OT Dow Jones Down (1 Viewer)

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TorturedBlazerFan said:
Im not angry or anything, I just believe that the leadership of the large US automakers made bad business decisions that attributed to their ‘failure’, maybe saying they ‘did it to themselves’ is harsh phrasing, I can understand that maybe I should have phrased that better.
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No, they made bad decisions which I saw coming decades ago like in the 70s.
 
Technically it used to be a recession when we had 2 successive quarters of GDP contraction - but they have changed to multiple months of economic contraction - and as such, it is hard to see how this is not going to be a recession.
 
Lanny said:
Larry Summer does not think it's a recession yet, so I'm in good company and have the right to declare you wrong. You ain't seen nothin' yet.
Coupled with the recession are going to be tens of thousands more deaths than the handful we've experienced so far. That's when you're going to experience a deep recession. This that we're having now is just a tickle compared with the raking we're all going to take in the future.
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You do always have the right to say i'm wrong. However, after this week i'm betting you will see a slowing of the panic. Right now the markets are around 30% off the record high. That is recession territory.
 
kjironman1 said:
You do always have the right to say i'm wrong. However, after this week i'm betting you will see a slowing of the panic. Right now the markets are around 30% off the record high. That is recession territory.
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I call preliminary part before the real onset of the recession. We're going to head into a sudden downturn in business far greater than we see today.
Summer claims that we are only at an 80% to 85% odds of a recession at this time. I think the odds are more like 100%, myself, so I'm not quite in lockstep with Larry Summers who is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, and former director of the National Economic Council for President Obama. I don't think he has a grasp on the probably death toll due to the Covid-19 coronavirus which will most likely be in the several hundreds of thousands of American victims range.
I believe that we're going to have to greet each other with an elbow bump in the future followed by a cleansing of the elbow when we get home. And implore as much as you want but I am NOT sharing a mug of beer with you.
 
typical republican presidency, they love profiting off recessions and fucking the normal guy
 
Lanny said:
I call preliminary part before the real onset of the recession. We're going to head into a sudden downturn in business far greater than we see today.
Summer claims that we are only at an 80% to 85% odds of a recession at this time. I think the odds are more like 100%, myself, so I'm not quite in lockstep with Larry Summers who is an American economist, former Vice President of Development Economics and Chief Economist of the World Bank, senior U.S. Treasury Department official throughout President Clinton's administration, and former director of the National Economic Council for President Obama. I don't think he has a grasp on the probably death toll due to the Covid-19 coronavirus which will most likely be in the several hundreds of thousands of American victims range.
I believe that we're going to have to greet each other with an elbow bump in the future followed by a cleansing of the elbow when we get home. And implore as much as you want but I am NOT sharing a mug of beer with you.
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C'mon.... Just a sip? Slurp!
 
kjironman1 said:
C'mon.... Just a sip? Slurp!
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For you? When sufficiently drunk and in normal times, yeah, maybe. That would have been in my 20s and 30s but when I hit 40 something happened and now I no longer get drunk, ever.
In these times, with me getting more and more conservative the older I get? Not a chance in hell 'cause that's where I'd be headed after my wife got through with me. When she gives me the third degree I become a blathering mass of organic matter in her complete control.
 
JDLiHyh.jpg
 
My father in law lost $14,000
 
Here is the part i really don't get. Oil is around $29 a barrel. Way Way down but of course at the pump we are still paying close to $3 a gallon. If the price of Oil had gone up from $60 to $70 a barrel you can bet your life we would have immediately seen a spike in the cost of gas at the pump. Oil has been around 30 a barrel a few times in the last 20 years. every time it has been a different price at the pump. The last time it was this low was around 2003. yeah $2 a gallon. Then there was 98' around a buck a gallon. If you want to go all the way back to 1990 it gets even worse.
Gas prices should fall.
 
kjironman1 said:
Here is the part i really don't get. Oil is around $29 a barrel. Way Way down but of course at the pump we are still paying close to $3 a gallon. If the price of Oil had gone up from $60 to $70 a barrel you can bet your life we would have immediately seen a spike in the cost of gas at the pump. Oil has been around 30 a barrel a few times in the last 20 years. every time it has been a different price at the pump. The last time it was this low was around 2003. yeah $2 a gallon. Then there was 98' around a buck a gallon. If you want to go all the way back to 1990 it gets even worse.
Gas prices should fall.
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Should, being the key word.
 
kjironman1 said:
Here is the part i really don't get. Oil is around $29 a barrel. Way Way down but of course at the pump we are still paying close to $3 a gallon. If the price of Oil had gone up from $60 to $70 a barrel you can bet your life we would have immediately seen a spike in the cost of gas at the pump. Oil has been around 30 a barrel a few times in the last 20 years. every time it has been a different price at the pump. The last time it was this low was around 2003. yeah $2 a gallon. Then there was 98' around a buck a gallon. If you want to go all the way back to 1990 it gets even worse.
Gas prices should fall.
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$1.90 in Ga.
 
wow big numbers today. I expect another dead cat bounce tomorrow then more free falling for the rest of the week. I originally thought the bottom would be around 19k, but now I am picking 15k as there is no end in sight to this virus and 2 weeks to a month before we see life normalize out for us again.
 
donkiez said:
wow big numbers today. I expect another dead cat bounce tomorrow then more free falling for the rest of the week. I originally thought the bottom would be around 19k, but now I am picking 15k as there is no end in sight to this virus and 2 weeks to a month before we see life normalize out for us again.
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At best.
 
kjironman1 said:
So you are telling me Georgia has dropped it's gas prices 75 cents but the national average has gone down only 17 cents?
https://gasprices.aaa.com/
I'm having a hard time with that number?
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Well, I don't know what to tell you...I know what I paid for gas Saturday and I know what I paid about a month ago.

Gas prices also fluctuate a good bit in different areas of different states.
 
Day to day, so many issues affect the stock market. I have no clue what happens tomorrow.

However, long term, my guess is it drops lower.

Reason, profits drive long term stock prices. Many companies will be reporting lower earnings.
 
Fear and economic disruption are driving the current tanking of the stock market. I don't see either abating for a while. I doubt it'll keep dropping at this rate, but I wouldn't be surprised if the bottom doesn't come for at least another 3-4 weeks.

And since this situation is so fluid and no one is entirely sure how this will look in a few weeks, I wouldn't be shocked if the market kept shedding value for another few months.
 
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