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(USA Today)   DOW drops on reports that billionaires won't get their tax cuts. Now billionaires will lose money in the stock market. Billionaires just can't win in this cruel world   ( usatoday.com) divider line
    More: Dumbass, Dow Jones Industrial Average, corporate tax cut, lower tax rate, Senate tax plan, Tax, sizable tax cut, corporate tax rate, individual tax filers  
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1599 clicks; posted to Business » on 09 Nov 2017 at 6:50 PM (36 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-11-09 04:51:10 PM  
Hey, don't you care about jobs?  Especially, the ones in China, India, Mexico and other places not America.  Republicans really care about jobs in China, India, Mexico and other places not America.
 
2017-11-09 04:59:36 PM  
More proof Wall Street only cares about Wall Street.
 
2017-11-09 05:20:13 PM  
Oh, those poor broken baby birds.  Maybe we can start a GoFundMe for them or something?
 
2017-11-09 05:57:12 PM  
Cry me a farkin' river
 
2017-11-09 06:06:15 PM  
Corporations are people. Unfortunately, those people are Donald Trump and Veruca Salt.
 
2017-11-09 06:30:44 PM  
This is so sad!

I thought nothing would be more sad than the photo of the dead toddler washed up on the beach in Turkey, but here I am, crying my eyes out!
 
2017-11-09 06:38:09 PM  

PaulRB: Hey, don't you care about jobs?  Especially, the ones in China, India, Mexico and other places not America.  Republicans really care about jobs in China, India, Mexico and other places not America.


That's how trickle-down greatness happens!
 
2017-11-09 06:54:57 PM  
Oh, woe is them, they'll only have enough money to live lavish lifestyles for NINE lifetimes instead of ten!
 
2017-11-09 06:55:08 PM  
Heh, money well spent on the rich people's idiot Congress legislators. If they can't buy off politicians, then what good is their money?
 
2017-11-09 06:56:00 PM  
Well, Wall Street farkers, there's only one solution... Jump; the window is calling...
 
2017-11-09 06:56:06 PM  

Bith Set Me Up: Corporations are people. Unfortunately, those people are Donald Trump and Veruca Salt.


Veruca Salt - Seether
Youtube jC9AUR-iTo0


?
 
2017-11-09 06:56:22 PM  
Now the rich will be that much less tasty.
 
2017-11-09 06:59:39 PM  
How did the billionaires ever become billionaires without the tax cuts?
 
2017-11-09 07:01:58 PM  
encrypted-tbn0.gstatic.comView Full Size

I'm going to sing you a little song about heartache, misery and what it means to be ever so slightly poorer.
My momma in her platinum coated casket...
(fark it I can't go on...too heartfelt)
 
2017-11-09 07:02:23 PM  
Tomorrow it will rip up 200 pts. Every dip is being bought. They'll be just fine.
 
2017-11-09 07:04:27 PM  
A 59th record straight high! I'll have to send a note to corporate because they somehow keep forgetting to trickle down on me.

Oh. That's probably not going to turn out well is it?
 
2017-11-09 07:05:55 PM  

beth_lida: How did the billionaires ever become billionaires without the tax cuts?


Most of it is inherited wealth.
 
2017-11-09 07:07:14 PM  
kaotic.comView Full Size
 
2017-11-09 07:08:26 PM  
Remember this every time you hear you local newsmonkey on TV or radio talking about some new record the stock indexes are setting. Those stock indexes are measure of how well the investor class is doing. That's it. They have very little connection to how well you and I are doing economically.

Just because the investor class is doing well doesn't mean you and I will be too, because the investor class does NOT like to share, and they don't want anyone else joining their club.

Newsmonkeys love the stock indexes because they are simple numbers, easy to report on. But as we have seen, the stock indexes can go gangbusters while simultaneously the rest of us are getting Cosby'd economically.

Employment numbers and wage growth are what matter to the rest of us.
 
2017-11-09 07:08:43 PM  
Frankly, I suspect that various prominent Saudi investors have been re-configuring their assets and that's led to a sell off. Ironically, hiding billions of dollars is expensive, and re-hiding it moreso when under a corruption investigation.

The fundamentals owing to prospective tax cuts are a small factor but over-all the market is leveraged with significant enthusiasm right now. It's easily possible to get a 4-7% correction but if so I've view that as a strong buying opportunity. However I couldn't possibly count on such a correction as over-all the world economy is growing at a small but fairly stable rate.
 
2017-11-09 07:10:44 PM  

Murkanen: beth_lida: How did the billionaires ever become billionaires without the tax cuts?

Most of it is inherited wealth.


Yep. Very few billionaires are wealthy because of anything they actually did, beyond popping out of the right vagina. And our pseudo-capitalist system makes it very farking hard for someone born wealthy to become poor. Just look at how many businesses Donald Trump ran into the ground, and yet he's still 'wealthy'.

Claiming that wealth is based on any sort of merit is idiotic.
 
