The economy

WTF are you talking about?

The Dow closed at 18,332.74 on Nov. 8, 2016, Election Day.

 

That is not how political facts work ...

The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.
The Dow closed at 88,332.74 on Nov. 8, 2016, Election Day.

See I'm right and you are wrong.

 

Keep going down, better buying opportunity.

DD

 

I probably won’t be buying until Summer. The market might have the Coronavirus sorted by then.

 

Said it will be 1.5 years for the vaccine....so gonna be a while....

Let it drop......it will be easier than a pop type correction.

DD

 

Trader_ J doesn’t need help bending the facts, even if unintentional. The truth is that the economy was strong and growing when trump took office, something Trader_ J will never give Obama credit for. Because of President Obama’s leadership dealing with the catastrophe that was the economy left to him by President Bush, an economic crisis considered the worst danger to the American economy since the Great Depression. A crisis that wiped out the savings millions of American middle class families had in mutual funds they were encouraged to invest in, savings they depended on for their retirement and/or helping to put their kids through college. Obama had to deal with that and did an effective job.

The result? trump inherited a strong and growing economy. He proceeded to “juice” that economy, an economy that didn’t need “juicing,” by giving the most wealthy Americans and big corporations huge tax cuts that have exploded the budget. A 900 billion dollar deficit this year, at least, and a trillion dollar deficit each year for the foreseeable future, with the entirely predictable “call” by Republicans in Congress and right there in trump’s budget, to cut a host of programs ordinary Americans depend on.

Those cuts? On the backs of college students, the elderly, the young, the sick, the less well off, as well as programs that took decades to enact to preserve our environment, to reduce the pollution in our cities, our water - across the board, and so much more. Cutting funding for scientific research in a host of areas is just an example. The cuts impact far more than I’m willing to list. Look up his budget, anywhere except at Fox News. Look up every budget he has proposed since taking office.

Many of us predicted it when that massive tax cut, an act of economic lunacy in my opinion, was proposed. That those who benefited the most from it, and their Republican enablers in Congress, would attempt to place the cost on the backs of those who benefit the least. That’s exactly what we’ve been seeing.

Meanwhile, this Coronavirus is hammering the global economy as well as our own, and the typical response here to helping the economy during a crisis?There isn’t a lot that can be done. Mr trump pressured his appointed head of the Fed to cut rates when they didn’t need cutting because they were already very, very low, but he wanted an overheated, in my opinion, economy to help his reelection chances (trump’s idea? Who cares abut the future?), and now there is little room left to cut interest rates. There has already been a massive economic stimulus in the form of his tax cuts we didn’t need.

We’re in a crisis, obviously. The biggest concern is dealing with the virus, with those most in danger being older Americans. Italy is one of those countries that researchers of longevity study to see why their citizens in certain regions live as long as they do. Ironically, those are most of the deaths and critically ill in Italy, the elderly. The numbers of deaths in Italy, as I write this, just made another huge jump. What’s bizarre? The CDC suggests that senior citizens and the physically fragile in America should be told to avoid flying. The White House has overruled the CDC. “Optics” are more important to trump than the health and safety of the American people.

 

Yeah he is looking after the people. All he cares about is his election. That’s his motives.

 

I don't agree with this take. He is definitely all for stimulus as political survival is how he loots the joint now.

 

This is just mind blowing self dealing here. It is so transparent. How shaky is our real economy if this pull back is causing our leaders to pull out these kind of stops. Whatever happened to "let the market take care of itself" ? I know Trump has been doing everything in his power to juice the economy. Its scary to think what our economy really looks like without all of this government intervention. I think we are toast once this thing really shows its true colors.

 

LOL. Mea culpa.

 

Now hes talking about bailing out the cruiseline industry. How about bailing the 25 million Americans who have no health insurance so they can get trestement and tested? Ordinary Americans get ****ed time after time.

 

Will all due respect, Obama doesn't deserve ALL the credit, Bush does as well and more specifically Bernanke, Paulson, & Geithner. Bush worked with Obama to ensure a clear game plan thur one of the most dangerous times in American history. They both deserve credit.

