Stocks tumble again after the Fed's latest rate hike
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Isn’t this Trump economy FUN!!?
The next two years should be a hoot!!!
Thomas Franck 23 mins ago
Stocks sank for a second day Thursday after the Federal Reserve raised benchmark interest rates and said that it would continue to let its massive balance sheet shrink at the current pace. Fears of a government shutdown also weighed on stocks.
The Dow was down more than 400 points after sinking more than 650 points earlier, bringing its two-day declines to more than 900 points and its 5-day losses to more than 1,800 points. The S&P 500 fell 1.7 percent as consumer staples and discretionary stocks underperformed. The Nasdaq fell 1.8 percent and dipped into into bear market territory as Facebook, Apple, Amazon, Netflix and Alphabet all declined.
December 20, 2018 at 3:28 PM #2903Ohio BarbarianModerator
- Total Posts: 18,732
More tumbling likely.
It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs
Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman
December 20, 2018 at 5:06 PM #2939Cold Mountain TrailParticipant
- Total Posts: 10,709
and the US on shaky ground, where’s the engine that would pull the world out of recession-cum-depression?
the banksters & tecchies have bit the big one by getting too greedy. back to a real economy please.
December 20, 2018 at 5:49 PM #2963HassleCatParticipant
- Total Posts: 5,551
It was a quarter of a point. There are other problems that amplify the rate hike beyond what it would ordinarily be. The government may be shut down, and how and when it would be opened up again is anybody’s guess. The economy was already trending downward when the rate hike came. Foreign currencies are falling against the dollar, hurting foreign markets and US investments that diversify by buying foreign stocks. It also hurts our agricultural sector, which already took a big hit in the Trump Trade War. The Trump Chaos is creating a pessimistic mood in the country as a whole. Just wait until the holiday spending numbers come in and they show loss of consumer confidence. This could go on for a while. As Roseanne Rosannadana says, “If it’s not one thing, it’s something else!”
December 20, 2018 at 6:22 PM #2992peacecorpsParticipant
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Stock market performance is not something progressives prioritize but Trump and conservatives certainly do.
The Big Lie: "Make the lie big, Make it simple, Keep saying it, And eventually they will believe it." AH.
"Arguments must therefore be crude, clear and forcible, and appeal to emotions and instincts, not the intellect." JG
National issues (slavery/racism, income inequality, pandemics and pathetic health care, weak unions) are not solved with more states' rights. Global problems (climate change, migration, trade, war, pandemics) are not solved with more nationalism.
December 20, 2018 at 7:03 PM #3027ozonemanParticipant
- Total Posts: 342
Needs to come down from the stratosphere, like in 2008, and before that in 2000.
As I understand it, the FED needs to raise the near zero rates that Obama had, to something more in line with the historical average. Otherwise, the pension funds and savers will not get an interest return to live on.
Also, the FED needs to build up a reserve in rates, so when the next recession comes (soon), they will have the ability to lower rates.
This has nothing to do with Trump, though if he takes credit for the stock run up, he may have to take blame for the fall. I’m expecting that it will stick to him.
All of this bodes well for Bernie in 2020 to be the next FDR, restore Glass-Steagall, break up the too big to fail banks…
December 21, 2018 at 10:42 AM #3242retired liberalParticipant
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And the bush engineered crash at the end of his 2nd term did major damage to retirement funds.
The prime interest rate needs to be raised to 8 to 10%. All stock trades need to be taxed. Micro trades, using only computers in the stock exchange basements need to be totally outlawed.
We need to encourage saving money and not inventing new cons to steal other people’s money. This country has the wrong people in prison and it is destroying us, U.S.
We are an arrogant species, believing our fantasy based "facts" are better than the other person's fake facts.
If you are wrong, it will be because you are not cynical enough.
Both major political parties are special interest groups enabling each other for power and money, at the expense of the people they no longer properly serve…
Always wear a proper mask when out and about. The life you save could be both yours and mine.
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