I expected more of a reaction from the Dow. Maybe the big reaction is it didn't go in the shitter again today.
It jumped early on some oil deal between the Saudis and Ruskies. Fell back on historically bad unemployment and the usual shit we face these days. So far 19,000 has held as the bottom as we seem to be playing in the 21,000 range. I may open up a hedge fund.
In other news gas prices are falling below 3$ a gallon in California even with the onerous taxes here. Too bad we aren't supposed to drive anywhere
There was no deal. Trump was just making up bullshit as usual.
U.S. equity markets surrendered their gains Thursday afternoon after initially soaring in response to President Trump calling on Russia and Saudi Arabia to sharply cut oil production.
Following Trump's announcement -- which sent West Texas Intermediate crude oil soaring by 35 percent to as high as $27.39 per barrel -- Saudi Arabia called on OPEC members, their allies and other countries to hold an urgent meeting "with aim of reaching a fair agreement to restore the desired balance of oil markets."
Also on Thursday, China said it would begin filling up its reserves.
The Dow Jones Industrial Average gained as many as 534 points, or 2.55 percent, before returning to the flat line. The S&P 500 and Nasdaq Composite rose as much as 2.55 percent and 1.92 percent, respectively.
I still don't get it. Going to need to really spell this out for the dumb red.
As a drunken frat boy from a middling institution who majored in finance.....
USA rules.
Finally, something I can understand.
How can I put this, it's like we sold someone our rolex at a premium and now in the financial crisis they are short dollars so they are selling us back the rolex at a discount. And even then, it's like we are giving them rez casino tokens instead while laughing in their face.
Edit:oh right, and everyone in the whole trailer park is lining up to get this deal.
I expected more of a reaction from the Dow. Maybe the big reaction is it didn't go in the shitter again today.
TBF this isn't a super change from the norm. As I've said many times, the US is the world reserve currency. The difference is that this crisis has solidified it's position as that and the FED is now openly acknowledging that instead of pretending otherwise. They have now made it easy to swap treasuries for dollars to create certainty in the world market for US treasuries. The only thing is, you are going to take a .25 shaving off as a premium.
It boils down to the Fed is flexing it's muscles early rather than late in this crisis.
Where else are people going to put their money now? Euros? Rubles? RMB? Oil? Bitcoin? Lol.
Barring the American people voting for a socialist(could happen) the US should be the world reserve currency for another twenty years at least after this.
I get it - it's like when your buddy decides to marry the chick he's been banging and living with for 7 years. It doesn't really change much, but making it official means he probably won't be getting many blowjobs. And she'll get half of his shit when the ship finally hits the rocks.
I still don't get it. Going to need to really spell this out for the dumb red.
We just basically had a forcible take over of the world economy. The US Fed is now the world's central bank. Anyone who doesn't play ball is going to be bent over and have the plunger inserted until it hits the back of their nasal cavity from the wrong direction.
So what tactics can be used to hurt China? They are our true enemy, I do know our economies are co dependent and so we don't want to wreck them. But how do we make them feel pain economically without hurting ourselves in the process.
They need greenbacks to run their economy. It already was hurting them. Now it will even more. We can charge them a premium for every dollar they need to conduct business on the world market.
This is precisely what Russia and China didn't want.
This is similar to after WW2 where the world economy was wrecked except for the US and we established the dollar as the reserve currency of "the west" but back then we had to have gold to back it.
What a great move to move to a fiat currency from gold. Brilliant!!
The Don had all the intel they needed about the virus late December. This was a bigger plan to crumble the economy. Mass surveillance is coming. Facial recognition is in Washington.
You want to jackoff trump for cutting flights from china go for it. The federal response is and was garbage. It was clearly on purpose.
I gotta hand it to you, your political ideology is in a fucking bizarre spot on the ole venn diagram. There aren't many ardent supporters of the gold standard who simultaneously despise Trump and bring him into every conversation unprompted.
That's because he's clueless and prone to emotional thinking.
I expected more of a reaction from the Dow. Maybe the big reaction is it didn't go in the shitter again today.
TBF this isn't a super change from the norm. As I've said many times, the US is the world reserve currency. The difference is that this crisis has solidified it's position as that and the FED is now openly acknowledging that instead of pretending otherwise. They have now made it easy to swap treasuries for dollars to create certainty in the world market for US treasuries. The only thing is, you are going to take a .25 shaving off as a premium.
It boils down to the Fed is flexing it's muscles early rather than late in this crisis.
Where else are people going to put their money now? Euros? Rubles? RMB? Oil? Bitcoin? Lol.
Barring the American people voting for a socialist(could happen) the US should be the world reserve currency for another twenty years at least after this.
I get it - it's like when your buddy decides to marry the chick he's been banging and living with for 7 years. It doesn't really change much, but making it official means he probably won't be getting many blowjobs. And she'll get half of his shit when the ship finally hits the rocks.
I still don't get it. Going to need to really spell this out for the dumb red.
As a drunken frat boy from a middling institution who majored in finance.....
USA rules.
Finally, something I can understand.
You loathe America’s forefathers and want to kill whitey for keeping you down first at Jiffy Lube and now at Orkin. And yet you love patriotic displays of American military dominance.
I still don't get it. Going to need to really spell this out for the dumb red.
As a drunken frat boy from a middling institution who majored in finance.....
USA rules.
Finally, something I can understand.
