Rant. The American media needs to always use percentage points when talking about things like the stock market. The average American has no idea what “1,600 points” means.
I just heard a guy on MNSBC say something like “This is worst self inflicted wound I’ve ever seen a president give himself.” If the US was a sane country - congress would immediately remove Trump’s emergency tariff powers plus they’d use some kind of legal mechanisms void the tariffs. They’d be immediate legal challenges and all of that but this is an insane situation. The GOP would do it so save them from a midterm bloodbath.
Of course - the US is an insane country so nobody knows what comes next. My hunch is that Trump quadruples down on his batshit economic “theories”. GOP goes along and becomes openly and aggressively fascist so they can win. They’re going to be yuge losers if they play by the rules. In the red states next year - the GOP saves itself by openly breaking voting laws (and all sorts of other laws) so they can keep control in those states and at a federal level keep the House. And the criminals are never charged with crimes by the GOP courts of those states or by Trump’s DOJ.
Biggest single day drop was in 87, known as black Monday, 22.61%. COVID had 3 days that were cumulatively ~21%, the 2008 crash had 3 separate days that were around 21%, and the crash of 1929 also had 3 record days that totaled about 35%.
Black Monday lead to some trading pause mechanisms if there’s too big of a drop, and the market will close if it continues. So suffice it to say this isn’t in the toping the least, but it could be the start of a depression. It’ll probably be a few days before the first big effects are directly hitting major industries imo. But I’m not a stocks sicko.
Rant. The American media needs to always use percentage points when talking about things like the stock market. The average American has no idea what “1,600 points” means.
Pretty sure that’s the point, obfuscate and reframe reality.
On that note, how bad is this for the regular person?
we’re still 30% of the way into a mass extinction event
Actually regarding that, this is good news!
yeah destroying america now probably buys us a few hundred surviving tetrapod species
Typical Thursday then.
I just heard a guy on MNSBC say something like “This is worst self inflicted wound I’ve ever seen a president give himself.” If the US was a sane country - congress would immediately remove Trump’s emergency tariff powers plus they’d use some kind of legal mechanisms void the tariffs. They’d be immediate legal challenges and all of that but this is an insane situation. The GOP would do it so save them from a midterm bloodbath.
Of course - the US is an insane country so nobody knows what comes next. My hunch is that Trump quadruples down on his batshit economic “theories”. GOP goes along and becomes openly and aggressively fascist so they can win. They’re going to be yuge losers if they play by the rules. In the red states next year - the GOP saves itself by openly breaking voting laws (and all sorts of other laws) so they can keep control in those states and at a federal level keep the House. And the criminals are never charged with crimes by the GOP courts of those states or by Trump’s DOJ.
Biggest single day drop was in 87, known as black Monday, 22.61%. COVID had 3 days that were cumulatively ~21%, the 2008 crash had 3 separate days that were around 21%, and the crash of 1929 also had 3 record days that totaled about 35%. Black Monday lead to some trading pause mechanisms if there’s too big of a drop, and the market will close if it continues. So suffice it to say this isn’t in the toping the least, but it could be the start of a depression. It’ll probably be a few days before the first big effects are directly hitting major industries imo. But I’m not a stocks sicko.
Here’s an interesting bit on Wikipedia:
https://en.m.wikipedia.org/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average
Apparently the biggest crash since June 2020 so barely a drop in the ocean fr fr