everyone on Wall Street must actually legally borrow. It's NOT a credit or a freebie.
That said.. you can bet that the big investors, including banks, will pounce quickly on the market once a bottom appears.... and reap huge profits through leveraged investments. That leverage.. will need to be closely monitored by Treasury... but I doubt it will under Mnuchin.
2
@Chuck You realize these are "loans" at an interest rate of ONE percent, right?
That's called a bailout. A 1.5 TRILLION dollar bailout.
Which is why predictions of Trump's demise are premature.
4
Explain please .
1
I cannot help but feel that this alternate daily "see-sawing" is manipulated by traders whose computers tell them when to "buy low and sell high".
10
@JerryV
Of course it is... but this is ALWAYS true with the markets.
Which is why small investors need to have a forward looking strategy in investing, stick to that strategy, and hold on tight when the programmed trades start moving the markets all over the place. The worst time to make any investment changes is when the markets are volatile... for the small individual investor.
2
Uh..huh.. And the "the man with the golden tongue" (NOT!!!) will be broadcasting live in 30 minutes. I wonder what effects his calming words will have on the market.
4
Love to see Wall Street traders rubbing shoulder to shoulder all day, shaking hands, using the facilities..meanwhile , with the COVID-19 problem the CDC, W.H.O. recommendations are for “social distancing”, limiting crowds, etc. We can see what is really important...Close the schools but Wall Street rolls on.
7
Why is he declaring a national emergency for a hoax?
45
Don't hold your breath. WE have such little epidemiological data compared to the rest of the world - yes DATA, but probably more real clinical cases - that we really don't know where we stand or where we're going. No wonder poor Fauchi is so frustrated: having an ignoramus as a president helps no one and hurts millions.
There is a solution for that and, barring invocation of the 25th Amendment (CERTAINLY justifiable a long time ago), we'll have to wait for November housecleaning. By that time tens of millions will be unnecessarily ill or dead. If you think Trump cares, other than losing ignorant voters, you are very mistaken.
10
New York Times, use the top of the front page to give clear directions on how to protect yourself from other people right now. Have a large article that tells people to use social distancing, to wash their hands. To avoid contact with other people. Highlight this right at the top of the front page. Its crucial right now.
6
Mnuchin is an intellectual know-nothing who helped destroy Sears and Kmart. He's just the guy we want heading the Treasury. Sigh
14
Dead Cat Bounce. The dead cat being Trump’s “presidency”.
Seriously.
18
@Phyliss Dalmatian Also a really great comedy rock band from Ireland. You should look them up on YouTube. They're hilarious.
1
Trump declares himself national emergency, markets rise!
7
If Trump is re-elected, expect an attempt to privatize Social Security to this casino. Madness.
9
Wall Street should invite Matt Gaetz to "ring the bell" while he is wearing his gas mask.
6
So, Trump stages at 3 p.m. Friday. The S&P's futures market should be a rip-snorter come Monday morning.
8
Half past three, to be exact. Fashionably late, while the whole world grinds to a halt awaiting his presentation.
1
Ya know what? I’m getting sick of wall st. So sick.
Pump and dump again, then another big crash on Monday when more terrible domestic news about virus cases is released
These guys should go to jail.
17
@Dave
As long as you do not panic and sell into the volatility, you have nothing to worry about with these market moves.
The markets are ALWAYS doing some form of pump and dump... So please calm down.
2
@Chuck
Agreed!
1
It's always a hoot so read the New York Times breathless reporting & over focus on Wall Street: The 1% tireless advocacy for the .01%.
3
This obsession with the stock market is worse than our our obsession with toilet papers ...
6
I know it's newsworthy - but you really an't evaluate the market on one day's performance.
3
Various tried and proved assumptions of financial market behavior have always offered us their services; Technical and fundamental analysis, charting, breakouts & breakdowns, moving averages, etc - all the aids whereby an investor can savor, hour by hour, like a connoisseur, the failure of a bull market.
