Stock market is STILL getting pounded like your ass at gay Mardi Gras - Part 2

I predict a bear market.

Thank you for the new thread. yup, recession coming! it's probably here aleady

One step forward, two steps back. This is obviously more than a correction.

what's going on with the US dollar?

Let’s hope the giant crash will come sooner than later

"Much hotter than expected" inflation of 9.1% for June sends stock futures down 300 points.

"Much hotter than expected" inflation of 9.1%

Yes, Joe is also responsible for the double-digit inflation currently plaguing several Latin American African countries, the 21.8% rate in Estonia and 19.3% in Latvia, and even the 73% increase Turkey experienced in May.

Joe is an incredibly powerful man.

The market is certainly taking it in the ass lately.

I'm surprised inflation was as high as 9%+, in light of the recent interest rate hikes.

I guess interest will go up more?

𝑩𝒊𝒅𝒆𝒏 𝒑𝒓𝒆𝒅𝒊𝒄𝒕𝒊𝒐𝒏 𝒕𝒉𝒂𝒕 𝒊𝒏𝒇𝒍𝒂𝒕𝒊𝒐𝒏 𝒉𝒊𝒕 '𝒑𝒆𝒂𝒌' 𝒊𝒏 𝑫𝒆𝒄𝒆𝒎𝒃𝒆𝒓 𝒄𝒐𝒎𝒊𝒏𝒈 𝒃𝒂𝒄𝒌 𝒕𝒐 𝒉𝒂𝒖𝒏𝒕 𝒉𝒊𝒎

Inflation rose 9.1% in June, 6 months after Biden said 'it’s the peak of the crisis'

Six months after President Biden said inflation hit its peak, the consumer price index hit a new 40-year high, according to a new Labor Department report released Wednesday.

The consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rents, rose 9.1% in June from a year ago, marking the fastest increase since December 1981.

Price increases were extensive, suggesting that inflation may not be near its peak: Energy prices rose 7.5% in June from the previous month, and are up 41.6% from last year. Gasoline, on average, costs 59.9% more than it did one year ago and 11.2% more than it did in May. The food index, meanwhile, climbed 1% in June, as consumers paid more for items like cereal, chicken, milk and fresh vegetables. Joe Biden pointing

In December, when inflation was still at 6.8%, Biden told reporters that "it’s the peak of the crisis" and, "you’ll see it change sooner, quicker, more rapidly than people think."

The president's comments at the time came several days after Federal Reserve Board Chair Jerome Powell told Congress that "factors pushing inflation upward will linger well into" 2022.

Powell's testimony followed months of the White House painting the skyrocketing inflation as "transitory" and predicting it would come back down in 2022. The numbers have continued to rise, however, and the Federal Reserve has been forced to take a more hawkish approach by raising interest rates. Last month, in the third interest rate hike of 2022, the Fed raised interest rates by 75 basis points, the largest rate hike since 1994. President Biden speaks

After Powell’s comments about inflation late last year, then-White House press secretary Jen Psaki refused to walk back the transitory claims, saying, "it doesn’t really matter what you call it" and that inflation "will subside next year."

On Monday, White House press secretary Karine Jean-Pierre also downplayed the forthcoming Labor Department report, calling the data "backwards-looking" and "out of date," noting that energy prices have come down from their peaks "and are expected to fall further."

The White House continues to blame the price spike on the COVID-19 pandemic and ongoing supply-chain issues, as well as the Russia-Ukraine crisis driving up energy costs, while Republicans have blamed Biden’s green energy agenda for hampering domestic oil production and his $1.9 trillion American Rescue Plan for over-stimulating the economy.

On Monday, Biden was criticized by Republicans for blaming them for the country's economic problems after he tweeted, "Republicans are doing nothing but obstructing our efforts to crack down on gas-price gouging, lower food prices, lower healthcare costs, and hopefully, soon, lower your prescription drug costs. This is not right. And that’s why this election is going to be so darn important."

Meanwhile, the Federal Reserve is expected to raise interest rates again, fueling concerns it could spark a recession.

Market is coming back today! TO THE MOON!!!!

Market is coming back today! TO THE MOON!!!!

are you guys buying? holding? selling?

All the above, R13.

No more, OP. It’s regained half of its losses since Jan. in just the past two months.

Dow lost over 1,000 points today after Powell warned of “pain” to come. Bitcoin too.

It was a nice little rally until today.

Powell wants to win the expectations game, as he should.

I wouldn't buy until until the S&P retests 3850. And wins.

[quote]are you guys buying? holding? selling?

Bonds and cash, baby, bonds and cash.

I swing trade, and close most of my positions at the end of the day. I often use a stock screener to sift out stocks that trade on a high volume and low float. Every day there are a bunch of stocks that go up 30 to 60%.

My IRA is all red!

R19, what software do you use for that?

R21 I use the FinFiz screener, which is entirely web-based. The subscription also includes premarket data.

Market down!

Inflation is easing, of course the market is down.

How do you beat the capitalists back without a terrible war. The importance of money must be reduced somehow.

Inflation is still sky high no matter how you spin it. That, plus the Feds raising interest rates, is resulting in plummeting market. My IRA misses the days of double digit annual returns.

R24, what are you smoking?

R26 That plus the fed is no longer “injecting liquidity” (printing $$ to prop up the markets.) The days of cheap money and fed keeping things happy are over. Stock market is like a kid whose mommy took away the sugary treats.

R28, this is true, but it is unfortunate because it's affecting regular Joe-Schmoe who is depending on the market to fund their retirement. It seems like the market has been super-sensitive over the past few years to any news at all no matter how unrelated it is to the market.

everything is red in my IRA account

Cashed out 50% in yesterdays rally. Oh, I’m so smart….lol. Gambling.

R30, want to share a cardboard box under the bridge with me?

[quote] Cashed out 50% in yesterdays rally. Oh, I’m so smart….lol. Gambling.

Did you put it back in today?

I bought t, vz, bti, and mo today, not so much for the upside as for their fat dividends. I don’t expect to get rich on the upside but I don’t see a way to lose anything on the group and the 6 or 7% dividends will allow me to retire a few years early…hopefully.

R29 That's because it's not the "news" but the overall trend that matters, and the trend is down due to the Fed. The market was going in the wrong direction for the past week. Thus, the violent whipsaw. Ignore the media. They only focus on day to day events for explanations. They always miss the big picture.

Kiss our asses goodbye. Thanks joe , love u 2

[quote] I bought t, vz, bti, and mo today

As long as people smoke and communicate I guess you're good.

R35 It is the (financial) news the market responds to though. Anytime there’s a whiff of “maybe inflation is cooling off so maybe the Fed won’t have to keep raising interest rates quite as drastically” stocks shoot up because high interest rates are poison. Today the rout happened in response to worse-than-expected inflation numbers (CPI) so oh nooo, now they’ll HAVE TO keep raising interest rates!! Sell sell sell!

The overreactions to inflation news the past few months is a traders dream - or nightmare. At this point, the wild swings have scared me off. Going to keep the 50% in cash for a while. While there was a nice bounce back - not to Mondays level. There is some strange volatility - my guess is people just aren’t sure if the bottom is going to fall out.

Well this is not good-

[quote] FedEx on Thursday withdrew its full-year guidance and announced significant cost-cutting measures following what it called softness in global volume of shipments. "Global volumes declined as macroeconomic trends significantly worsened later in the quarter, both internationally and in the U.S.," CEO Raj Subramaniam said in the release. "While this performance is disappointing, we are aggressively accelerating cost reduction efforts."

[quote] In an interview with CNBC's Jim Cramer on Mad Money, Subramaniam said he expects the economy to enter a "worldwide recession."

[quote] As part of these cost-cutting initiatives, FedEx will close 90 office locations, close five corporate office facilities, defer hiring efforts, reduce flights and cancel projects.

layoffs are coming

Really, Columbo?

Friday was Quad Witching which is always volatile.

[quote] my guess is people just aren’t sure if the bottom is going to fall out.

A financial prolapse.

Interest rated are going through the roof ahead of the Fed meeting tomorrow (where they’re expected to officially raise the federal funds rate by another .75 points.) 2 year Treasury note yields are at rates not seen since 2007 and the 10-year bond (the one mortgage rates are linked to) is at the highest rate since 2011.

Of course the stock market hates this. It’s down to within 600 points of the lows for the year.

OMG! I will never be able to retire. How does record employment contribute to inflation?! Most jobs you can barely make enough to pay rent and eat.

[quote]How does record employment contribute to inflation?!

More people with more disposable income buying more stuff while the global supply chains are still fucked, that's how.

Mr Market now thinks the Fed is going to cause a recession to stop inflation. The typical recessionary stock loss is about 30%. 3350 could be the next stop on the S&P.

Then again, who knows. Maybe things really are different this time.

Rising interest rates (30 year mortgage rate currently 6.25% and still goung up) is cooling real estate activity.

[quote] Existing-home prices moderated. The median price for an existing home fell to $389,500, down from a peak of $413,800 reached in June. Home prices are still up 7.7% from August 2021, but that’s the smallest increase since June 2020.

Home prices will continue to fall as interest rates keep climbing. This is what the 10-year bond looks like year to date (mortgage rates follow bond rates.)

So is now a good time to put money into a REIT?

S&P drops below 3700. Pass the poppers!

Oh my goodness, kweens!

[quote] Mr Market now thinks the Fed is going to cause a recession to stop inflation.

