Posted On: Tuesday - August 6th 2024 11:31AM MST
In Topics: Global Financial Stupidity Economics
Oh, it's coming, all right. However, this 2,100 point drop over 5 days, including the 1,000 point drop in one day is peanuts. Let's think proportions - out of 40,000, that's 5% and 2 1/2%, respectively.
I imagine there are financial people out there who've been in this business a long time. In the 1980s, those 2 drops would mean 90 points / 45 points. That'd be a "Big day for the Dow.", but no kind of news story. By fall of '87, the Dow had ramped up 44% in 7 months, but there was that October 19th "Black Monday" crash. "OMG, 508 points!" Not many stock brokers worked in tall buildings with working windows anymore, by 1987. So, we had that going for us ... but that one was a 22.6% drop. That drop would be an 8 to 9 thousand point drop today. (Maybe tomorrow.)
In the early/mid '90's, this 5% drop would be 200-odd points, and in the 8 year early 21st century market, we're talking 500 points. Do people not remember this?
Listen, this is Peak Stupidity. We've been all over this Global Financial Stupidity business for almost 8 years now.* 5% in a week, or 2 1/2% in a day is NOT a crash. We'll tell you when we're having a crash!... so long as GoDaddy has still got power...
* Though we got nuthin' on good old Dr. Paul. We were a week ahead of him on the recent debt "milestone", but Ron Paul has been aware of what's coming for half a century.
Comments:
Moderator
Wednesday - August 7th 2024 8:37AM MST
PS: Thanks, Alarmist. That's why I didn't recognize these 2. Memes are best for those who remember the scene, so the feelings/emotion comes through. I've got a feeling some of mine would miss the mark.
I didn't know that about Powell. In fact, until I looked him up a year or so ago, I'd thought he was an AA guy, for some reason, maybe General Colon's nephew, Wreck Dom Powell. Anyway, re: Paul Volcker, yes, he did the right thing, something highly irregular for a Gov't official, but then that was the '80s (very beginning). I was young and didn't know better, but I'd always given Pres. Reagan credit for "curing" inflation. He didn't even appoint Mr. Volcker - Jimmy did.
I didn't know that about Powell. In fact, until I looked him up a year or so ago, I'd thought he was an AA guy, for some reason, maybe General Colon's nephew, Wreck Dom Powell. Anyway, re: Paul Volcker, yes, he did the right thing, something highly irregular for a Gov't official, but then that was the '80s (very beginning). I was young and didn't know better, but I'd always given Pres. Reagan credit for "curing" inflation. He didn't even appoint Mr. Volcker - Jimmy did.
Moderator
Wednesday - August 7th 2024 8:31AM MST
PS: "Yes, we're in a recession/depression." I surely didn't mean to imply otherwise, Old Soldier. (Agreed with everything you wrote) My point here is a crash of "the market" which is all the big finance people care about. They live the way you say, but they don't want the lower classes to realize what is happening. When one's 401-k, IRA, WTH shows that one is not so "rich" anymore on paper, or not even able to retire with some sort of security, he tends to wise up to what you say here.
Speaking for myself, I'm trying to get more cash into land, for the main thing. The land must be in a good area demographically. Even if we don't end up there, holding onto the land is better than the cash that's devaluing, who knows how much, 10% a year. That's another post to come soon though....
Oh, yeah, if they come for the property deeds, as in, full-out Commie, well, who knows. I've found guns here I'd totally forgotten about. ;-} Yes, seriously, though.
Speaking for myself, I'm trying to get more cash into land, for the main thing. The land must be in a good area demographically. Even if we don't end up there, holding onto the land is better than the cash that's devaluing, who knows how much, 10% a year. That's another post to come soon though....
Oh, yeah, if they come for the property deeds, as in, full-out Commie, well, who knows. I've found guns here I'd totally forgotten about. ;-} Yes, seriously, though.
The Alarmist
Wednesday - August 7th 2024 6:21AM MST
PS
@OS, “Private Equity” Powell is the only person standing between the Globalist Davos Cabal and the US Financial System. In case you haven’t noticed, he is the first Fed Chair who isn’t a member of The Tribe since Paul Volcker (a true giant of a man (he towered over me when I met him) and a true giant of a Fed Chair), and his family spans generations in the American Republic, unlike many of the others who vie for control of the US financial system. BTW, he is the first Fed Chair in 40 years to not have a PhD in Economics, which is perhaps why things in the US haveheld up at all.
🕉
@OS, “Private Equity” Powell is the only person standing between the Globalist Davos Cabal and the US Financial System. In case you haven’t noticed, he is the first Fed Chair who isn’t a member of The Tribe since Paul Volcker (a true giant of a man (he towered over me when I met him) and a true giant of a Fed Chair), and his family spans generations in the American Republic, unlike many of the others who vie for control of the US financial system. BTW, he is the first Fed Chair in 40 years to not have a PhD in Economics, which is perhaps why things in the US haveheld up at all.
🕉
The Alarmist
Wednesday - August 7th 2024 6:01AM MST
PS
The first one is from “We’re the Millers,” which at one point has Jennifer Anniston doing a striptease.
I don’t know the provenance of the second; it looks like Pacino with a judicious amount of Photoshopping®️.
🕉
The first one is from “We’re the Millers,” which at one point has Jennifer Anniston doing a striptease.
I don’t know the provenance of the second; it looks like Pacino with a judicious amount of Photoshopping®️.