1
Tweeting about Fed inaction as they're taking action. Our president is a dunce. It appears the Fed just does their work without regard to the bullying of King Baby.
3
It just plunged again with the announcement that Jr. and Eric are in charge of the emergency.
2
New York Times you need to rearrange your front page so you have important information about methods to avoid contact is the first thing people see. Social distancing, washing hands, not touching face. Please do this.
3
@GB
I suppose most NYT readers have already figured that out. What would be some better ways to get the word out? Public service ads in subway cars and on TV, perhaps?
1
@GB
It's time to invent the automatic hand washer~!
We have dish washers, clothes washers, car washers.
How come we don't have a hand washer??
Close New York City schools now. It is imperative to do this. Protect lives now. Close all non-essential services. Now is the time to do this.
7
@GB
Gov. Inslee of WA and other officials are scrambling to figure out how to feed and provide day care for the hundreds of thousands of kids who will be out of school for the next 6 weeks, and to provide guidance on home schooling and distance learning for those who have the great good fortune to afford to be at home with their kids. School buildings will be empty; may they be used to feed kids and provide day care? Would that defeat the purpose? Tens of thousands of low income kids depend on school meals for daily food, and homeless ones also depend on being sheltered all day. I agree with closing the schools, and suppose NYC is facing the same conundrums as they approach the inevitable shut down. It's complicated!
3
@Julie
I have asked an affected 15-year-old niece
what she thinks.
@Zetelmo
A mother in the Seattle area reported today in a radio interview that her 15 year old daughter was already complaining of boredom! On day one!
The problem is that the OTC derivatives markets remain largely unregulated and the vast amalgmation of financial companies now allowing commercial and speculative banks to be merged as a result of efforts supported by the likes of Biden and other good friends of the TBTF to roll back depression ERA anti-trust have created what Buffet has called financial WMDs.
In 2008, as a result of not regulating the Quadrillion dollar OTC derivatives markets, and given the central bank's limited ability to further drop interest rates and the limited effect that such easing and or even negative rates have and the limited impact of QE on overall economic conditions, a far better plan is simply to send anyone who either on the street, living pay check to pay check, or is any position to need to spend money a check for $10,000 right now. Since the government can now borrow at negative interest rates, they can make money by printing it.
4
I think you have it backwards, it's the GOP!
1
@moishman
The other good friends of the TBTF and the plutocrats are members of the Gang of Oligarchs = GOP.
Today’s “rebound” seems like a short profit-taking break on the way down.
If declaring a state of emergency pushes the Dow below 20K, some early buying may be warranted.
But hang on for more. The probability of a high profile person, possibly even a senior politician, getting this coronavirus is high. (I hope this doesn't happen. I wish only good health to every single person.) In addition, the ramp up of testing will give a substantial boost to confirmed cases in the next couple of weeks.
We may still be a week or two away from peak hysteria, which would present a once-in-a-decade/lifetime buying opportunity.
Keep calm and earn big profits.
7
Canada today is taking steps to support Canadians by providing “fiscal firepower” to Canadian employers and Canadian financial institutions. To paraphrase Martin Luther King: fiscal socialism at the top; empty words at the bottom.
4
The market is experiencing a series of “dead cat bounces” where short sellers have to buy to take profits. Hence, down followed by slightly up followed by down etc. With no fundamental change to the economic drivers, the downward trend is most likely to continue. When the virus is truly in check, that’s a fundamental change.
10
@Alan B ..."downward trend is most likely to continue"...more like VERY likely to continue...the market was already due for a correction...all this will pull the rug from under even the correction...market:14,000-18,000 by the end of the month...
7
Could you stop using the term "live market" updates? It's too painful a reminder that the whole coronavirus pandemic started from one.
5
Temper any market rally with this news: JPMorgan predicts we'll slide in a recession as early as this summer.
7
Such wild fluctuations in the stock market may end up being the death of more people with pre-existing medical conditions than COVID-19.
3
@Leigh
They provide a good test for ones nervous system...