Have no idea who "Mr Market" ois but his call is something everyone knew 4 months ago.

Trying to put my blinders on. This is painful.

[quote]Have no idea who "Mr Market" ois

yes, that's evident

Seems like another overreaction. We’ve gone through this a lot lately it seems. None seem to be a one way ticket so far. But it is almost October I guess. I’m betting it’s not a ski slope down next week. More volatility.

I’m broke Nguni the booze, the boy and the dog to the bomb shelter until this is over

In English, please, R57?

I’m looking forward to taking a nice capital gains loss in next year’s taxes.

The market is not the economy. There is enough Trump Tax Hoax cash to keep it afloat.

The greater economy is recovering from supply chain issues including the old gasoline rates that take time to ratchet down broad based transportation increases for products.

This is not the same economy as Reagan had. The Child Care Tax Credit was ended too soon. Biden saw that the 2008 meltdown recovery was stingy and underfunded, and the austerity for the American people unwarranted. Republicans love the word austerity. It means you are not spending money on regular people. The downside is that there were economic sectors that never fully recovered from the Republican takeover of 2010.

History must not repeat the 2010 fiasco. We should not be looking at another 12 years of Republican malaise.

This is NEWS?

Is it ethical to invest in rare earths mining concerns in China and elsewhere?

Nevada is the lithium capital of America.

Housing/real estate recession is already here.

WASHINGTON — As housing sales slow amid higher interest rates, thousands of workers who found jobs in the booming housing market of the pandemic are now facing widespread layoffs with steeper cuts expected ahead.

Some of the biggest players in the real estate industry, including RE/MAX, Redfin and Wells Fargo, have announced layoffs in recent months totaling thousands of jobs. Industry analysts are projecting the cuts could eventually be on par with what was seen during the housing crash of 2008.

According to the National Association of Realtors, the number of homes being sold in the U.S. fell nearly 20% between August 2021 and August 2022 in large part because of the Federal Reserve's decision to begin raising interest rates in March in an effort to bring down decades-high inflation. As a result, home mortgage interest rates have doubled this year, pricing an increasing number of buyers out of the market.

“It’s gonna be tough, layoffs are a common occurrence right now,” said Linda McCoy, head of the National Association of Mortgage Brokers, who has been in the mortgage industry for 30 years. “It’s scary, because you just don’t know where or when it’s going to stop.”

It’s a stark reversal from where the housing-related job market has been over the past two years. As more people found themselves working from home and interest rates hit record lows, a surge of buyers entered the market looking for new homes. Existing home sales last year reached their highest level since 2006.

The demand for housing, and the jobs that were created, provided a bright spot in a bleak job market for workers during the first two years of the pandemic. Many of them were looking to pivot from industries hit hard by the pandemic, such as hospitality, food service, health care and education, according to industry analysts.

Over that period, 200,000 people became real estate agents, according to data from the National Association of Realtors.

In addition to the demand for houses, many homeowners looked to refinance their mortgages. Mortgage firms rapidly started hiring workers, some straight out of college or with little experience, said McCoy.

The number of people employed as loan originators or processors grew 31% from the start of 2020 to the end of 2021, according to data from SimpleNexus.

Some companies offered five-figure bonuses to new hires and thousands of dollars a month in bonus pay, said Myiesha Lacy, who has worked in the real estate finance industry for 20 years and was recently laid off from her job at Sprout Mortgage when it went out of business.

Workers in the mortgage industry have been among the hardest hit as demand for refinancing and home sales tumble. More than three dozen companies in the mortgage sector have shut down, been acquired or announced job cuts in the past six months, eliminating thousands of jobs, according to a tally by NBC News.

The number of people employed as loan originators or loan processors has fallen 10% since the start of the year, according to estimates by SimpleNexus.

“We’ve had a frenzy and it’s come to a screeching halt,” said McCoy, who runs a mortgage business in Mobile, Alabama. “It’s going to be tough for those people that got in the business in the last two years that don’t have a following already. I feel sorry for those people in a way because it looked like the best thing that ever happened to you.”

Real estate brokers have also been affected, said Ken H. Johnson, a former real estate broker who is now an associate dean at Florida Atlantic University, where he studies the real estate industry.

Even in the best of times, it can be a struggle for new brokers to be able to make a full-time living selling real estate. Now, with sales steadily dropping, he anticipates the number of realtors, which currently stands at around 1.6 million, could shrink by as much as 25% over the next three to four years — similar to what was seen following the housing crash of 2007 and 2008.

link:

Home prices are also starting to fall, or at least appreciate at a slower rate, houses are staying on the market longer and are selling below asking price more often.

Now if only interest rates would also fall, that would be great.

It will probably go down much more after Google and Apple Q3 results. SPY is oversold, but that’s not a guarantee it will go up anytime soon.

just wait till Russia use nuke. Everything will be even more fucked up

How low does it go?

Stock futures are pointing down.

Can't everything in life just be free?

Butterflies Are Free...

The best things in life are free! - R Henderson

The S&P wants to go down to 3350, that's about a 9% drop from here.

how do you know it *wants* to go down?

Sterling is selling very cheap right now.

intuition, R73

OMG! My retirement accounts have lost $250k this year.

Make it stop!!!

Nice humblebrag.

R76, why didn't you move into cash rlearlier?

He’s trolling.

This will hurt Biden...but there's still two years to go. It's not like this is happening in '24.

[quote] Nice humblebrag.

Bitch, please!!! This is an anonymous forum. The stock market took a catastrophic hit yesterday.

Some of these gurls have millions of dollars, two income households, houses without mortgages, 401ks, IRAs, pensions and inheritances. I don't have any of that shit. I don't want to spend my golden years in a tent downtown -- or worse - have to move to Florida.

I am hoping one of those finance queens will tell me what to do.

[quote] [R76], why didn't you move into cash rlearlier?

Seriously?! EVERYONE advises against that. I am 7-12 years away from retirement.

Unless there’s a sudden massive selloff, due to some Black Swan event, the dynamics of the options market will drive the market back up. At some point put options are no longer profitable.

I am a few decades away from retirement. or maybe will never be able to retire...the way things are going.

Well we’ve taken out the June lows and still going down. Looks like this thing will continue to grind lower for awhile. Surging interest rates and strength of the dollar are killing stocks.

Just look at 10-year bond yields for the past year- skyrocketing straight UP for the past 2 months with no sign of slowing down. Mortgage rates follow this. 30-year mortgage rates are about to hit 7%, the highest in 20 YEARS. That’s more than double what they were at the start of the year. This is ridiculous.

It's disheartening because the crazy bull market the previous decade made me day dream of retiring in my early 50s. Oh well. I'm a Boglehead so I just keep buying into index funds every paycheck. When I'm close to my retirement number, I will shift to more bonds and cash to lessen risk. Otherwise, what are ya going to do. Shrug.

The liberation asshole is here.

Inflation is going to crash the economy! You can’t keep printing paper money with nothing to back it up! Market economics. The market will correct itself by plummeting. Let the market be FREE and rule everything!

[quote] The liberation

Libertarian. Thanks spellcheck

So now is a good time to buy, right?

[quote] So now is a good time to buy, right?

Now is a good time to stuff it in your mattress. It hasn’t hit bottom yet.

r82, I moved in and out of cash depending on how crazy the market was.

The only loss I've experienced in the last couple weeks is my ETF fund, and not by much. I've actually gained about 6-8K in my overall portfolio. Not going to get overconfident, but these threads always cause me to check my accounts more often as it's my retirement money I need to monitor. Appreciate the discussions and suggestions that always pepper these threads.

I like how they call their government bonds gilts. Sounds so classy and sophisticated.

R69 the best advice I've heard is to take emotion out of it. So, yes: continuing to allocate $ to stocks on the way down is a good idea. You will ride it back up. And it always goes back up, it's a question of time. It's also true that as you age, your allocation to equities should diminish, unless you are so rich that you can live comfortably on your dividends.

I'm putting money that was going into my 401K into CDs and bonds and money market right now, and it'll go into stocks later on, after I feel (and I do mean FEEL because I'll never KNOW) the market is starting to rebound.

I'm still putting in enough to get the employer match but beyond that, no more goes into the 401K until things stabilize a little. I've got a good and relatively safe mix but I've still lost nearly 10% and I'd rather my 401K deposits go into something that makes a few percent of interest, instead of losing 10% of value or more.

I've lost hundreds of thousands of dollars on paper, most which is going to rescue animal charities when I die. Am I upset, you bet, but in my lifetime the market has always come back and then some. My big concerns now is am I able to age at home as I am alone with out family. I'd rather kitties ,doggies and bunnies get my money rather than humans so I want to stay out of assisted living and nursing homes. Besides if the staff gets sick they kill off the residents as we saw with Covid.

I think I'd rather die of Covid that live in a nursing home, so...

when you get to that age, just book yourself one of those suicide places in switzerland. you won't have to suffer.

[quote] Wilona Wall Street

R94, didn't Wilona live in the projects? Should we be taking investment advice from her?

she married a big financier

The bigger the bubble, the bigger the bust. And that was one DOOZY of a bubble! See y'all at the bottom!

Everyone who ridiculously overpaid for their house in the last two years must be shitting bricks.

Every asset class was in a speculative and Fed-induced bubble the last two years (or longer). That's over now! The music stopped. There's a turd in the punchbowl and the party's over, folks. Go home. Hope you had a nice time!