🕉
Old Soldier
Wednesday - August 7th 2024 5:57AM MST
PS
There's a financial crisis boiling just under the surface. J. Powell thoroughly enjoys screwing everyone except the wealthiest - they don't care about their property taxes, selling their houses, the obviously fake CPI numbers, millions of illegals, skyrocketing food prices, wars, etc. Those things exist to keep the little people down and preoccupied so they don't revolt. $35TRILLION in debt & have nothing to show for it but rich politicians and unemployed illegals everywhere on government benefits. Yes, we're in a recession/depression. We've got totally clueless Joe at the helm and Marxist kamala waiting in the wings to take over and drive the ship into full Communism, between cackles. And all the Republicans want to do is whine and complain and pass more legislation outlawing this or that...which they know the Senate won't pass and Joe will ignore anyway. The only things that I know to do are to protect my family, especially my children (now grown) and keep my wife safe. What is everyone else doing to protect their families???
There's a financial crisis boiling just under the surface. J. Powell thoroughly enjoys screwing everyone except the wealthiest - they don't care about their property taxes, selling their houses, the obviously fake CPI numbers, millions of illegals, skyrocketing food prices, wars, etc. Those things exist to keep the little people down and preoccupied so they don't revolt. $35TRILLION in debt & have nothing to show for it but rich politicians and unemployed illegals everywhere on government benefits. Yes, we're in a recession/depression. We've got totally clueless Joe at the helm and Marxist kamala waiting in the wings to take over and drive the ship into full Communism, between cackles. And all the Republicans want to do is whine and complain and pass more legislation outlawing this or that...which they know the Senate won't pass and Joe will ignore anyway. The only things that I know to do are to protect my family, especially my children (now grown) and keep my wife safe. What is everyone else doing to protect their families???
Moderator
Wednesday - August 7th 2024 5:33AM MST
PS: I like the memes, Alarmist, especially the 2nd one. What are the 2 movies that they come from? These ones didn't ring any bells?
The Alarmist
Wednesday - August 7th 2024 5:07AM MST
PS
https://i0.wp.com/www.barnhardtmemes.com/wp-content/uploads/2024/08/img_6746-1.jpg
https://i0.wp.com/www.barnhardtmemes.com/wp-content/uploads/2024/08/img_6735-2-1.jpg
🕉
https://i0.wp.com/www.barnhardtmemes.com/wp-content/uploads/2024/08/img_6746-1.jpg
https://i0.wp.com/www.barnhardtmemes.com/wp-content/uploads/2024/08/img_6735-2-1.jpg
🕉
The Alarmist
Wednesday - August 7th 2024 4:44AM MST
PS
Putting your fiat money in Bitcoin is like leaving your gold and silver bullion sitting on a picnic table in your front yard.
Putting your fiat money in Bitcoin is like leaving your gold and silver bullion sitting on a picnic table in your front yard.
Moderator
Tuesday - August 6th 2024 7:19PM MST
PS: Mr. Hail, I've done one move in the stock market that probably would beat your early selling of that one bitcoin, regret-wise. Well, that'd be financial regrets, not really a big regret of my life. I only think about it rarely and tell people about it as a funny story. What it did do is teach me I'm no good at this gambling-style investment business.
Moderator
Tuesday - August 6th 2024 7:17PM MST
PS: Peak Stupidity has no position IN bitcoin. Hah, that's the financial guys' way of putting it. We have no position in pretty much anything.
Now, as for our position ON bitcoin (and other crypto-currencies), well, first of all you reminded me of a 2 hour video of a 4-man discussion on gold v. crypto that I would have COMPLETELY forgotten about had you not brought this up. (I hope I can find it again.) Believe it or not, it's pretty interesting.
Mr. Hail, I see crypto-currencies as having value for making transactions, but not so much as a store of wealth. The latter is debatable, and that video has plenty of that.
Thanks for the reminder! I'll put a post up on that one when I find it again with plenty of commentary about the 4 guys and their opinions. (One of the 4 is Peter Schiff. You know where he stands on this stuff.)
Now, as for our position ON bitcoin (and other crypto-currencies), well, first of all you reminded me of a 2 hour video of a 4-man discussion on gold v. crypto that I would have COMPLETELY forgotten about had you not brought this up. (I hope I can find it again.) Believe it or not, it's pretty interesting.
Mr. Hail, I see crypto-currencies as having value for making transactions, but not so much as a store of wealth. The latter is debatable, and that video has plenty of that.
Thanks for the reminder! I'll put a post up on that one when I find it again with plenty of commentary about the 4 guys and their opinions. (One of the 4 is Peter Schiff. You know where he stands on this stuff.)
Hail
Tuesday - August 6th 2024 6:55PM MST
PS
How do you feel about the concurrent "Cryptocurrency" crash? Bitcoin being the earliest and most well-known.
I don't know the details on it, nor what to think of Bitcoin. (In the early years I owned more than 1 Bitcoin but sold long before the big price prices that would have been a good little casino-like jackpot.)
If you are criticizing the meaningfulness of reported drops in the "normal" stock-market, it doesn't seem that any fall in Bitcoin price would bother you.
Is Bitcoin meaningless or meaningful? What is the Peak Stupidity position?
How do you feel about the concurrent "Cryptocurrency" crash? Bitcoin being the earliest and most well-known.
I don't know the details on it, nor what to think of Bitcoin. (In the early years I owned more than 1 Bitcoin but sold long before the big price prices that would have been a good little casino-like jackpot.)
If you are criticizing the meaningfulness of reported drops in the "normal" stock-market, it doesn't seem that any fall in Bitcoin price would bother you.
Is Bitcoin meaningless or meaningful? What is the Peak Stupidity position?
Heh!