1
I don't think this is a "rebound". It's an attempt by dubious actors to take more money from the market, following Republican's injection of 1.5 trillion dollars into the pool.
The Dow is up 700 points today. Hardly a rebound.
20
I'd like to see a comprehensive article, or series of articles, on just how much, or how little, changes in the stock market actually tell anything of value beyond what traders see in the next few hours, or one day.
E.g., what portion of the movement in the stock market is actually driven by long term investors, as opposed to those chasing short term gains?
What proportion of the money being traded is done by people who are both buying and selling, maybe multiple times the same day? There are plenty of investors who buy bargains on a bad day, and sell them the next day. What proportion of the gains or loses is done for that purpose?
Answering that question and others, and putting changes in the stock market in perspective would be both interesting, and informative.
If 99% of trades are made by investors seeking short term gains, why is this being reported as if it's news?
8
This article ignores the likelihood, or at least possibility, that markets are being manipulated to drive down certain assets, especially stocks and some commodities, so the big bucks folks can then swoop in and pick them up for a song. This has happened before, though sometimes the game is played in the opposite direction, as when silver was controlled by one family, who was able to artificially raise the price astronomically and then unload it a huge profit.
Especially now with the globalization of finance, markets are even more opaque, existing minimal regulations close to irrelevant.
8
Makes no sense.
This is just the beginning. It is only going to get worse in the short term. 3-8 weeks.
This will extend to every aspect of our economy.
17
Trump suggests that the Olympic Games be postponed for one year. Do not be surprised that Trump decides that it is in the national interest to postpone the November Presidential election indefinitely. Following the lead of his friend Putin.
106
Can't wait till 3pm to see if his voice is hoarse or he's exhibiting any other symptoms.
Being taken out by this virus he did nothing but downplay would be poetic justice.
38
@Moehoward Yes, in Wednesday oval office speech, he had problems with "cargo" and "count"...which require you to breath out, using your stomach muscles. Was it a sign of shortness of breathe?
5
Buy early sell by noon speculators should be banned from trading. I know that's not the way it works, but if you want to stabilize the markets, these sort of traders need to stay away.
10
@pealass They can put a moratorium on this activity and get back to paper-backed trades with term limits. It is sound policy to delimit speculative risk that is destabilizing.
1
@pealass, if you take the capitalism out of the markets, the markets will be destroyed. Those day traders are not driving this market. As has been the case for over a decade, the algorithms of major firms and market makers move the markets.
1
@Mford You have a different definition of capitalism than i have then which was to invest for the common good, not for instant wealth. Stay well.
1
What a sad admission from the Treasury secretary. The government is in the second inning in its response to the virus crisis. The virus crisis began in late January and is in the ninth inning.The government is losing badly. The Toronto Star in its editorial today described Trump’s inept response to this health crisis as near criminal.Hard to disagree. Perhaps Trump is ready to acknowledge that the virus is real and not a Democratic hoax or the creation of a biased media.
63
Wall Street was rallying to European market rallies that responded to the Merkel's and Macron's leadership. They are engaged in a Marshall Plan response to this crisis. Macron made it clear that to be a nation is different from being a nationalist. Nations have ideals they stick to. Trump is trying to turn us into rats on a boat that's taking on water. Why don't we deserve someone like Merkel or Macron? Why do we have a president who wants to abandon us in our time of need? What's wrong with us?
41
With such volatility in the markets, headlines about drops or rallies are subject to change by the hour.
15
OMG.
trump to declare a national emergency
Better late than never I guess
What changed his mind? Are people now sufficiently panicked that it’s ok?
I can still be critical- decisive early action would have saved more lives.
8
@Steve Ell No doubt he was pressured to do so.
9
@Steve Ell maybe he got tested .
1
When the headlines read something like "worst day in the markets since 1987" it is time to buy stocks if you can, or rebalance your investments toward stocks. It might not be the very bottom, but you know there is a very good chance stocks will soon rebound above historically low levels. If your investing timeframe is very short you probably shouldn't be in stocks. On the other hand, most people with modest retirement accounts should just carry on living life and not focus on short-term stock news.
