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(CNBC)   Dow up 840 points, or 3.5%, on news that coronavirus will not impact the wealthy   (cnbc.com) divider line
    More: Spiffy, Dow Jones Industrial Average, Nasdaq Composite, S&P, Federal Reserve System, Wall Street's veteran investors, Federal Reserve chief, Moderna trial, Federal Reserve Chairman Jerome Powell  
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1482 clicks; posted to Main » and Politics » on 18 May 2020 at 3:17 PM (2 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-05-18 12:11:47 PM  
Fark user imageView Full Size
 
2020-05-18 3:18:58 PM  
It's because everyone is going to the same island. I have no friends
 
2020-05-18 3:19:45 PM  
Fark user imageView Full Size
 
2020-05-18 3:20:25 PM  
I have been assured by the best, very most reliable, sources that it only counts when the Dow goes above 25,000.
 
2020-05-18 3:21:21 PM  

Dork Gently: I have been assured by the best, very most reliable, sources that it only counts when the Dow goes above 25,000.


I give it a week
 
2020-05-18 3:21:58 PM  

Grungehamster: [Fark user image image 425x449]


You may need help if you read those quotes and think "race" rather than "age and obesity".
 
2020-05-18 3:24:12 PM  
i.pinimg.comView Full Size
 
2020-05-18 3:25:15 PM  
"The stock market is not the economy"

Yeeeeaaaah it kind of is, in the most parasitic sense. If it crashes, everyone gets screwed. If it goes up, only the super rich see the benefits.

Handouts to the rich make the stock market go up. Actual safety net measures for anyone else make it go down. It's nothing but a mood ring of your average Scrooge McDuck.
 
2020-05-18 3:25:40 PM  

Dork Gently: Grungehamster: [Fark user image image 425x449]

You may need help if you read those quotes and think "race" rather than "age and obesity".


Causation is pretty irrelevant here: The correlation that minorities are being disproportionately affected is there and very real, which was her point.
 
2020-05-18 3:26:31 PM  
The longer the stock traders stay in denial the harder the crash is going to be.

I suspect we're going to see an epic crash.
 
2020-05-18 3:28:49 PM  
This shiat isn't going away.
 
2020-05-18 3:30:51 PM  
Somebody really wants a rally so he can bring this up.   Right now, showing him that clip from Independence Day and telling him he was really there and he saved the world is only going to last so long.  Eventually he's gonna ask "Why didn't I just make one of my great deals with the aliens?"
 
2020-05-18 3:31:35 PM  
At least we know that they're sincere that the market is strong and stable.  They wouldn't lie about that in order to recover positions lost earlier in the year.  Stock brokers are honest.  Not like nurses or teachers or assorted riff raff.
 
2020-05-18 3:32:42 PM  
sʞuoʇs
 
2020-05-18 3:33:42 PM  
That's good news and all, but you're not getting a shot for at least a year.
 
2020-05-18 3:33:45 PM  

Action Replay Nick: Dork Gently: Grungehamster: [Fark user image image 425x449]

You may need help if you read those quotes and think "race" rather than "age and obesity".

Causation is pretty irrelevant here: The correlation that minorities are being disproportionately affected is there and very real, which was her point.


She was inferring that people remarking on "who" and "where" COVID-19 was striking had to be talking about race instead of, say, old people and nursing homes. In court, that's called "assuming facts not in evidence".
 
2020-05-18 3:36:21 PM  
Dead poor bounce.
 
2020-05-18 3:37:00 PM  
971.  4.1%

Our long national nightmare is over.
 
2020-05-18 3:37:42 PM  
Jim Cramer was trying "defend" Wall Street, b/c people are complaining that it doesn't represent most of the people. "It doesn't reflect your local pizzeria, it represents Domino's." I couldn't come up w/ a better analogy to express why I hate Wall Street.
 
2020-05-18 3:37:54 PM  
Other items buried in the business news: 42% of those lost jobs are never coming back.

What will people do with their time?  Buy stocks, right?
 
2020-05-18 3:38:00 PM  

Harry Freakstorm: Somebody really wants a rally so he can bring this up.   Right now, showing him that clip from Independence Day and telling him he was really there and he saved the world is only going to last so long.  Eventually he's gonna ask "Why didn't I just make one of my great deals with the aliens?"


Can we talk him into believing he can fly a fighter jet, and then beg for a demonstration?
 
2020-05-18 3:38:12 PM  

Harry Freakstorm: Somebody really wants a rally so he can bring this up.   Right now, showing him that clip from Independence Day and telling him he was really there and he saved the world is only going to last so long.  Eventually he's gonna ask "Why didn't I just make one of my great deals with the aliens?"


If the Federal Reserve want's to quantitatively ease me, I'll happily shovel into the S&P 500.
 
2020-05-18 3:38:30 PM  

Dork Gently: I have been assured by the best, very most reliable, sources that it only counts when the Dow goes above 25,000.


I can't wait for the tweet where Trump congratulates himself for getting the Dow over 25,000.

Again.
 