Economists had been saying for months the Fed was waiting way too long to start tightening to address inflation (remember “we expect inflation will be TRANSITORY”?) with the risk being they would then be forced to slam on the brakes hard enough to cause a recession. Which is exactly what is happening.

The economy is fine. We're sending another 20 billion to the Ukraine. Anyone who crosses the border is automatically a citizen. We welcome anyone one from Russia into the US (even though most of them are hopeless alcoholics). And all the mess we're in is Trump's fault, so elect all Democrats and I'll see you for Term 2!

Joe Biden, ruining the USA one day at a time

^ do go fuck yourself

S&P 500 is now getting pounded like a pass-around bottom in a Berlin dungeon.

The market was over sold because Trump's tax hoax gave rich people lots of money to flood the market.

Does anyone know how much stock loss can be written off on your taxes?

R109, I think it's 3k per year. If you have more than 3k, it can be carried over to successive years until it's exhausted.

I definitely have more than 3k. ugh. and a relative died and left me and his kid a house so I have to sell a house in this shitty market too.

What city, R111? Some housing markets are hit worse than others.

R112, in London.

omg, red again! i'm hurting so bad!

My broker called this morning to tell me of a one-year, 4.1% CD, probably to distract me from the plummet of my IRA.

R115 where did you find a 4.1% cd?

Wow, the loses are huge! This definitely panic mode. The market was overpriced then over sold, this is sheer panic,

1-year Treasury bonds are also paying 4.1%.

CDs usually match them.

Dual disasters happening today, sticks/bonds AND Florida. Good times.

The disaster was on the way up--not on the way down. Stop blowing asset bubbles and we wouldn't have to keep enduring these busts.

meh, the average downdraft in a recession is 30% -- we're not even there yet

You ain't seen NOTHIN' yet! This is gonna be one gnarly crash. You can thank the Fed! They never learn.

Yes, every time we have downturn plenty of people say it's gonna be 1929 all over again.

It’ll probably be worse than 1929.

Hi Debs!

[quote]Yes, every time we have downturn plenty of people say it's gonna be 1929 all over again.

Well then by all means--buy the dip! Hope that works out for you.

straw man argument, R126

but since you're so smart, where do we bottom on the S&P?

[quote] My broker called this morning to tell me of a one-year, 4.1% CD

Find a Kid Pepe instead.

The Fed is being very aggressive to avoid a 1929 scenario. Overall, markets are smarter because there is so much historic information. Money is being shifted now but it will settle and the market will recover.

[quote]but since you're so smart, where do we bottom on the S&P?

I never claimed to be psychic, but it doesn't take a genius to know that we've been in a Fed-induced bubble for a very long time now. You can't have zero percent interest rates for a DECADE and not have it come home to roost in a very big way. Instead of taking our medicine after the '08 (also Fed-induced) crisis they kicked the can down the road for as long as they possibly could and now it's time to pay the piper. Anyone who thinks asset prices are going to "recover" from this anytime soon has another thing coming.

And yes--I foresaw the '08 crisis as well. I was warning people for years before the housing bubble popped in '08 and boy did I catch hell for it back then (just as I am now). These bubbles don't take a genius to spot. Just open your eyes and ears and use a bit of critical thinking. Nothing goes up double digits forever--especially with rising interest rates!

See you at the bottom.

^ your comments are basically looking in the review mirror and congratulating yourself for you supposed prescience

what would be helpful is if you had a view on what fundamental value is, IOW, where we are likely to bottom

'see you at the bottom' is a meaningless word salad

I just turned 60, and never worried about market downturns because time was in my favor. I've been doing full contributions, including permitted catch-up, to my 401k. My 401k has taken a real beating this year and it feels like I am pissing money with my balance decreasing twice as fast as I contribute. I really wanted out of the rat race at 62 and continue working when and where I feel like - more following my heart over the money. My fear is that I am not going to have enough full-time work time left to ride the wave back up. I am strongly considering dropping my contribution back down so I can pocket about another $1000/month and work with that. I would still be exceeding my employer match. Any recommendations DL financial wizards?

I’m with you r132. I’m 58 and feeling I won’t have the time to make up the loss.

[quote] I am strongly considering dropping my contribution back down so I can pocket about another $1000/month and work with that. I would still be exceeding my employer match. Any recommendations DL financial wizards?

R120, I am not a wizard but I am sensitive to your predicament. It is your timing that has you uneased. My FA told me to take a deep breath and remember this:

(1) All 401k contributions reduce your annual taxable income. (2) Your 401k contributions are buying into your investments at lower costs, so when market recovers your returns will be bigger. (3) if you have non-retirement accounts in equities, and you have net losses of more than $3000, it can be carried over indefinitely and used to reduce future capital gains.

A CNBC headline sums it up:

"S&P 500 rises as markets prepare to close out a miserable week, month and quarter."

Thank-you, R134. R132 here.

I get point #1 and totally understand this. My concern is point #2 and only wanting to work two more years and what kind of recovery might occur. Looking at a downturn at 60 is very different than at 55. I am unfortunately not that diverse outside of my 401k, so I have nothing for point #3.

I am not making any rush decisions but considering my options. I should note I have two homes and no mortgage or credit card debt.

"S&P 500 rises"

I hope it stays risen. At least for today.

401Ks were designed to be dedicated retirement supplements.

Then Republicans killed the unions, killed the pension system and said HAVE AT YOUR SELF FUNDED RETIREMENT.

If you lost a lot in your 401K, blame a Republican for making you need it in the first place.

“ Then Republicans killed the unions, killed the pension system”

I’m good with this for public employees.

Also, I as a taxpayer do not want to subsidize your private pension by the PBGC.

The Dow just closed more than 1,000 points below the previous lows in June. Yay.

Buy these

[quote] I am not making any rush decisions but considering my options. I should note I have two homes and no mortgage or credit card debt.

R132, two homes, no mortgage and no credit card debt?! Well...I'd say Her Royal Highness is well-set to ride out the (no more than) 5 years it will take the market to come roaring back.

R138, people also lost money in pension funds. If you had someone like Bernie Madoff managing your money, you’d be just as screwed as if you self-managed. There have been pension funds that went bankrupt or the money was stolen.

Plus, pensions were never guaranteed. We see all the time in the newspaper where a cop does something stupid and is fired with No or reduced pension. I think you have more ownership over 401k. If I’m wrong, can someone give an example where a person’s 401k was denied them?

Additionally, Social Security can be denied. There have been a couple of cases where people contributed to Social Security and they were charged on the Federal level (I think as spies) and were denied the money they put in.

Basically, you can be tossed out on the street and left destitute and friendless even though you have a pension and Social Security. Nothing is guaranteed except the money you can stuff into your hoo-ha, cause nobody is going to stick their hand in there to get it, not even Dolly Gallagher Levi!

[quote] The Dow just closed more than 1,000 points below the previous lows in June. Yay.

Bidenomics is not perfect. For many, his policies on green energy, climate change, mandates, and gender affirming care are worth the losses.

State employee pension funds were dipped into, by our state government....leaving it harder to honor the pensions. So...it's up to the taxpayers to replenish it.

R144 supports the genitali mutilation of gay youth.

R118 Yep, I'm all about the T bills now. Life in the slow lane. What was the Fed thinking to encourage the bubble to grow as huge as it did in 2021 and pretend like inflation wasn't happening? Completely irresponsible.

R147, Powell is too political for me. he let Trump intimidate him into lower interest rates when he shouldn't. He listened to Biden and others who wanted inflation to run awhile to increase employment for equity reasons.

Don’t feel so bad. The same people that invented the banknote also invented dice. Lydia around 80 BC the shit show continues till today.

Powell raising the interest rates...I don't understand it all, but seeing the affect it has on the market, why push it. The volatility is crazy. Is it a really a good idea? Again, pretty ignorant about this.

Powell giveth and Powell taketh away

yes, I'm thinking of buying some t bills now.

It’s not wise to buy T-Bills when interest rates are rising.

r144, Biden is doing a basic rewire of the economy. People forget that the ARPA was made to prevent a Trump DEPRESSION. Pity, he did not anticipate the lag in the distribution chain and the complication of the Ukrainian War on gas prices.

But "inflation" passes, and the removal of the rights secured under the Right to Privacy are currently permanent or under attack.

A Republican Administration would be doing the happy dance that Democrats are spending so much capital DEFENDING rights...AGAIN!

[quote]Bidenomics is not perfect. For many, his policies on green energy, climate change, mandates, and gender affirming care are worth the losses.

Biden's policies are not the cause of this. Zero interest rates were in place for far too long, that's on the Federal Reser. And if we hadn't pumped money into the economy during the early days of the pandemic we would be in far worse shape.

What helps me to deal with a market decline is to look at the market over the long haul. People who have been invested in for a long time in a diversified stock portfolio have made a killing even with the recent losses. For people who are a long way from retirement, should be rejoicing as they are buying stocks at a lower price.

[quote]It’s not wise to buy T-Bills when interest rates are rising.

I'm buying short term T-bills (one month and three month). Also, I-bonds are paying close to 10% but you can only contribute $10k per year and they must be held for at least 1 year before they can be cashed out (with a 3 month penalty if less than five years.)

We got another at least another 20% drop, and then the recession that follows will last until 2025.

Just like the housing crash that started in 2007. Things didn't start to come back until 2011-2012.

In the R157 scenario, Biden should take action, immediately. He'll be blamed even though the recession was not his fault.

We may not see any rally until Hillary takes over.