14
@Zephyr eh,
we're at 2018 market levels. The virus is just getting going in the states. keep dollar cost averaging, but we've got a lot further to fall from here.
3
@Zephyr
If the dividends don't get cut, I'm good~!
The blame lies at Trump's feet. he cut CDC funds; didn't have a committee funded for pandemics ready as did others before him. He's focused on himself and the Wall! What a sad situation.
124
@NM CDC budget has risen year to year. No cuts have been implemented. CDC fails because it is a bloated bureaucracy. The private sector will be needed to fix this.
1
@GigEm But…tRump has eliminated a National Security Council position that coordinates responses to pandemics. He has ignored an expert panel’s warning that the US is badly unprepared for global health threats and needs to restore funding to address them, and is requesting that the CDC budget be cut by almost 16%, starting in October, and the Department of Health and Human Services budget by almost 10%.
The CDC is not a bloated bureaucracy.
2
Markets rebound. Yeah, right. For how long? Three hours?
26
Well,,, grocery store stocks should be up! Cheer up!
There is panic buying here in Boston... grocery store closed early, empty aisles... lines of hundreds of people long. only in a communist, err capitalist, country!
38
Whatever Wall Street does is short lived and irreverent.
Just came back from my local grocery chain and people are panicked. Most of the store cleaned out. And this is Friday morning!
If and when Trump gets sick and falls, the message will sink home, particularly amongst his Base. If poor Tom Hanks or Rita Wilson expires, people will freak.
Readers of this newspaper, you better put the paper down and get to the store.
To quote Betty Davis: “sit back, it’s going to be a bumpy ride!”
10
@Circle of Manias
Note even close. "Fasten your seatbelts, it's going to be a bumpy night".
(The google machine is a fabulous invention.)
4
PC: @Circle of Manias, what do you suggest we do now?
Circle of Manias: “Read the Urantia Book, particularly about the Mansion Worlds.”
PC: “Anything else?”
CoM: “Yeah, there’s a good series on Amazon, Akbar’s Jihad. I know the author. He’s hurrying to get the last two books out. He’s in the ‘target group’, the ‘old and in the way’ group.”
PC: “I’ve heard of it. I will. Thanks! Anything else?”
CoM: “Porcupine Tree, Steven Wilson.”
PC: “Circle of Manias...right! I get it. Take care CoM.”
CoM: “You too PC. Good luck.”
2
What’s interesting is that there seems to be a small - but influential - segment of the population that sets off panics. You can see it in the market and you can see it in store shelves. People panic buying toilet paper lead others to stock up “just in case”. The fever needs to break before sanity reappears.
10
@Cooofnj The "small but influential segment of the population that sets off panics" must include the media, most of which would sacrifice the economy or anything else to defeat Donald Trump.
4
I know, right? Just buy a Toto washlet!
What an irresponsible, unscientific, unreasonable comment.
Trump's tweet confirms that he doesn't know what he's talking about. Even I know that Central Banks don't "compete." And Jay Powell isn't putting us at a "physiological disadvantage." How sad. Let's fasten our seatbelts, folks.
26
@Kathy Nor nor does Jared "Jughead" or Steven Miller, who wrote this speech. None of them care. It's shades of the Bunker in March 1945.
What's next? Cancelling the presidential and congressional elections?
23
@Kathy
Well, you’re wrong. They can and do “compete” in a sense. Try some research. See, e.g., https://seekingalpha.com/article/4139264-central-banks-from-coordination-to-competition
1
@Kathy
Dear Kathy,
I agree that Trump is a complete bohunk, but in fact national banks do compete for investments. Whoever has the highest interest rate with the lowest perceived risk will always attract more funds.
What about hourly employees who get laid off? Two of my daughters will likely be in this situation.