If Trump was president then, it would have been an unmitigated disaster. He does not deserve credit for this economy and that is where you are right. But he does not deserve complete blame for the virus either. He wasted a month but there probably very little he could have done to stop it that another president might have been able to stop. He has made the situation much worse though.

The only course of action that could have stopped it would have been if the US had immediately implemented a mass mobilization to test any high risk person (anyone entering the country through international ports and anyone with any cough or sneeze) and immediately quarantine any positive tested for 2 weeks with the gov't footing the bill for both the test, the treatment, and that person's lost wages if they can not work.

Short of that, I don't know what could have been done to keep this from blowing up.

 

I didn't say that President Bush did nothing. I was addressing what the state of the economy was when Obama took office, and it was a disaster. He gets too little credit for what he did to turn things around, in my opinion. No discernible credit at all from the Republican side of the aisle, of course. Yes, trump would have been a catastrophe had he become president in January of 2009. Heck, he's been a disaster since he was inaugurated, from the very beginning lying about everything, even the crowd at the Mall. Bizarre.

I disagree about how we could have prepared for the inevitable introduction of the Coronavirus to this country. A good contrast is @AroundTheWorld's Germany. They began preparing for a possible pandemic from the coronavirus in January of this year. They not only prepared for it, researchers there developed a quick diagnostic test for China's coronavirus. The brief article below is from 1/20/2020, barely 3 weeks after the initial cases were publicized. Not only did German researchers develop a quick test for the coronavirus, they gave the information on how to do it to the WHO. Read this and weep at what we could have done, and didn't.

As of yesterday, Germany, a country of 82 million, hasn't had one death from the Coronavirus. Notice the source of that statistic.

https://www.foxnews.com/health/germany-coronavirus-outbreak-no-deaths

This is the article about the quick test developed in Germany several weeks ago.

German researchers create quick diagnostic test for Chinese coronavirus

Monday, January 20, 2020 by Chris Galford

As the world researchers try to identify the cause of a mysterious, novel coronavirus from China, researchers from the German Center for Infection Research (DZIF) have made headway on at least tracking its existing, with the creation of a new assay protocol that allows quick testing of suspected cases.

Since its discovery in Wuhan, China, the new coronavirus has popped up in cases in Thailand and Japan as well, sparking fears of a global pathogen spread. It can cause severe pneumonia. In all, 41 cases struck China itself, including two deaths. Since the initial cases were reported on Dec. 31, 2019, little more of the virus has revealed itself. Researchers still do not know how patients were infected, whether human-to-human transmission is involved or even how the disease is being transmitted, the clinical spectrum of the disease, or the extent of infection, according to the World Health Organization (WHO).

The new test, however, means that while experts might not yet be able to determine where the virus came from, they can at least halt it quicker. The test is publicly available, following online publication by WHO, though a joint evaluation study is underway.

“Now that this diagnostic test is widely available, I expect that it won’t be long before we are able to reliably diagnose suspected cases,” Dr. Christian Drotsen, professor and director of the Institute of Virology on Campus Charité Mitte, said. “This will also help scientists understand whether the virus is capable of spreading from human to human. This is an important step in our fight against this new virus.”

DZIF and its virus detection and preparedness group intend to increase preparedness for the emergence of new viruses, like this one.

https://homelandprepnews.com/storie...uick-diagnostic-test-for-chinese-coronavirus/

 

ATW just posted that Merkel expects a 60-70% infection rate.

The US should have react far better than it has - the gov't response was pathetic to begin with and Trump was certainly the main trust of that. Whether it would have made a difference in the long run is unknown at this point.

 

The problem with Corona virus is going to be the tens of millions of hourly service workers who work in retail etc aren't going to be paid and that is going to be the biggest hit, if we move to total lockdowns, which given our lack of testing and Trump's brutal mishandling, is more likely than not.

A payroll tax is an absolute failure for the millions who will not be on a payroll

But.. that's our Trump, a failure in every possible sense.