[quote]We may not see any rally until Hillary takes over.

Gross!

R157 Only now we have a refugee crisis, increasing problems due to climate change, Russia losing its mind, and currencies dropping against the dollar until the dollar itself becomes worthless.

R153 T bills do not work like bond funds, which are falling in value as rates rise. It's a better return than cash and it's backed by the US Treasury. You are guaranteed a certain amount at maturity. I also picked short-term ones.

How are you buying them, r161? Can I do it myself?

R162 First watch a video on youtube. I'm serious. They take you through it step by step. Then buy them through your brokerage. You can buy them directly from the government, which will be explained in any number of videos, but your broker makes it more convenient.

Link to video?

R158, Biden didn't help himself by adding to the deficit with his "Inflation Reduction Act" or whatever it was called. And what action could he take -- he doesn't control the Fed.

at least he's not forgiving the student loans anymore

[quote] [R147], Powell is too political for me. he let Trump intimidate him into lower interest rates when he shouldn't.

Powell caving to Trump is partly responsible for this catastrophe. Trump is one of the dumbest people -- ever -- absolutely zero facility for understanding economics. He was a crook and never made a dollar honestly in his whole miserable life. So what does that say of Powell, someone who is intelligent and knew the dangers?

Trump called the stock market a bubble fueled by artificially low interest rates all the way back in 2016 when he debated Hillary Clinton. It's about the only time this man has ever said anything correct and factual, let alone something I agree with him on. Of course it was no longer a bubble once *he*was in office and the bubble only continued to rage higher! Nooooo! He beat his chest over that fact and never spoke of it being a bubble ever again! It's really too bad this entire thing didn't come crashing down on his watch. It should've, but then the Fed stepped in and made it SO MUCH WORSE and delayed the day of reckoning.

ABC Australia is reporting a major investment bank is on the brink. According to rumours, it’s Credit Suisse.

Payback for political manipulation via low Fed rates and unbridled debt spending that has been used for 2 decades now. I’m not sure where this goes but have been expecting the bill to come due for years. Maybe it’s finally going to happen.

[quote] What helps me to deal with a market decline is to look at the market over the long haul. People who have been invested in for a long time in a diversified stock portfolio have made a killing even with the recent losses. For people who are a long way from retirement, should be rejoicing as they are buying stocks at a lower price.

That is an interesting way to look at it. Stocks can be like real estate, you buy in at a low and reap the benefit of appreciation. Occasionally, your home loses value on paper but eventually it always come back. If you can buy stocks at market lows then you will experience greater returns as the stock market always ascends.

[quote] I definitely have more than 3k. ugh. and a relative died and left me and his kid a house so I have to sell a house in this shitty market too.

On the bright side, when you inherit your cost basis is the fair market value. At least if you sell now you pay no capital gains on the sale proceeds and could even have carryover losses.

[quote] The market moves are painful because the central banks are unwinding years of easy money, from even before the pandemic. Interest rates were suppressed by global central banks since the financial crisis, and until recently, rates in Europe were negative.

[quote] All these central banks have been sitting on a beach ball in a pool these last 10 years. Now they’re getting off the ball and it’s going to bounce pretty high. What’s happening is developing markets currencies and debt are trading like emerging markets.

Alright, I am in the process of making a discord and can make a subreddit for you guys if you want to share knowledge or learn. Despite the trolls on this site, there are many intelligent members here. I'm an Elliot Wave trader , so my charting will look confusing but if you want to hang out and watch you're free to do so.

I don't know how to make a discord invite on this site , so I put it in an imgur link.

Friday, 10/7/22 -- this stock market?!!! The modest rebound was wiped out. Well one way to curb inflation is to make everyone feel poorer so we stop spending money. That is happening now.

Many online clothing retailers are suddenly offering 20%, or more, within the last week

R176 Retailers have a glut of supply. They overordered after the Covid-induced shortages and now they’re all stuck with massive amounts of merchandise that nobody wants to buy. If you have $$ to spend there are about to be a lot of markdowns and sales.

Jamie Dimon says US, world headed for recession in 2023: ‘This is serious stuff’

JPMorgan Chase CEO Jamie Dimon is predicting that the US and the global economy will be plunged into a recession by the middle of 2023 due to what he calls a “very, very serious” combination of headwinds, including inflation, high interest rates and the Russian war in Ukraine.

“These are very, very serious things which I think are likely to push the US and the world — I mean, Europe is already in recession — and they’re likely to put the US in some kind of recession six to nine months from now,” Dimon told CNBC.

Dimon, who spoke to CNBC’s Julianna Tatelbaum at Monday’s JPM Techstars conference in London, said he thought the US economy was “actually still doing well” despite the challenges of the present day.

He also predicted that American consumers would fare better than they did in the midst of the 2008 financial crisis, which saw the economy get hammered by a wave of housing foreclosures as well as mass layoffs.

“But you can’t talk about the economy without talking about stuff in the future — and this is serious stuff,” said Dimon, who heads the largest bank in the US.

Dimon criticized the Federal Reserve, saying it “waited too long and did too little” in hiking interest rates in hopes of taming runaway levels of inflation not seen in four decades.

The JPMorgan chief said that the central bank was “clearly catching up.”

“From here we let’s all wish [Fed Chair Jerome Powell] success and keep our fingers crossed that they managed to slow down the economy enough so that whatever it is, is mild — and it is possible,” he said.

Dimon said he was unsure as to how long a recession would last.

“It can go from very mild to quite hard and a lot will be reliant on what happens with this war,” he said.

So, I think to guess is hard, be prepared.”

He also predicted that the S&P 500 could drop by “another easy 20%” and that “the next 20% would be much more painful than the first.”

Last month, billionaire hedge fund manager Ken Griffin, the CEO of Citadel, predicted that a recession was inevitable.

“Everybody likes to forecast recessions, and there will be one,” Griffin told CNBC’s Delivering Alpha conference. “It’s just a question of when, and frankly, how hard.”

Griffin added: “Is it possible end of ’23 we have a hard landing? Absolutely.”

The US has experienced two consecutive quarters of negative GDP growth, which technically meets the definition of a recession.

The Bureau of Labor Statistics announced Friday that American companies added 263,000 new jobs last month while the unemployment rate ticked down further to 3.5%.

That has economists worried that the Federal Reserve will further raise interest rates — increasing the risk of a deeper recession.

If you really need something...an applicance that is on the fritz, or other big item....maybe this is the time to buy, good deals. That is....you have the extra money to spend. On second thought....you should probably hold onto it?

Diamond is a self interested prick. He says what will make him the most money.

I’m sticking my money in my underwear. It’s the only safe place these days.

Bankers don't really talk their books like hedgies do. Bankers have huge loan books, commercial and personal, that are very hard to hedge. They never really want a recession. Ken Griffin I can see wanting one and making money from it.

R111, what is this thing you say, shitty house?

More pain today

3350 on the S&P coming soon

It will crash in the long run, but there will be plenty of relief rallies in between, so you can make some good money swing trading.

10/12/22 -- Markets still heading down into the abyss.

Nasdaq getting killed. Rising interest rates are the kiss of death for growth stocks, especially (formerly) grossly overvalued ones.

What do you mean by crash in the long run, r186? So, I shouldn't buy shares for my retirement portfolio, if I intend to keep them there for about 20 years?

In your case, R189, you have plenty of time to ride it out. Keep contributing!

We’ve lost 26% this year. Fudge is $$$.

If you have retirement funds in a 401k, thank a Republican.

401ks were never meant to be universal retirement funds, but only an extra tax dodge for the rich.

But, once established, they were a great reason for companies to ditch their pension programs.

My mom had two of my dad's pensions discharged in bankruptcy court, and the reorganized company only offered 401k contributions. So, if you are whining over a temporary drop in your 401k, be happy it is not a 95% discharged benefit.

Have to wait it out as I’ve done before-

Reading these threads I guess you do need to bear in mind that some DLers have a more modest investment horizon than others. You don't want to buy the dip when you're older than Iris Apfel.

R189 Indexes won’t plunge down instantaneously (unless some major institution goes under like Credit Suisse), but there will be consistently lower lows and lower highs until the bottom has been reached. Whether you can profit from that depends on whether you already cashed out earlier this year.

… And if you manage your portfolio yourself: always remain vigilant. A lot of people lose money because they neglect their portfolio. But, yeah, it can be a drudge and actively investing is not everybody’s favorite pass time.

S&P just dropped below 3500. Hope you all pre-lubed this morning.

I'm strictly an index fund investor and have faithfully contributed every paycheck since I started working. I haven't actually checked my investments since January. That was when my portfolio was at an all time high. Don't really want to know now.

When will it a drop a million points?

Ugh. Cost averaging seemed like a good plan, but there seems to be no end to the losses. I am going to keep going, because if the markets never recover, we’ve got larger problems than my nest egg.

Just to add: the reason why there are these short-lived relief rallies during crashes, is because at some point shorting and put-options become to expensive and profits are taken from those positions.

If your an index fund investot, R198, then it's easy to know without looking: your portfolio is down 25% from January.

R195, that's what they said in October 1987. No major institution failed.

[quote] My mom had two of my dad's pensions discharged in bankruptcy court, and the reorganized company only offered 401k contributions. So, if you are whining over a temporary drop in your 401k, be happy it is not a 95% discharged benefit.

I didn't know that could happen. Were the pensions provided by private employers? Taxpayers are on the hook for govt pensions.

Thanks, r190. I'll grit my teeth and try to ignore the current headlines.