24
It can just as easily swing downward as the of people infected rises and more people are out of work due to the virus.
We are barely at the beginning of the virus spread in this country.
We could expect as many as 2 million people coming down with the virus due to the lack of preparedness by thetrump regime.
11
Perhaps Steve Mnuchin should propose completely abolishing the estate tax, or as Republicans say, the Death Tax. That guarantees that when they die of coronavirus their billions flow to their heirs. That would be the ultimate hypocrisy.
17
I was always taught “buy low, sell high”.
So, when people panic and the market goes into free-fall, what’s the obvious thing to do?
The only problem is the market is mathematically “chaotic” - things don’t move in neat curves and steadily rise or fall. Things will be humming along, following nice predictable lines then...
Head for the sky or collapse - once things start moving in a chaotic pattern, anything can happen.
The smallest shift can cause a massive reaction - or not.
It’s called “the butterfly effect”, oft by mathematicians and meteorologists: a butterfly’s decision to go to the left instead of right sets off a chain of events that seem to “spontaneously” generate massive storms on the other side of the earth.
The market has been poised for a massive correction for the past three years of economic misrule in Washington.
There is no reason for a bug as dangerous and simultaneously as trivial as the coronavirus to trigger the collapse, or its suddenness.
Butterfly turned right. Chaotic event followed.
What we’ve actually got is the equivalent of an unexpected flu.
But people are treating it as a Great Unknown, cancelling gatherings and closing schools when they should simply stay home if part of the population at greatest risk (elderly, immunologically depressed, sensitive to lower respiratory diseases, etc.)
It isn’t the 1350s, and the bug ain’t Plague.
Go about your life, wash your hands, eat well, and remember the market could fall - or head sky high for no “reason”
1
@Eatoin Shrdlu Epidemiologists do not agree with you. This is not an "equivalent of an expected flu." The fatality rate is much higher (the current estimate I see is 1% compared to .1% for flu). In addition, the global population of 7.5 billion has no immunity to this virus, unlike with the flu. And of course there are no vaccinated people. The percentage of infected will be much, much higher than flu in a short time period. It is not as deadly as the plague, but if you read the scientific literature you will learn that the spread of the most deadly diseases is much more contained because the infected do not move about in society.
So this virus hits the sweet spot -- quite contagious, many infected remain in social circulation, much higher fatality rate than flu. Finally, the world population is exponentially higher than it was during the plague, so what you need to consider is the total numbers of deaths. This is a time when math and science matters.
24
@Eatoin Shrdlu If you understand fractals and the study of predictable behavioral patterns in what linear thinking would consider chaos; Butterflies, bird flight patterns in migration etc. you would not take this virus lightly. The market correction was predictable as per the inflection point in January. The groveling by bonespurs for a rate decrease signaled the desperation as growth rates in GNP remained sluggish. Clarity of perception is well-defined by Martha from Edina's commentary.
5
A possible explanation is that short sellers were closing out their positions, which causes prices to temporarily rise as investors buy back the shares they sold short
7
If I came from planet Mars and saw a stock market held with nothing more but funny money issued by central banks, for the purpose of saving the 0.01% with a sprinkle of trickle down and cratering demand all around...
I would run away as far as I could straight back to Mars.
94
@Yoandel
Beautiful!
@Saints Fan Half of America is over-invested in a Ponzi scheme that will buckle when the dollar fails as a reserve currency. In the meantime, you are right, there's no real way to taper a Ponzi scheme, so let's take this thing to the moon with new dollars. Dow 40,000!
It has been mentioned to me in the past that the stock and bond markets rise and fall on emotion. When people are positive about things, the markets rise. When people are negative about things, the markets fall. So, after weeks of being bombarded with news of the impending doom at the hands of the new virus, and after weeks of realizing that our national public health system has been defunded and rendered null and void by Trump and his “people,” what do you think the mood of the American people is these days? I’d venture to say that the folks in the White House have tried to mislead us, place the blame on other nations, and in general simply politicized something medical. So how many Americans have the virus? How many have died? Would you like to see a Broadway show, watch a basketball game, or watch spring training? Are you looking for a bottle of hand sanitizer? Trump has essentially brought our country to a halt through his denial of medical science and fear of what the problem will do to his re-election campaign. He is incompetent, malfeasance, and he has brought us to our knees. Thank heaven our governors and mayors are awake and alert. November is coming.