2020-05-18 3:38:56 PM  

Trocadero: Jim Cramer was trying "defend" Wall Street, b/c people are complaining that it doesn't represent most of the people. "It doesn't reflect your local pizzeria, it represents Domino's." I couldn't come up w/ a better analogy to express why I hate Wall Street.


I'm thinkin' Arby's.
 
2020-05-18 3:44:42 PM  

6nome: Trocadero: Jim Cramer was trying "defend" Wall Street, b/c people are complaining that it doesn't represent most of the people. "It doesn't reflect your local pizzeria, it represents Domino's." I couldn't come up w/ a better analogy to express why I hate Wall Street.

I'm thinkin' Arby's.


https://thestockmarketwatch.com/stock​/​?stock=ARBY%27S

i.imgur.comView Full Size
 
2020-05-18 3:44:44 PM  
Stonks.

Who cares.

The more I watch "Comrade Detective" on Amazon Prime the more convinced I am the Romanians would have been better off staying communist.

And that baseball is boring....
 
2020-05-18 3:47:02 PM  
I've been brainstorming...
The base requires Mr. President to show up at the Sturgis, South Dakota bike rally riding his own tricycle in a full assless leather chap suit. It's the key to victory
 
2020-05-18 3:49:01 PM  

bluejeansonfire: "The stock market is not the economy"

Yeeeeaaaah it kind of is, in the most parasitic sense. If it crashes, everyone gets screwed. If it goes up, only the super rich see the benefits.

Handouts to the rich make the stock market go up. Actual safety net measures for anyone else make it go down. It's nothing but a mood ring of your average Scrooge McDuck.


If don gets on tv before the stock market closes it usually sheds some profit too.
 
2020-05-18 3:50:43 PM  

Dork Gently: Grungehamster: [Fark user image image 425x449]

You may need help if you read those quotes and think "race" rather than "age and obesity".


Stop - that doesn't play to the Fark whiteys who love to yell 'RAcIsm!!1!' every chance they get, from the comfort of their suburban white neighborhoods.
 
2020-05-18 3:55:35 PM  

hammettman: Other items buried in the business news: 42% of those lost jobs are never coming back.

What will people do with their time?  Buy stocks, right?


No, but with the magic of algorithms, that is money that goes right to this months profit column, and since algorithms don't have emotions and makes day to day decisions, today looked like a mathmagical day to buy.
So it did.
And when nobody buys anything or goes anywhere next month it will look like a statistically shiatty day and it will decide to sell.
It's not like trying to bullshiat your teacher into a D- instead of an F anymore...
 
2020-05-18 3:55:46 PM  
Fark user imageView Full Size
 
2020-05-18 3:56:52 PM  
We really need a stonk market just for the 90%, one based on reality where if companies fark up en masse, they aren't bailed out by the taxpayer. The wealthy, etc need apply (and they wouldn't anyway, because hey, real risk if there are no bailouts).
 
2020-05-18 3:56:54 PM  

Marshmallow Jones: Dork Gently: Grungehamster: [Fark user image image 425x449]

You may need help if you read those quotes and think "race" rather than "age and obesity".

Stop - that doesn't play to the Fark whiteys who love to yell 'RAcIsm!!1!' every chance they get, from the comfort of their suburban white neighborhoods.


If you aren't comfortable in your urban neighborhood maybe you should move.  Plenty of space in the 'burbs
 
2020-05-18 3:58:28 PM  

berylman: I've been brainstorming...
The base requires Mr. President to show up at the Sturgis, South Dakota bike rally riding his own tricycle in a full assless leather chap suit. It's the key to victory


Ain't nobody want to see that
 
2020-05-18 4:00:52 PM  

Riche: The longer the stock traders stay in denial the harder the crash is going to be.

I suspect we're going to see an epic crash.


How many tens of trillions of dollars of monopoly money will that take? Asking for a friend.
 
2020-05-18 4:02:44 PM  

Marshmallow Jones: Dork Gently: Grungehamster: [Fark user image image 425x449]

You may need help if you read those quotes and think "race" rather than "age and obesity".

Stop - that doesn't play to the Fark whiteys who love to yell 'RAcIsm!!1!' every chance they get, from the comfort of their suburban white neighborhoods.


Regardless of whether it meant race, age, religion, medical status, gender, or another demographic, the what's relevant is that the perspective consists of people saying "other people are dying, but not people like me, so it's ok".

It's never a problem for them until it starts affecting them.  If it's hurting other people, it's not really a problem, and might even kind of be a good thing.  Those "others" will learn.  Conservative perspective through and through.  But the second they're inconvenienced, it's time to carry guns to the state capitol building and threaten government workers.
 
2020-05-18 4:05:43 PM  

hammettman: Other items buried in the business news: 42% of those lost jobs are never coming back.

What will people do with their time?  Buy stocks, right?


Better start building more for profit warehouses prisons to store all those extra people who are selfish and like to eat.
 
2020-05-18 4:07:01 PM  
One thing the COVID pandemic has shown in very stark relief is that the stock market is completely divorced from real people.

Main Street is going down hard while Wall Street dances.
 