R200 That's how I feel about it. The stock market is basically a big crap shoot. You win some, you lose some. Sometimes you lose big, but in the end it all evens out

You hope r296

Sequence of returns risk is real

I graduated high school in 1982 when the economy was bad and it was difficult to get a job.

This is where I came in.

R197 that was already predetermined by the June lows. SPY 349 and 323 are the 2 support levels underneath 363. When SPY sits at 412 in this quarter I'll come back here.

My mom thinks I'm depressed because of the stock market. She's convinced that's why I have been taciturn with her.

No, mom, I'm taciturn with you because you drive me crazy.

Aaaandd…it’s back. This has been an insane market. Theories that the crash was caused by lots of shorts closing out -apparently. The derivatives always screw up the logic of rises and falls - I think that’s been a major cause of illogical volatility.

I love how Bloomberg/CNBC/etc always try to find a reason to say why it’s up or down - and today they are not even trying. After staying this morning it was taking because of continued inflation. All direct logic is gone.

^ saying

r198, Smart, all the way around. Just keep doing what you are doing.

Where's a good place to put $50K now? I keep looking at PNG, KO, WM, PFE all of which are at or near 52 week lows. Yes or no? What other picks?

CNBC: Stocks staged a massive comeback Thursday, with the Dow Jones Industrial Average surging 1,500 points from peak to trough before finishing just below highs of the day, as traders shook off another hot inflation report.

r214, keep it in cash until after the NEXT big drop or whenever the Democrats repeal the Trump Tax Hoax.

[quote]the Trump Tax Hoax

wuzzat?

r217, change the channel.

^^^^

The Trump Tax Hoax was the Republican reduction of taxes on the rich that made the already rich, richer while being sold as a tax break for the middle class.

HOAX

We can only wish the Trump Tax Hoax would be reversed. That’s the beauty of the Fepublican hypocrisy - they do it knowing it’s unsustainable and irresponsible but also that Dems will be brutalized if they “raise” taxes back to where they were before the Tax Hoax. We can’t even get rid of the double taxation that they foisted on Blue states - making us pay taxes on the money we pay in state and local taxes. Slime.

Which is why raising taxes on Billionaires side steps the issue for Democrats.

30 year mortgage rates hit 7% this week. Last time they were this high was 2002.

Yay.

This is the 10 year Treasury note yields over the past 5 years (mortgage rates follow this.) It’s been straight up this year. This week the yield topped 4% which seems to be a tipping point that triggers stock market losses (and, of course, those painfully high mortgage rates.)

I love watching market bubbles come down like they're the 9/11 towers.

Did no one think wasting trillions of dollars during Covid would never come back to bite us? The money should’ve gone to people not companies. Or better yet, let things sink so they can rise again.

guys, I need some $ advice. please help me.

my uncle left me and my brother a house in ireland. this house is paid for 100%. My brother lives in said house right now rent free with his family. He is only working part time and has no money. I want to sell the house. He wants to buy me out. He mentioned a remortgage. what does this mean? I do not want to get a mortgage. Please tell me what does this mean in simple terms. do they use different terminology over there in Ireland?

What are the pros and cons? Is he trying to lowball me the house value so he gets it for cheap and later sell it for a profit? what should I look out for? is there a website where I can get more info?

I'm reaching out to friends in Ireland for lawyer recommendations right now but I need your input!

R228 Maybe start another thread? This one is for discussing the stock market, not your personal finances.

R229, ok. thank you I will!

R229, thank you for your suggestion.

this is the thread I made for the question, any advice is appreciated.

Jerome Powell's head should be on a stick along with every Fed chairman going back to Alan Greenspan.

R227, better yet, the economy should never have shut down in the first place.

[quote]rise again.

Mame!!!

Almost zero percent interest rates pushed by successive Presidents for political purposes are the cause of this. The bill was way overdue.

So when are the markets going to prolapse?

^after one last massive, nose-burning hit of poppers

[quote][R227], better yet, the economy should never have shut down in the first place.

Because fuck 1.5 million dead people because the stock market?

Where do these fucking psychopaths come from?

I think Sweden never locked down completely and they were fine.

Is Jerome Powell any relation to Jane Powell?

Why isn't Jerome Powell's home address available on the internet? How high are his gates?

I've got 30k sitting in my bank account. Should I leave it there? Was looking at putting 20k into an index fund. Inflation is up to 7.2% where I live, and living costs are out of control.

I'm not close to retiring, and can still save about $500 a week.

[quote]I think Sweden never locked down completely and they were fine.

"fine"

WHERES MY MONEY???

[quote] I think Sweden never locked down completely and they were fine.

My Hemnes bedframe is on backorder, I can't find the screws to my Upland dresser, my Kivik dresser has scratches. Sweden is far from fine!

What’s the tea on Crédit Suisse?

I wish we could copy-trade members of US Congress. They always seem to know exactly when to buy and when to sell. How do they do that?

10 year bond rates have shot up 0.25% in the past week. Yield was 3.6% at the start of the month and it’s currently 4.26% and still climbing. This isn’t tenable.

R243, Sweden was fine. Almost NO country has or will get through this crash without some damage.

R246 I’m anxiously awaiting that news. Have a few things at the ready to take advantage if their collapse is complete. 🚀🚀I feel Like if something happens it will be on some random Tuesday morning when we least expect it..

You in danger, gurls.

I Bonds are paying 9.62% of interest if bought by Oct. 28. You can buy up to $10,000. The interest rate changes every six months while you hold the bond -- the rate is likely to change to around 6.5% the next six months. You can redeem after a year, but you lose the last three months of interest –- that's true until year five.

Why is the rate on i-bonds decreasing to 6.5% soon if inflation is still above that?

Now if only the US would do this. (They won’t)

[quote]Why is the rate on i-bonds decreasing to 6.5% soon if inflation is still above that?

The variable rate on the I bond is based on the change in inflation in the past 6 months. In this case, the rate set on Nov. 1 will be based on inflation from March through September.

July month-over-month CPI was unchanged from June and August rose 0.1%. In September, monthly CPI accelerated again by 0.4%.

If you buy I bonds at 9.62% before November...it will remain at that rate, even when the rate goes down after November? It's a fixed rate for as long as you have the I bonds?

No, if you buy before Oct. 28, the 9.62% is fixed for six months. You'll then get 6.48% for the next six months. It's a different rate every six months, based on the change in inflation for the previous six months.

Ok...thank you R257.

Yep r257 - what sucks about them is the 10k limit - I guess that’s all they will grant the peasants trying to salvage what’s left of their portfolio

You can get another $5k of i bonds by taking it out of your tax refund. If you pay in, you can overpay.

$10k is really gonna save me… 🤦‍♂️

Dow climbs more than 700 points on Friday as Wall Street clinches its best week since June.

It’s looks to be the start of the expected “midterm rally” courtesy of the PPT.

It should be considered a bear market rally until proven otherwise. Until the Fed says they're done.

[quote] the expected “midterm rally” courtesy of the PPT.

Actually this rally was sparked by a WSJ article claiming several Fed members are starting to question whether they might be getting a little too aggressive with the interest rate hikes, along with public comments from one of them hinting at the same thing.

R265 - that is what the news is stating as the story to explain today’s rally. Do you know anything about the financial News media?

They are not going to say “hey guys - ok so the market is going to rally right before the election! This is being done on purpose courtesy of the PPT!! After all ballots are counted we will resume this controlled demolition.”

But what they are going to say instead is “see - the market is going to be just fine. Powell is going to pivot soon, because he sighed 3 times during an interview...and maybe just maybe they will decide that smaller rate cuts are more appropriate but Powell’s Not sure yet. I think we’ve now seen the bottom, Get out and vote for your favorite Dem!!”

R265 dig deeper -

“Several Fed members” - none named

The one that is actually named is just “hinting”

Nothing confirmed. It’s just a fluff piece to explain to the masses today’s rally - So they can feel better about the election and dems can try and retain votes.

That’s all it is.

You’re smarter than that.

I love having everything I've ever worked for be at the mercy of the inept Federal Reserve. My entire adult life has been one Fed-blown bubble after another (always followed by a bigger bust than the last). I want off of this fucking roller coaster. Maddening!

[quote]They are not going to say “hey guys - ok so the market is going to rally right before the election! This is being done on purpose courtesy of the PPT!! After all ballots are counted we will resume this controlled demolition.”

I look forward to your tortured explanation when the market tanks again before the election.

R269 I think they're going to do all they can to maintain this small rally before the elections. We are only 2 weeks away.

However there is something still hanging out there that could make it tank sooner ..See my comment at r250.

Like everyone else - we are awaiting that news

Last Friday was Options Expirations aka OpEx), so a lot of puts and shorts taking profits.

I've resigned myself to harvesting my losses this year, and carrying them over to offset future capital gains -- like the Orange Menace.

That is, if I have a future. :-(

I’ll just leave this here...

Bitcoin year to date.

It’s fallen- and it CAN’T GET UP.

I've never owned Bitcoin (or any crypto) but that's not to say I won't. I am not against it, some of it will have a purpose..eventually.

only 3.5 hours to go until PM!

Looks like we have a lot of news to take in to prep us for PreMarket - China's GDP release only a couple hours ago exceeding expectations and the Yen tumbling simultaneously.

What a great start to the week!

The only reason to watch CNBC is yummy Carl Quintanilla. Jeez, he's been there for like 25 years...still looks great.

lol

WHET DL's bitcoin shills?