83
@Unaffiliated
In fact, investors trust Trump. They know he'll move mountains to protect the market. While others were ridiculing Trump for obsessively focusing on the market, they were smiling.
3
@AACNY
I'm an investor, and I don't trust Trump in the least. He is exactly the destabilizing element the market is adverse to.
11
@AACNY Not to worry. As soon as the President speaks at 3PM, the markets will tank again. This is jus a lil ole dead cat bounce.
1
I don't think our government has grasped the magnitude of the economic damage this virus will do.
Germany just pledged 600 Billion for economic stimulus/bailout. Our economy is 6 times the size, that equals to a 3.6 trillion package.
24
@balance
Yes, and the former Italian Prime Minister said that they need 200 billion euros to fight this.
The US population is about 5.5 times that of Italy. That would be roughly $1.2 trillion ($1200 billion) for the US.
Trump proposed only $2.5 billion. Congress increased that to $8 billion. $1.2 trillion versus $8 billion - so far, in rough terms at least, aren't we low-balling this by a factor of 150 -- 15,000 %?
4
Don’t think stocks climbed because of „government signaled to take action“, stocks climbed because people bought at low point.
Monday we will see them plunging again.
104
@Oliver Yes. This is a very bouncy dead cat. Not going to just lie there and take it. Has to be some profit-taking and short selling along the way.
11
@Chip As someone who does this professionally and is up 38% YTD, I have to say that you may be right or you may be wrong. However, the first step to my success was knowing what I don't know, and I would recommend that course of action to you.
1
@Oliver. Late Market Orders taking nibbles on the way down.
What about the self-employed? Unless you are an employee and on someone's payroll, a payroll tax holiday means nothing. The self-employed are already paying twice what employees pay. The self-employed were estimated by Pew Research in 2014 to account for 30% of the US workforce, and expected to increase substantially. I was unable to find more recent data.
89
@Ellen The self-employed do pay payroll taxes already. They pay the employer and employee portion of FICA-OASDI and FICA-HI as reported by schedule SE, otherwise known as self employment tax. A tax holiday would surely include these people.
5
@Caleb Look again. @Ellen didn't say the self-employed don't owe the "payroll tax." The issue is many of us who work just for ourselves don't give ourselves regular "paychecks" from which tax is withheld - rather we make quarterly estimated payments that include - but don't differentiate - payment toward income tax & payment toward Social Security/Medicare. So far, no explanation of how a payroll tax "holiday" would work for us; how we would not include it in any quarterly estimate, etc.
1
Real conservative capitalists know that fear should never be allowed to move the market.
Real conservative capitalists plan for disasters, such as having a stockpile of the things you sell to make sure disruption is minimal, etc
Real conservative capitalists know that stability of the market and the reliability of fairness in how it operates is necessary to keep it operating well.
Republicans are not real conservatives. The plan for disruption in that they plan to cause disruptions to profit from them by taking advantage of those harmed by the disruptions they cause.
They are playing the same game with Covid-19 counting on it passing through the population and giving the survivors immunity instead of stopping it. A former British Government official was talking about this last night on Amanpour & Co. I forget his name Stew something.
49
@magicisnotreal What you are saying makes sense. If a large portion of the older population dies, SS would be saved. It would also lower the cost of healthcare as those with preexisting conditions die first.
After all Trump might keep one of his promises in a Trumpian way, lowering the cost of health care.