2017-11-09 07:12:13 PM  
img.fark.netView Full Size
 
2017-11-09 07:14:19 PM  
"Now markets are facing a reality check and they realize how hard this tax reform is."

Nobody knew that tax reform was so complicated.
 
2017-11-09 07:14:29 PM  
"Billionaire" is not the preferred nomenclature.  "Affluent-American", please.
 
2017-11-09 07:16:39 PM  

NewportBarGuy: Tomorrow it will rip up 200 pts. Every dip is being bought. They'll be just fine.


Well, yeah. The market doesn't react all that much to policy, what the market reacts to is unexpected change. If Bernie Sanders had been elected on a campaign of "more Socialism", the market would have factored that into stock prices, and done just fine. That's why the DJIA loved "No-drama Obama"- he didn't make any real sudden moves.

The market had been expecting tax cuts. The tax cuts are now not happening, so the market reacted negatively. It will rebound once it's had the chance to process the new data. 

Incidentally, this is why the markets took a hit the day after Trump was elected. Didn't have a damn thing to do with his policy proposals, because, let's face it, that's about as pro-business/ anti-regulation a guy as you can imagine. It's just that the common knowledge was that Hillary would win, and Trump's victory was an unexpected change.
 
2017-11-09 07:18:33 PM  
Oh no.

(wanking motion)
 
2017-11-09 07:20:59 PM  
Yes but think of all the new employees they would be able to afford if only they could get a gosh darned break from taxes.

img.fark.netView Full Size
 
2017-11-09 07:24:29 PM  
I guess they'll just have to put more money into their offshore firms.
 
2017-11-09 07:28:13 PM  
I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.

They couldn't repeal Obamacare, they aren't getting tax reform done.
 
2017-11-09 07:35:38 PM  

sammyk: I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.
They couldn't repeal Obamacare, they aren't getting tax reform done.


The funny thing is it's a completely empty threat.  What are they going to do, get out of politics altogether?  Maybe launch some bizarre third party that stands for nobody but them?  *snort*, they're donezo long term unless they can fully shatter democracy.

/which I'm sure is on the table.
 
kab
2017-11-09 07:36:22 PM  
Market gains mean fark all to your average wage earner, unless they're looking to retire this week.

Let me know when trump narrows the wage gap.
 
2017-11-09 07:43:24 PM  
The market has a long way to fall when the next crisis hits - and there will be a next crisis. The question is: will it be a black swan event or something that just about anybody could see coming, like the 2008 financial crisis. In mid-summer of 2007 I was at lunch with my patron, a CFO, and we discussed the coming meltdown when the mortgages reset to interest + principle. We agreed it would be bloody. It was, until the Fed cranked up the printers. Lesson learned, when a central bank intervenes to support the economy, it's generally a leading indicator for the stock market. Pile On!
There is a lot of money looking for a nest. Whatever yardstick you use to measure, there's cash aplenty, and the market needs to find away to make it go to money heaven so the cycle can be repeated.
 
2017-11-09 07:46:53 PM  
wademh: (1) Frankly, I suspect that various prominent Saudi investors have been re-configuring their assets and that's led to a sell off. Ironically, hiding billions of dollars is expensive, and re-hiding it moreso when under a corruption investigation.

(2) The fundamentals owing to prospective tax cuts are a small factor but over-all the market is leveraged with significant enthusiasm right now. It's easily possible to get a 4-7% correction but if so I've view that as a strong buying opportunity. However I couldn't possibly count on such a correction as over-all the world economy is growing at a small but fairly stable rate.


(1) Except the market has been moving most of the week (albeit more of the closes have only been a few points higher than the previous days' ), even after the news about the Saudi corruption broke last weekend.  Unless you mean that news of the alleged reconfigurations, not the actual action of the reconfigurations, is what triggered today's selloff.

(2) Oil prices have been rising all week due to the actions in Saudi Arabia. In other times this might have caused the market to decline (inflationary fears, fuel-based transportation and plastic feedstock price increases cutting into profits, etc.), but maybe investors expected the tax cuts to compensate for the oil prices. Now that the tax cuts aren't a near-term certainty, maybe analysts are taking a harder look at the impact of fuel price increases.
 
2017-11-09 07:46:58 PM  

nijika: sammyk: I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.
They couldn't repeal Obamacare, they aren't getting tax reform done.

The funny thing is it's a completely empty threat.  What are they going to do, get out of politics altogether?  Maybe launch some bizarre third party that stands for nobody but them?  *snort*, they're donezo long term unless they can fully shatter democracy.

/which I'm sure is on the table.


Oh, they'll be fine long-term. Sanders and progressives like him could take complete control of the US Government, to the point where they can rewrite the US Constitution from scratch, and billionaires would still be billionaires.

It's all about bragging rights. These billionaire farksticks only care about dying with as much money as humanly possible, and fark the consequences.
 
2017-11-09 07:49:47 PM  
* Except the market has been moving up most of the week ...