You loathe America’s forefathers and want to kill whitey for keeping you down first at Jiffy Lube and now at Orkin. And yet you love patriotic displays of American military dominance.
You’re a complicated man, my injun fren
What man doesn't Sha-Wingggg at military dominance?
@Swaye may be Injun, but he's still got functioning junk.
My bidness degree is as shitty as Bitchfork's being WAC schools and such. I have searched the Internet looking for GOOD explinations about this but they aren't there. I have heard in the conspiracy theory chambers that Trump is wanting, or did, break up the central banking system. I think you said this has nothing to do with Trump? Confused. And if true, I can't wrap my head around how it's possible. Also hearing Trump wants to pile shitloads of debt on the fed then bankrupt it? Is this even possible? I understand this even less outside of the fact that the fed can easily take on more dept because it has access to financial instruments previously only available to the Treasury.
Little to nothing about this on the financial shows the past couple of days. It's like no one wants to touch it and it's a YUGE event. This much I know. Is it because no one can understand it including the people we expect to explain it?
My bidness degree is as shitty as Bitchfork's being WAC schools and such. I have searched the Internet looking for GOOD explinations about this but they aren't there. I have heard in the conspiracy theory chambers that Trump is wanting, or did, break up the central banking system. I think you said this has nothing to do with Trump? Confused. And if true, I can't wrap my head around how it's possible. Also hearing Trump wants to pile shitloads of debt on the fed then bankrupt it? Is this even possible? I understand this even less outside of the fact that the fed can easily take on more dept because it has access to financial instruments previously only available to the Treasury.
Little to nothing about this on the financial shows the past couple of days. It's like no one wants to touch it and it's a YUGE event. This much I know. Is it because no one can understand it including the people we expect to explain it?
Please keep explaining!
Bitchfork's degree is more valuable than yours. Hth.
My bidness degree is as shitty as Bitchfork's being WAC schools and such. I have searched the Internet looking for GOOD explinations about this but they aren't there. I have heard in the conspiracy theory chambers that Trump is wanting, or did, break up the central banking system. I think you said this has nothing to do with Trump? Confused. And if true, I can't wrap my head around how it's possible. Also hearing Trump wants to pile shitloads of debt on the fed then bankrupt it? Is this even possible? I understand this even less outside of the fact that the fed can easily take on more dept because it has access to financial instruments previously only available to the Treasury.
Little to nothing about this on the financial shows the past couple of days. It's like no one wants to touch it and it's a YUGE event. This much I know. Is it because no one can understand it including the people we expect to explain it?
Please keep explaining!
The fed purchasing treasury bonds isn't new or something to be alarmed at. It's simply the scale at which it's currently being done.
Conspiracy theories shouting about the Petro dollar are hilarious but lack fundamental understanding of markets.
Like I said, I'll try to find some accessible material that explains a lot of this. Domestic market vs. International market consequences are also going to be different.
As you said, there's also a whole shit load of "we aren't totally sure how this is all going to work" but more to the point if it doesn't or if the fed just stood still we are all fucked anyway.
Comments
https://foxbusiness.com/markets/us-stocks-april-2-2020
U.S. equity markets surrendered their gains Thursday afternoon after initially soaring in response to President Trump calling on Russia and Saudi Arabia to sharply cut oil production.
Following Trump's announcement -- which sent West Texas Intermediate crude oil soaring by 35 percent to as high as $27.39 per barrel -- Saudi Arabia called on OPEC members, their allies and other countries to hold an urgent meeting "with aim of reaching a fair agreement to restore the desired balance of oil markets."
Also on Thursday, China said it would begin filling up its reserves.
The Dow Jones Industrial Average gained as many as 534 points, or 2.55 percent, before returning to the flat line. The S&P 500 and Nasdaq Composite rose as much as 2.55 percent and 1.92 percent, respectively.
But I wasn't wrong
If there was no call why did the Saudis react?
https://time.com/5813366/pandemic-financial-crisis-economic-crisis-looms/
You’re a complicated man, my injun fren
We just burned their wagons and raped some of their women
HTH
@Swaye may be Injun, but he's still got functioning junk.
https://hardcorehusky.com/discussion/70407/federal-reserve-is-now-being-nationalized-and-merged-into-the-treasury-smarts-please-explain#latest
My bidness degree is as shitty as Bitchfork's being WAC schools and such. I have searched the Internet looking for GOOD explinations about this but they aren't there. I have heard in the conspiracy theory chambers that Trump is wanting, or did, break up the central banking system. I think you said this has nothing to do with Trump? Confused. And if true, I can't wrap my head around how it's possible. Also hearing Trump wants to pile shitloads of debt on the fed then bankrupt it? Is this even possible? I understand this even less outside of the fact that the fed can easily take on more dept because it has access to financial instruments previously only available to the Treasury.
Little to nothing about this on the financial shows the past couple of days. It's like no one wants to touch it and it's a YUGE event. This much I know. Is it because no one can understand it including the people we expect to explain it?
Please keep explaining!
Conspiracy theories shouting about the Petro dollar are hilarious but lack fundamental understanding of markets.
Like I said, I'll try to find some accessible material that explains a lot of this. Domestic market vs. International market consequences are also going to be different.
As you said, there's also a whole shit load of "we aren't totally sure how this is all going to work" but more to the point if it doesn't or if the fed just stood still we are all fucked anyway.