5
In another article today it seems Trump & Co already have the stats on how many will die and by the actions not taken so far it seems very clear they are OK with from 200k to 1.7M deaths.I expect they also hope to use the chaos caused by their intentional incompetence to screw around with voter turnouts and voting options. I'm betting they hope it stick around long enough to :justify" closing polls long before all voters get a chance to vote.
https://www.nytimes.com/2020/03/13/us/coronavirus-deaths-estimate.html
7
The Russell 2000, an index of small-cap stocks was higher under Obama than it is today. It has not "rebounded" as you say markets have. It has lost value under Trump.
People have sold assets of all types and they're keeping cash. Gold is not up. Gold's value is mostly ephemeral anyway (a milleniums-old bubble itself--there are not that many industrial uses for the metal). Bond yields are up indicating that their prices are down too. The Fed pumped is using more monetary policy with a promise of $1.5 trillion to provide market liquidity to see it evaporate and get hoarded too. That would have covered a lot of Bernie's ideas. There is no hesitation to continue to prop Wall Street and the well-heeled.
Why don't we do fiscal stimulation any more, infrastructure projects and the repair and construction of real things that we all need and use? John Keynes remains out of favor. It is so hard to understand why that is. It's not like Wall Street hasn't hired the brightest minds for decades. Is everyone just short-term greedy? "The future is private", said Zuckerberg. I guess that's been decided, huh?
We've nearly run out of monetary stimulus. Perhaps the Fed could start paying banks to take money like Japan did in the 1990s with negative interest rates. The resistance to fiscal stimulation is that strong that it is better to pay banks to take money?! Regular Americans are just out of luck. We lost our government of, by, and for the people, huh? It's been bought.
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Gold is a shadow currency.
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This Covid-19 panic is the perfect illustration of the need to switch to a Universal Basic Income as the primary lever for keeping the economy on a growth footing.
Interest-rate cuts will put more money into the hands of banks and big corporations but will do next to nothing to make consumers stay confident enough to keep spending -- the driver of over 70% of US economic activity.
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Whew! The donor class was really sweating it out there for a few hours. So glad Steve-O Mnuchin is still at the plate batting for them. The first thing you do in an epidemic is always make sure the wealthy aren’t harmed in any way at all. If you have to ground private jets, it will have an incalculable effect on the economy.
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@T. Rivers
Millions of retirees live off their portfolios of investments in the stock market and bonds. These retirees are not the "wealthy" nor the "investor class" - they are ordinary middle class retirees who worked all their lives and saved for retirement.
Trashing the government for propping up the stock and bond markets during this crisis - caused by the coronavirus epidemic, not a fundamental financial collapse such as the mortgage market in 2008 - is just plain ignorant.
It's like trashing what was done to save the financial system in 2008 without understanding that yes, it saved big banks but it also saved millions of homeowners and people who had their money in banks.
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@Mimi When reaching retirement age, one is supposed to move your investments OUT of stocks and in to more stable investments. THIS is the reason why. If you're already retired and still have your investments in stocks, well, that's a problem.
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@Vivian
I've read plenty of articles that say you should
NOT get completely out of stocks at age 65.
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Welfare for the investor class. What a pathetic irony. The very class of people who make every effort to stymie fairness for the non-investing class weeps crocodile until the government [which they claim to abhor] comes to their rescue one more time.
Capitalism fails utterly w/o our socialist compassion for the poor investors.
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@Feldman This welfare for the financial world is necessary given our systems, and all fair-minded people grasp that. However, let us just be honest about the role of government associated with a society that is nearly 100% driven by its 'growth' economy.
Real stability will be achieved however when we look for true sustainability instead of growth for wealth-seekers. The Earth cries out for an end to mindless consumerism generated to stoke the fires of 'growth'.
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#feldman. What about regular working folks who have to rely on 401Ks for their retirement funding? They are working/middle class - not rich.
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@cadv lib That's the whole point -- 401k instruments were created to involve the working class into the investor methodology. That reinforces the investment system by adding millions of small entrants that will never have any clout in it. Most 401 people have no clue whatsoever about investing. That makes them ever-the-more dependent of those who do.
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