Is Bitcoin $1 million yet?? We were ASSURED it was going there.

Goldman claimed last year bitty would go to 100k - shortly thereafter it started its decent.

They just wanted to create new bag holders

R278 please tell me you don’t watch CNBC for your financial news? Please.

CRYPTO BAY-BEE!!!

If Jim Cramer tells you to buy a stock, do the opposite. They want retail to hold the bags for blue chip stocks as big money buys back in at lower and lower prices.

R283 Isn’t there a new inverse Cramer called Short Jim?

It’s an ETF

Ack meant to sign as 284 lol

Jim Cramer explaining all the dirty tricks from his Hedge Fund days.

Cramer=Gonif!!! R283 is spot on, do opposite of what Cramer suggests, make $$.

As some have suggested here, I'm looking into buying I bonds before November to lock-in @10% interest. As I understand, that will be for the next 6 months and after that it will +6%. So not bad to earn @1K in about a year or so. Beats the usual saving acct or CD.

For these BTC fans - I do think we may be getting ready for a reversal

R278/r279

It’s held up pretty well hovering 18-20k

I do not own bitty nor any crypto (never have) but I have been thinking about dipping into the crypto waters because I do think it will have some value in the future.

Jim Cramer is a carnival barker.

R291, It’s Jimmy Chill

yeah, I wondered where that bitcoin guy went, he created a thread telling DLers to buy bitcoin when it was 6,000. Then it went up to 9,000.

30 year mortgage rates still climbing, currently at 7.29%.

My plans to start looking for a house remain on hold.

Crazy how much the rates have gone up...and quickly. Not so long ago, a year or two....a .5 rate increase caused big market fluctuations. The panic...

R294 - I hope you sold at the peak like we did.

Sure it was a hassle - but worth it.

[quote]I hope you sold at the peak like we did.

R295 Home prices have skyrocketed along with mortgage rates. Not a good combo.

R296 Even if I had wanted to sell and buy something at the peak, there was NOTHING out there to buy.

R298 you’re right there was nothing to buy - unless you had cash to pay 50k over asking, waive all contingencies and compete with 30 others doing the same.

I should clarify my comment - we sold towards what turned into the tail end of the peak. The reason for that was it was impossible to find something to rent or buy. We started looking in January and planned to post in March. That didn’t happen. It wasn’t until mid May we found something. We listed a week later and went into contract the same evening.

We did not let the house linger for a week with a deadline for all offers to be submitted.

On the first day we had 2 great solid offers over asking with acceleration clauses - so we picked the best one and that was that. Easy quick close, waived inspections. Sure we could have probably held out another week and gotten a bit more but I knew the market was shifting

The peak for some areas wasn’t the peak for others - for example Arizona’s/Austin’s peak was much earlier than the northeast - which hasn’t completely started to turn yet, but it’s peak is certainly over

I get flyers in the mail about homes being sold in my condo/townhouse development. I got one yesterday and was shocked at how much a 2 bedroom, 1 bath condos were getting. They were well over 200K....even up to 280K. A year or so ago, these condos would fetch less than 200K. The townhouses would get high up to near 300K...one was 350K. Normally, a nicely renovated TH would get 270K on average....updated kitchens, bathrooms, hardwood floors...clean and up to date. I googled the addresses of these sold homes on Zillow and looked at the photos...most were updated, but average...really nothing special.

R300 part of the problem was last year the blackrocks of the world Started buying up most of these homes, thus driving up the comps/prices for the neighborhood.

The reason for this is they wanted a place/asset to stash their cash before the upcoming economic collapse that we are about to face.

What will they do with all these homes? Well they will be rented. Because many people - especially those in the “first time homebuyer” category will never be able to afford these homes - so they will now be lifelong renters.

The blackrocks of the world think years in advance and plan accordingly. That’s how they stay ahead.

Now - with rental prices soaring well above what salaries are - combined with insane inflation for mere necessities many renters will soon face very difficult times. Existing middle Class Homeowners will also be pinched with property tax hikes etc.

Eventually the government will step in and provide rental subsidies for these people - whom in a normal environment were self sufficient and not needing any assistance.

Blackrocks of the world will then be the ones cashing the checks from these government subsidies - yes once again the tax payer is on the hook being robbed blind.

The ultra wealthy will remain wealthy and the middle class becomes obsolete and impoverished. There will only be the ultra wealthy and the poor.

This is the end goal.

Now when the housing prices Finally decline? The mortgage rates will still be way to high for most to afford them. Those that are jumping in now paying high rates on an overpriced home hoping to refi in a couple years - they will be stuck. This is because the house will no longer be worth what they paid and they won’t be able to refi anyway - they will be upside down. Even if they attempt a refi i doubt rates will adjust to the levels we are were use to seeing last year.

If they are that upside down they may just walk away - and foreclose. and then the blackrocks of the world will swoop In to buy it and pay cash at a nice discount from the bank.

[quote]the upcoming economic collapse that we are about to face

R302 - I’m serious.

The only thing keeping us afloat at the moment is the strength of the US Dollar. The Dollar is (unofficially) backed by Petro. Hence those high gas prices propping it up right now.

Once we went off the gold standard the dollars value and the relationship it has with Petro is/what is used to gage it’s value.

We are an economy based on credit. It’s not going to take much for it’s collapse to be complete.

In case you’ve been living under a rock - We are currently in “controlled demolition mode”

Yeah, Yeah. We've been hearing it for the last 20+ years.

A stopped clock at least is right twice a day.

R304 - but when in the last 20 years have we shut down the economy, experienced shortages, worker and supply chain issues, insane inflation etc, the insane increase in property values in only 2 years and the fastest increases in interest rates in history - ALL AT THE SAME TIME?

We are in new territory and there is a reason for all of it.

Whatevs, hun.

Stockpile your rice and spam and have fun in your bunker.

What a racket R301....disgusting.

Enjoy moms basement r306.

I hope your moms house is paid in full, dear.

Don't let the interest rate scare you away from buying. I bought my home at 14.5% on a 40 year and refied it six times before I paid it off early in 20. It was during the Reagan meltdown of the Savings and Loans, and the youngsters here probably don't know what a S&L WAS. Since 1987, my home increased, 9800%.

I could no longer afford to buy my house today.

I refinanced my mortage back in 2020...I think? I have a fixed rate that's under 4%. I thank the gods that I did that back then. I'm able to pay more towards the principle....so hopefully, I'll have my home paid off in less than 20 years.

R309 - what’s telling in your post is your last sentence.

“I could no longer afford to buy my house today”

And that’s the point of what I wrote at r301

Most people are being completely priced out of the market, will continue to deplete their savings (and any money saved for a down payment) due to the increase in rental rates and the mere cost of living creases exacerbated by inflation.

R306 there is a reason we’ve been reminded of the word “equity” over the last couple years. It’s being more discussed in relation to social issues - but that’s just introducing you to the concept while conditioning you to slowly accept it.

“We will all start out at the same place”

What they really mean is - there will just be the poor - with the exception of the a very small percentage of ultra wealthy.

We are currently witnessing the process of how they will go about it. Like I said, a controlled demolition until everyone is dead broke.

Give it about 6-7 years.. and then we will all start out at the same place financially. Owning nothing and having nothing.

This is how the term is being used at the moment - the concept is being introduced to you in relation to social issues - the end goal is for you to accept it in regards to your finances.

And you will be told during this process that it’s for “the greater good”

R302, you sound like all the people who told me not to buy in 1987.

.

R310

R313 And yet you admit you could never afford to buy your home today

That was my point.

We are not living in 1987. We are living in 2022.

The median home price In 1987 vs the median household Income was very different back then.

Here is a graph to refresh your memory at how your home was much more affordable in 1987 in relation to your 1987 salary vs how it’s unaffordable (by your own admittance) the median home is in 2022 to median salaries today in 2022.

My apologies - I posted the wrong link. Here is the updated chart reflecting 2022.

r314, you are making no sense. I could sell my home and move to a cheap apartment and still have hundreds of thousands of dollars to invest in bonds. Life is about making good choices.

Oh dear @r314 stop being so blissfully detached from today’s reality. The point is - the current generation cannot afford homes.

You are a relic of the past that purchased a home during a time when home ownership was within reach to the average American. It no longer is, shown by the charts I posted above (actual data rather than your ignorant smug opinion)

Stop Being so gleefully ignorant blaming today’s younger generations for “poor financial choices”

What's with this shitty website only loading 3-4 new posts at a time? I keep having to refresh over and over again to get new ones to load. It's trash.

Has the stock market bottomed? It's up again today but we'll see if it can hold thru closing.

Next year, China will be trying to reclaim Taiwan. more turmoil in the world. What stocks will benefit? or how do we protect ourselves?

R319 its possibly the midterm elections rally we discussed up thread

Picked up eth this morning. Up 12 Percent now. I decided to put my money where my mouth is (see my crypto post above)

Nice solid day today.

But - google Just announced earnings. Big miss. After hours is taking a dump on tech stocks

Hopefully this will dissipate before market open tomorrow and just be labeled an “over reaction” so this temp midterms climb can continue.

I have a feeing it will.

For those who have 401’s heavy in tech - don’t look at it today.

No one knows if the market's lows are in. I'm guessing they're not, but what do I know. I'm also guessing tomorrow will be a bad day in the market.

I don’t think the lows are in at all.