/ FTFM
 
2017-11-09 07:51:44 PM  
Won't somebody please thing of the wealthiest 1%!
 
2017-11-09 07:52:30 PM  
"You kids! Don't make me turn this economy around! I'll do it and we'll be right back where we started!"
 
2017-11-09 07:56:05 PM  
i.ytimg.comView Full Size
 
2017-11-09 07:57:32 PM  

CygnusDarius: Well, Wall Street farkers, there's only one solution... Jump; the window is calling...


This.
 
2017-11-09 07:59:05 PM  
Called it a month ago. The recent market performance is entirely based on the expectation of the tax cut getting passed. As soon as they realized the GOP was worthless, the market was going to drop.
 
2017-11-09 08:01:36 PM  
0.4%

ohnoes
 
2017-11-09 08:20:34 PM  

mysha: wademh:

(2) Oil prices have been rising all week due to the actions in Saudi Arabia. In other times this might have caused the market to decline (inflationary fears, fuel-based transportation and plastic feedstock price increases cutting into profits, etc.), but maybe investors expected the tax cuts to compensate for the oil prices. Now that the tax cuts aren't a near-term certainty, maybe analysts are taking a harder look at the impact of fuel price increases.


Did you ever honestly consider tax cuts a near-term certainty, much less a mid-term likelihood?
Enthusiasts may try to sell it that way but it's never been that likely. Of course a salable perception might be enough.
 
2017-11-09 08:25:05 PM  

LordJiro: nijika: sammyk: I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.
They couldn't repeal Obamacare, they aren't getting tax reform done.

The funny thing is it's a completely empty threat.  What are they going to do, get out of politics altogether?  Maybe launch some bizarre third party that stands for nobody but them?  *snort*, they're donezo long term unless they can fully shatter democracy.

/which I'm sure is on the table.

Oh, they'll be fine long-term. Sanders and progressives like him could take complete control of the US Government, to the point where they can rewrite the US Constitution from scratch, and billionaires would still be billionaires.

It's all about bragging rights. These billionaire farksticks only care about dying with as much money as humanly possible, and fark the consequences.


img.fark.netView Full Size
 
2017-11-09 08:26:00 PM  
I'm selling my house right now (for reasons) and I intend to rent for a year or so and wait for the bottom to drop out. We just passed a law in Texas making it easier to get home equity loans so I figure it won't be long. Should be able to get more house for less relatively soon.
 
2017-11-09 08:51:37 PM  
The struggle is real.
 
2017-11-09 08:52:36 PM  

nijika: sammyk: I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.
They couldn't repeal Obamacare, they aren't getting tax reform done.

The funny thing is it's a completely empty threat.  What are they going to do, get out of politics altogether?  Maybe launch some bizarre third party that stands for nobody but them?  *snort*, they're donezo long term unless they can fully shatter democracy.

/which I'm sure is on the table.


Primary the incumbents. Bannon is Mercer's creature and that is his current job. Fortunately for the world, Bannon is horrible at his job.
 
2017-11-09 09:01:53 PM  

Bith Set Me Up: LordJiro: nijika: sammyk: I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.
They couldn't repeal Obamacare, they aren't getting tax reform done.

The funny thing is it's a completely empty threat.  What are they going to do, get out of politics altogether?  Maybe launch some bizarre third party that stands for nobody but them?  *snort*, they're donezo long term unless they can fully shatter democracy.

/which I'm sure is on the table.

Oh, they'll be fine long-term. Sanders and progressives like him could take complete control of the US Government, to the point where they can rewrite the US Constitution from scratch, and billionaires would still be billionaires.

It's all about bragging rights. These billionaire farksticks only care about dying with as much money as humanly possible, and fark the consequences.

[img.fark.net image 720x960]


if that person could spell they'd be less angsty.
 
2017-11-09 09:04:43 PM  

Benjamin_Ghazi: Bith Set Me Up: LordJiro: nijika: sammyk: I just hope the donor class makes good on the promise to stop donating when the current clowns running Congress fail to get tax reform done.
They couldn't repeal Obamacare, they aren't getting tax reform done.

The funny thing is it's a completely empty threat.  What are they going to do, get out of politics altogether?  Maybe launch some bizarre third party that stands for nobody but them?  *snort*, they're donezo long term unless they can fully shatter democracy.

/which I'm sure is on the table.

Oh, they'll be fine long-term. Sanders and progressives like him could take complete control of the US Government, to the point where they can rewrite the US Constitution from scratch, and billionaires would still be billionaires.

It's all about bragging rights. These billionaire farksticks only care about dying with as much money as humanly possible, and fark the consequences.

[img.fark.net image 720x960]

if that person could spell they'd be less angsty.


img.fark.netView Full Size
 
2017-11-09 10:14:43 PM  
Sure am glad I'm not a billionaire.
 
2017-11-09 10:32:16 PM  
Perhaps they can beg on the streets wit one of these:
img.fark.netView Full Size
 
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