2020-05-18 4:16:43 PM  

Dewey Fidalgo: One thing the COVID pandemic has shown in very stark relief is that the stock market is completely divorced from real people.  Main Street is going down hard while Wall Street dances.


Lynyrd Skynyrd - You Got That Right - 7/13/1977 - Convention Hall (Official)
Youtube l886uQi6Rhg
 
2020-05-18 4:20:14 PM  
I really suspect this rally is being driven by the middle class.  The truly rich can find more complex instruments and funds to ride this out.  The poor and working classEs are either furloughed or laid off and freaking out, or still going to work like normal, without much in the way of slack .  The middle class though - mostly working from home, playing with sourdough starters, saving money by not going on trips, not going to brunch, not going to shows, etc.  Then saving money thanks to cheap gas, using less gas, and getting insurance refunds,  Then Mr Bank comes along and begs them to refi, saving them more money. As if that wasn't enough, the government gave a stimulus check to a big chunk of the middle class (though it phases out for the higher part of the middle class).

So, where does this money get spent?  Interest rates are so low that banks are paying peanuts - anecdotally , my APY on my savings account has slid from .67% to .29% over the last six months.  A year ago it was .86%. Add to that a feeling of having missed out on getting into the basement floor of the 2009 market drop, and there's a powerful incentive to take those treasury bucks and try to get another 2009-2020 market climb. There's eve a perverse incentive in keeping the economy closed - the longer the market is kept suppressed, the more value-prices stocks can be vacuumed up in monthly purchases of shares or DCA schemes.

/I donated my stimulus check to the food bank. It just felt gross to keep it.
 
2020-05-18 4:23:39 PM  
The crash is going to DESTROY our economy.

Not because it should, but because the rubes are too stupid to realize how farked our economy already is...
 
2020-05-18 4:23:55 PM  

hammettman: Other items buried in the business news: 42% of those lost jobs are never coming back.
What will people do with their time?  Buy stocks, right?


I'm fixing to, with my unemployment benefits. Oh wait, I didn't get any.
But I work at the mini-mart now, so This is Fine.
 
2020-05-18 4:25:11 PM  
Of course, it wasn't going to impact anyone who is wealthy, and even most who have well-paying jobs that don't require them to interact with the public if they don't want to, and can work from home (IT developers, etc).   The segments of society that have the "mega-ships" in the movie 2012, vs. everyone else who waits for the earth to open up and the waves to wash over them.  I mean, you can try to be John Cusack and sneak your way on, but, otherwise, good luck!
 
2020-05-18 4:27:27 PM  

Izunbacol: I donated my stimulus check to the food bank. It just felt gross to keep it.


*thumbs up* You da man. The food banks need support right now more than ever.
 
2020-05-18 4:28:48 PM  
I wouldn't touch this market with a ten foot pole. I sold out in early January. This rally will not last after you have a few quarters of terrible earnings. The only thing holding the market up is the Fed cutting interest rates and buying up corporate debt. When you have this many people out of work and starting to pull money out of their retirement funds (and being spurred on by a tax break on early withdrawals) you are setting up for another fall. This is the second rally based on word of a vaccine and Fed speak. Airline stock are up today. Why? Anyone planning on traveling soon? We have people lining up for food not making travel or consumer goods buying plans.
 
2020-05-18 4:30:25 PM  

Izunbacol: I really suspect this rally is being driven by the middle class.


media.giphy.comView Full Size
 
2020-05-18 4:31:53 PM  

berylman: Izunbacol: I donated my stimulus check to the food bank. It just felt gross to keep it.

*thumbs up* You da man. The food banks need support right now more than ever.


Kinda wish they'd use some of those financial donations to get some of the thousands of tons of free produce available out west...
 
2020-05-18 4:36:56 PM  
I don't care how much you have but we would all like to double our money. Count me in
 
2020-05-18 4:38:30 PM  

Dewey Fidalgo: One thing the COVID pandemic has shown in very stark relief is that the stock market is completely divorced from real people.

Main Street is going down hard while Wall Street dances.


This weeks Economist says exactly this.

Itll be a bumpy ride. We ain't out the woods yet by a long shot. Short em if ya got em
 
2020-05-18 4:44:02 PM  

puffy999: Izunbacol: I really suspect this rally is being driven by the middle class.

[media.giphy.com image 360x273] [View Full Size image _x_]


The rich don't make straight investment buys like this.  That's reserved for the middle class.  The rich create complicated systems that game up and down motion in the market, currency valuations, and operated by hedge funds, or pile money into venture/vulture capital schemes.  Trying to buy low and sell high on long term buy-and hold-shares, particularly broad spectrum indices is a middle class pursuit.  You think Warren Buffett is adjusting his monthly allotments to Schwab?

/if your definition of the middle class is more white bread, blue collar, Murican flag sticker and a case of Swiller Lite, this might be confusing.
//If your definition of "the rich" means doctors, lawyers, owners of car dealerships, this is probably really confusing.
///I know a lot of places don't really have many rich people, and the upper middle class try to fill that gap, both in their own minds and in the minds of working class Joes who want desperately to feel middle class.
 
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