This is just temporary - give it a few weeks and I think we see tons of red

The market was starting do another small recovery, but Alphabet(Google) missed on earings adn Microsoft did okay but its cloud business shrunk . Look for tech to fall sharply tomorrow.

R325 - I think tech will recover very quickly tomorrow and the media will spin it as being an “over reaction”

They need this rally to continue for 2 weeks

Jamie Dimon, Thomas Petterfy (International Brokers) and Michael J. Burry (who made lots of money during the 2008 crash) all think the indexes will go down further with at least 20%.

You can never predict the market...that's one, and probably the only, sure thing.

Yep. Look at that fast recovery after this mornings dip.

Damn - she’s keeps going higher!

This rally is costing the PPT a fortune! The “real” poll numbers must be absolutely disastrous

My ETH purchase From yesterday is still flying pretty!

Ok so they haven’t labeled it an over reaction - it was merely investors “shake off” disappointing tech earnings.

lol

I always love financial news propaganda and how they get creative by being absolutely vague while explain the surge..

When anyone who follows The markets know why we are having the surge. And we also know it’s timer and will be temporary.

Weirdly, my Netflix stock is up 20 percent after dipping down to 50 percent over this year. Dollar cost averaging at work, even my overall holdings are still down.

If I put my tinfoil hat on, I’d say Plunge Protection Team is propping up the markets until midterms. There’s really nothing to be positive about. There will be a lot of small rallies, but I think the longterm trend is down, to pre-covid levels.

Yes r333 I’ve discussed the PPT on a few recent posts on this thread - I’m sure it’s costing them an absolute fortune (eh, they are just firing up the printers for this anyway so NBD .... shhh they’ll never know!)

R332 Netflix started rising a week ago - I posted this up thread. It will continue to rise due to the rally - then it will dump again after the elections with everything else.

I think the REAL dump will start happening the first week in Jan.

Still awaiting the full details for the Credit Suisse restructuring plan- that is very important to take into account through any midterm rally’s that (we expect to) continue - that can fuck it all up. We are all just waiting to see how it’s handled

I think the fed raising rates is really such a blunt instrument. Here’s some ideas as to how they could slow inflation in a more targeted manner. Why do we have to be at the mercy of rich people gamblers and their political pawns anyway. Put corporate profit caps on the things everybody needs. Prevent hedge funds and massive money funds like Amazon from buying real estate. Massively tax the wealthy for exceeding the greed limit. Put money into social needs instead of weapons. Confine the stock market to their own severely regulated form of currency that trades at a variable ratio to the people that produce real productive work. That rate could change as needed to keep the real economy from being damaged by the rentiers and air businesses. Put the treasuries Secretary’s face on every dollar bill so they really have to think before they take action. Increase the corporate minimum tax to a level that affords people a safety net so they don’t have to rely on money so much Use the defense production act to build an electric car infrastructure based on renewables. Hire people and local unused production capacity to make those cars. And so many more things of this nature.

[quote] I’ve discussed the PPT on a few recent posts on this thread - I’m sure it’s costing them an absolute fortune

It's down again, is your explanation that they're not spending enough?

^^Nasdaq and S&P down, that is, the Dow remains positive.

R336 it will close green

The explanation is Canada Fed is deciding to lower their upcoming rate hikes (which will increase inflation) duh.

We should still see a green close to the day, and yes it’s costing them a fortune

R337 the S&P is tech heavy but the reversal is already charting

It should close green even if by a smidgen

Look at the difference between Apple and the index as a whole- they are spending a fortune trying to get a reversal in before close

SPY is still holding support on the 30 Minute chart.

An hour and 12 minutes till close.

Let’s see, she can still close green.

The main problem in the world is energy, which drives everything. Until nuclear fusion becomes effortless, there are no efficient alternatives to fossil fuels. You can easily transport and store fossil fuels, but for cleaner forms of energy (batteries, wind, etc.) this is very expensive. Yet to keep up with economic growth, the world demands more and more of it.

[quote]The explanation is Canada Fed is deciding to lower their upcoming rate hikes (which will increase inflation) duh.

Canada jumped a full percentage point in July, ahead of everybody else's .75. Inflation is slightly less in the Canadian economy and the job market is already starting to soften. Inflation in Canada was running at an annual rate of 6.9 per cent in September. U. S. inflation was 8.2 per cent last month. The current fed rate is 3 - 3.25%, the BoC benchmark interest rate is 3.75, so Canada's slightly ahead anyway.

Anyway, the truth is the only rate that counts is the rate set by the fed. Other countries may differ slightly, as in this case, but it won't be material.

Yes r343 but by them not cutting as much as they planned today - it brought about speculation about a fed pivot happening quicker, which is not good for inflation

The US dollar has already taken out the Euro and Yen - it’s only real competitor is the Ruble at this point-

The BOC pointing more dovish today brings uncertainty to a market where fitter rate hikes and the pace planned was already priced in. The uncertainty cause today’s dip - which rebounded for the Dow as it closed just a smidgen into the green - The other index’s not as lucky - but this rally is still in motion - and this bump didn’t effect it - 2 more weeks

They cut them as much as they planned, they just didn't cut them as much as the great minds imagined. There's a difference. Don't blame the BOC, blame the crystal balls.

No they didn’t r345

BOC increased its benchmark interest rate by just 50 basis points rather than the 75-basis-point hike expected

You're contending you know what they planned. They don't announce until they announce. Everything else is just speculation and in this case it was wrong.

[quote][R336] it will close green

don't quit your day job, hun

So much for the metaverse.

R335, I agree with you on everything except the electric car infrastructure. The EROI on renewables just isn't there. There's no substitute for oil and likely won't be. It takes at least five gallons of oil to manufacture a single car tire. Aside from hybrid cars, so far the green economy runs on hope.

R348 I mentioned I was wrong upthread.

The Dow did close green I might add - by just a smidgen.

Futures up this morning as the U.S. GDP accelerated at 2.6% pace in Q3, better than expected.

GDP from July through September increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3%.

That reading follows consecutive negative quarters to start the year. The growth came in large part due to a narrowing trade deficit, which economists expected and consider to be a one-off occurrence that won’t be repeated in future quarters.

R15 that money is for rehab - or a Payoff to keep up this show

What's your portfolio like? I'm down 12% on the year.

R354 - I just swing trade. I do not hold positions for long. The market is too crazy for that right now.

Yes I’m definitely way up - but I don’t hold long term in this environment

and the bear-mauling continues

Looks like a good time to short this clearly fake market.

I thought I was being killed this year - but just realized it’s only since March. I’m actually up 17% sine Jan 1. Weird how fake fleeting profits become real in your head.

R358 invested in what? Dec31 was a high for the S&P 500 which is down significantly year to date.

Big Business is not happy with the minimum tax the big fraudsters have to pay now. They will fuck up the economy and blame the Democrats.

We need to get rid of of Citizens United.

Crypto is tanking again. And fears of more to come.

Cryptocurrencies plunged Tuesday as investors digested an emergency deal struck for an undisclosed sum between major crypto exchanges Binance and FTX.

Bitcoin (BTC-USD) tumbled 13% over the last 24 hours from $19,800 to a period low of $17,603, the largest one-day drop since June. It has since recovered above $18,600 per coin. The second largest cryptocurrency, ether (ETH-USD) sold off by 15% on the day from $1,468 to $1,318. FTX's exchange token FTT, fell by as much as 84% on the day from $16.56 to $3. It is now trading above $5.

In the last 24 hours, the total market capitalization for all crypto assets has fallen by more than 11% from $1.03 trillion to $915 billion, according to Coinmarketcap and Yahoo Finance charts. The unexpected deal raised concerns among investors and analysts that FTX's troubles could spread through the crypto universe.

“FTX’s leader Sam Bankman-Fried was the white knight who has been saving companies throughout most of this crypto winter," Edward Moya, senior market analyst at Oanda, told Yahoo Finance. "Seeing one of the major players wave the white flag is making a lot of people nervous that more pain could come."

Yeah, heard that dude lost billions

One of my friends told me he used to have 280k in his retirement account, it's down to 90k.

Fear not! Bitcoin is going to $1,000,000 per BTC. I read it here on Datalounge!

Buy NOW or be priced out FOREVAH!

Crypto is bullshit. Pure gambling.

Now Binance is ditching the deal, leaving FTX in the lurch. BTC down to $1600’s. Stocks tanking too.

Binance’s statement:

As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com.

In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help.

Every time a major player in an industry fails, retail consumers will suffer. We have seen over the last several years that the crypto ecosystem is becoming more resilient and we believe in time that outliers that misuse user funds will be weeded out by the free market.”

- mishandled customer funds

- alleged US agency investigations

- beyond our control or ability to help

Yikes.

Yikes is right.

This is Sam Bankman-Fried's company, right? The former billionaire?

WOMP WOMPPPPPPPPPPPP

^ shills gonna shill

[quote]We have seen over the last several years that the crypto ecosystem is becoming more resilient [...]

That's good for a guffaw.

#cryptocrash is trending on twitter

R370 Yeah, this is him. Looks like a total shmo.

He was on Twitter earlier this week reassuring everyone that things were fine, just fine and not to worry. He deleted those tweets yesterday.

Sux to be him today. Oh, well it's just money!

Pity the poor suckas who bought into the BTC fund at its IPO.

They've lost 80%+ of their investment.

You only lose money if you sell! Bitcoin's going to $1 million! Buy now before the train leaves the station! Sqwaaaaawk! Polly wanna cracker!

