Originally published at: https://boingboing.net/2020/03/20/dow-drops-900-points-in-worst.html
Growing fear coronavirus will plunge U.S. and other economies into deep recessions
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We can vote Trump out of office in November. Unless there is an emergency order to defer elections until 2021 or perhaps 2022.
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The story is awkwardly written, implying that the Dow lost 900 points in its worst week since 2008
The Down fell 900 points TODAY
For the week, the Dow was down around 4,000 points.
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Every time I bring this up, someone remarks about how the Constitution doesn’t allow it, but I haven’t seen anyone give any actual evidence for its impossibility. Someone care to elaborate? What would happen if Agent Orange seriously broached the subject of election cancellation or deferment?
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We’d either have to march in the streets or he’d get away with it.
And with crowds banned due to covid, not sure how that would play out.
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I would buy my very first gun.
Because the shit will hit the fan.
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Should add, that the S&P 500 is a lot bigger and better sample than the Dow.
It fell 406.1 points during the week.
In percentage terms, which is what really matters, that’s just shy of 15%
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Dunk on Trump all you like, that’s fine, but it’s not a good look when average folk are suffering hits to their retirement accounts just like billionaires.
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Wouldn’t that make a sweet national reconciliation moment over the second amendment.
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On one level, it’s inevitable: something happened and now there won’t be as much stuff to go around as we expected.
On another level: I’m dismayed by the system which turns a problem of deferred consumption into an enforced casino. People particularly burned currently would be those near retirement and overweight equities. Something an investing book will say you shouldn’t be, but if your actual job is nursing then why the actual damn.
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I’m pretty sure the “Thanks” in the headline is sarcastically refererring to the “Thanks, Obama” right-wing mantra.
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God am I gonna have to update my chart of Biggest Dow Movements With Presidential Notation AGAIN, I just updated it earlier this week. https://twitter.com/egypturnash/status/1239689570649767939?s=20
He’s got to be getting pretty close to pushing GWB off the Biggest Point Drops chart and owning it entirely by now; I wonder how much of the Biggest Percentage Drops chart he’ll have by the end of his term?
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123… It’s Obama’s fault.
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Congress would have to approve it. So it depends how many of them can still show up to work that day.
It would work until someone challenged it in court. Justices are likely to overlook something that is of limited duration done during an emergency for plausible reasons. It’s one of those cases that would be a split decision.
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#trumpslump
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Wow, that’s just unfair.
COVID-19 couldn’t have done anything in its power to avoid this.
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I expect it would end up happening, honestly. Even if there are laws against it, it would happen. That’s just how things are these days and nobody in Congress that can stop it from happening will.
It’s nice you’re worried about the average folk, because Trump’s not. He’s worried about the billionaires. If he could manage to save the billionaires at the expense of all of the average folk, that’s what he would do.
And I feel like a good chunk of us here are the average people taking hits to our retirement accounts. Those of us fortunate enough to have them. Mine were wiped out in 2008, and I’ve spent the last 12 years digging myself out of that mess, and never got to try again.
So it sucks. But if he weren’t such a lying incompetent fuck nugget, and took this seriously back in February, or didn’t fire the response team in 2018, maybe the market wouldn’t have been hit so hard and so fast.
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It’s not impossible that Trump could go on TV and say, “The election is canceled.”
What happens after that depends on how we think the world works.
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Holy fuck I am tired of going over with people again and again that the economy has been on the up and up well before Trump.
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