I got suckered into buying bitcoin. I have .02 share 😁

CRYPTO BAYBEEE!!!

'I should have done better': Crypto exchange wunderkind Sam Bankman-Fried, 30, tweets 'Sorry' as he begs for $4 billion to stave off bankruptcy but experts say the $32BN FTX platform is now 'worthless'

Good day for stocks today. S&P up 5.5%, NASDAQ up over 7%. All because CPI came in just a little bit lower than expected. Stocks skyrocket any time there’s a hint of good news, even if it’s just not quite as bad as expected.

Steph Curry and Naomi Osaka join Tom Brady among sporting stars who are told their FTX investments are now 'WORTHLESS' as the Crypto giant's CEO begs for $4bn to remain solvent

R384 Gisele Bundchen too.

[quote]Steph Curry and Naomi Osaka join Tom Brady among sporting stars who are told their FTX investments are now 'WORTHLESS

[quote] Gisele Bundchen too.

Poor them.

Yeah reportedly they're under investigation for using customer funds to take positions in the market (and they lost). Very, very ugly.

Crazy gains today. Tomorrow may be a big sell off?

....

ya think?

[quote] Steph Curry and Naomi Osaka join Tom Brady among sporting stars who are told their FTX investments are now 'WORTHLESS' as the Crypto giant's CEO begs for $4bn to remain solvent

They did not lose their own money, they only lose projected income based on brand partnerships.

Bye-bye, FTX.

Can we start calling it The Staples Center again? Yet?

This is getting good.

More fun.

^ for real?

She comes off like a complete moron.

I hope the SEC fines Elon for fucking up my longtime Eli Lilly stake in my IRA.

[quote] One of my friends told me he used to have 280k in his retirement account, it's down to 90k.

Because he's been withdrawing from it?

'Memba when they were pushing for people to buy Bitcoin inside of their retirement funds!? I 'memba!

I know r397. I had bought Lilly stock months ago and was shocked to see it being hammered the other day. Lilly should absolutely sue Twitter the company and Musk personally because they lost billions in market capital.

Now it’s been “hacked.”

The collapse of FTX, already one of the most spectacular disasters in financial history, worsened as hundreds of millions of dollars were drained from the cryptocurrency exchange hours after it filed for bankruptcy.

More than $600 million was siphoned from FTX's crypto wallets late Friday. Soon after, FTX stated in its official Telegram channel that it had been compromised, instructing users not to install any new upgrades and to delete all FTX apps.

"FTX has been hacked. FTX apps are malware. Delete them. Chat is open. Don't go on FTX site as it might download Trojans," wrote an account administrator in the FTX Support Telegram chat. The message was pinned by FTX General Counsel Ryne Miller.

[quote] Bankman-Fried implemented what the two people described as a "backdoor" in FTX's book-keeping system, which was built using bespoke software. The “backdoor" allowed Bankman-Fried to execute commands that could alter the company's financial records without alerting other people, including external auditors. This set-up meant that the movement of the $10 billion in funds to Alameda did not trigger internal compliance or accounting red flags at FTX.

Now $1 to $2 Billion of that money (customer’s $) is officially “missing.”

No more CEOs in hoodies and trainers please. You’re no longer a carefree douchebro in college.

What a fucking weirdo R394, R395. The woman??...or whatever it is.

Saw this on Twitter (SBF = Bankman-Fried, owner of FTX.)

These people are from another planet...^^

It is understood that Sam Bankman-Fried and two former FTX associates are currently “under supervision” by Bahamian authorities.

Disclaimer: The article has been updated to clarify that the US and the UAE have an agreement on evidence sharing, judicial cooperation and assistance in criminal investigations and prosecutions. As a result, U.S.-based fugitives attempting to move to Dubai will most likely be detained and sent back to the United States.

FTX former CEO Sam Bankman-Fried, co-founder Gary Wang and director of engineering Nishad Singh are understood to be in the Bahamas and are “under supervision” by the local authorities.

A source familiar with the matter told Cointelegraph that the three former FTX executives, as well as Alameda Research CEO Caroline Ellison, are looking for ways to flee to Dubai. While the plan was made assuming that the United States “doesn't have any extradition treaties” with the UAE, the nations signed a mutual legal assistance treaty (MLAT) back on Feb. 24, 2022, to work against criminals.

Michael Burry reveals new stock bets after previously dumping entire portfolio

Wall Street doomsayer Michael Burry scooped up a handful of select companies – months after the hedge fund titan dumped his entire stock portfolio.

Burry, whose bet against subprime mortgages was famously chronicled in the 2015 film “The Big Short,” has emerged as one of the most prominent bearish voices on Wall Street – previously warning the market was in the midst of “the mother of all crashes.”

But according to a regulatory filing made public Monday, Burry’s Scion Asset Management snapped up a $10 million stake in Qurate Retail, a media conglomerate chaired by industry mogul John C. Malone.

Scion also expanded its stake in Geo Group, a Florida-based company that invests in and operates private prisons, according to the filing. Through the end of September, Scion held more than two million shares of Geo stock worth about $15.5 million.

Burry’s fund also bought smaller positions in another private prison firm, CoreCivic, as well as Charter Communications, Liberty Latin America and rocket maker Aerojet Rocketdyne.

Qurate rose nearly 5% in trading Monday while Geo Group shares rose more than 3.5%. CoreCivic rose nearly 4%, Liberty Latin America ticked up 2% and Aerojet jumped about 1%. Charter Communications fell slightly in late afternoon trading.

Burry added to his portfolio after his firm exited the second quarter with just a small stake in Geo Group as its only holdings. At the time, Scion sold off bullish bets on 11 companies during the second quarter, including parent Alphabet, Facebook parent Meta, Bristol-Meyers Squibb and Nexstar Media Group.

Shares of Meta are notably down more than 70% this year during a broader downturn in tech stocks

Scion’s required disclosure did not include any “short” position it held in the third quarter, nor does it show any international holdings of publicly traded stocks.

Burry has built a massive following on Twitter, where he regularly shares his views on market trends. The enigmatic investor often deletes his tweets shortly after they’re posted.

In late September, Burry warned that current market conditions could end up being worse than the Great Recession as central banks sharply tighten interest rates despite mounting fears of a global slowdown.

Weeks earlier, Burry noted that recent crashes impacting the cryptocurrency sector, the SPAC market and so-called “meme” stocks were reminiscent of cascading downturns that occurred during the past crashes of 2008 and 2000.

I don't follow him like I follow Buffett.

Some guys make one big, good call and that's it. How has he done post-GFC?

^ e.g., John Paulsen

geazus this crypto shite makes me want to pull my dollars out of the bank and put them under the mattress. This shouldn't surprise anyone. Humans just being human nothing more.

FBI is planning to EXTRADITE Sam Bankman-Freid from Bahamas - as crypto contagion from FTX collapse spreads to $20BN BlockFi that is preparing for bankruptcy

[quote] FBI is planning to EXTRADITE Sam Bankman-Freid from Bahamas

Yes he can't be allowed to be roam loose in the world.

Investors who 'lost $11 BILLION' in failed FTX sue celebs who endorsed crypto company - including Gisele, Tom Brady and Shaq - as shameless founder bids to 'restart' and raise more cash

It must be extra humiliating to realise you’ve been conned by a nerd with frizzy hair in a washed-out t-shirt, dad sneakers and cargo pants. At least Bernie Madoff robbed his clientele while dressed up to the nines.

[quote] geazus this crypto shite makes me want to pull my dollars out of the bank and put them under the mattress. This shouldn't surprise anyone. Humans just being human nothing more.

Crypto occurs outside of the standard financial system. Any of your holdings managed by a federally chartered Bank are not in crypto.

CRAPTO BAYBEE!!

Kruggers sounds the death knell for crypto:

I LOVE that these bitches who lost their Bitcoin are now screaming and hollering for law enforcement to help them recover their lost money. No, bitch! You wanted to be outside of the system! Now stay there.

play stoopid games, win stoopid prizes

Poverty a s the worst Stoopid prize.

Albany Bahamas is where SBF’s luxury penthose is.

This account has had all the breaking news since the start of the FTX debacle.

What are the DLs latest stock picks? Looking for decent short term gains.

Tesla, r423, it slipped over the past couple of days due to a recall but will no doubt rise again.

I guess good news is officially bad news. The market just tanked on a good jobs report. Extra crazy sauce for the market these days. Highly volatile. Staying out.

[quote]What are the DLs latest stock picks?

The officially sanctioned ticker of DL is GAYMF. They're even in the pink sheets!

These 2 are trading blows on Twitter.

SBF to CZ Binance: YOU WON. No need to keep lying.

damm he's unforunate-looking

and now totally unfortunate

very good!

He’ll get off. Mommy and Daddy and all his rich Democratic friends will see to that.

anyone buy  Moderna Inc today?

No, r433. Today would not have been the best moment.

[quote]anyone buy Moderna Inc today?

See R434. Biotech investing is sort of a specialized skill set of its own and I do not recommend it at all for the casual investor. It's high risk/reward, but it takes an awful lot of work. First, you need to be conversant in the lingo and understand all the nuances of things like clinical trials and their various phases, peer reviews, approval processes, addressable markets, IP valuation, etc. Then you need to have nerves of steel, money to burn and the patience of a saint, because it can be a gut-testing, roller-coaster ride, for sure. Tread carefully.

Mr Market had a big ol' sad today.

Wake me up when the S&P hits 3350.