Stock Market Crash

HooRU · 2025-04-04T02:42:14+00:00

https://www.theguardian.com/us-news/2025/apr/04/trump-tariffs-stock-market-news-updates-today The economy looks bleak. Everyone is letting go of staff, the government is shutting down branches and letting go of our brain trust. The crazy thing is this is all manufactured and not natural trends. It is preventable. Uncertainty is the word of the day.

dave

px_eliezer_ Yet on Fox News, OANN, and AM Talk Radio, they are all having orgasms NOT outrage.

To be expected from ONAN at least :-)

dave

Ruination Day is coming early this year.

Rook

I saw something like that over at The Verge: https://www.theverge.com/news/642620/trump-tariffs-formula-ai-chatgpt-gemini-claude-grok

dave

Yeah; all the greek-letter voodoodoo boils down to

total exports from US - total imports to US
-----------------------------------------------    x some factor (< 0)
      total imports to US

which is proportional to the trade deficit, and does not explicitly mention any tariffs charged on US goods.

Dks01

Rook Expect Powell and the Federal Reserve to be on the next list of people who get sacked after a right wing influencer pays a tribute call to the White House.

px_eliezer_

Dks01 Expect Powell and the Federal Reserve to be on the next list of people who get sacked after a right wing influencer pays a tribute call to the White House.

It is legally NOT clear if a President can fire Federal Reserve chair or board members.

The Federal Reserve Act (1913) says that Fed governors can be removed by the President before the expiration of their terms only “for cause.” In a 1935 case (Humphrey’s Executor v. United States), the Supreme Court ruled that President Franklin Delano Roosevelt could not fire a member of the Federal Trade Commission due to policy disagreements, because the law said commissioners could be removed only for “inefficiency, neglect of duty, or malfeasance in office.” (FDR said FTC’s work could be “carried out most effectively with personnel of my own selection.”) The Supreme Court has distinguished between agencies, such as the Fed, that are overseen by multi-member boards, and those run by a single individual. In the latter, such as the Consumer Financial Protection Bureau, the court has said the president does have the power to fire the director before his or her term expires.

Powell has said that it is “not permitted under law” for the president to fire him and that he will not resign if Trump asks him to do so. President Trump has said that he doesn’t plan to fire him. But the Fed’s vice chair for (bank) supervision, Michael Barr, resigned that post, to avoid a legal showdown over whether the president could fire him. Barr remains a member of the Board….

Supreme Court Justice Samuel Alito, in a footnote in a 2024 decision involving the financing of the Consumer Financial Protection Bureau, described the Federal Reserve Board as “a unique institution with a unique historical background … a special arrangement sanctioned by history.” That suggests he is likely to side with the Fed should its independence or governance be challenged.

https://www.brookings.edu/articles/why-is-the-federal-reserve-independent-and-what-does-that-mean-in-practice/

In the Abbott and Costello movie “The Wistful Widow of Wagon Gap” (1947), one character says that he won’t do something stupid because “THAT drunk I ain’t…!”

Hopefully that will apply here too.

Dks01

px_eliezer_ Let’s hope “past performance is no indicator of future results”, as they say in the financial industry.

broknsymetry

Well, on the plus side, it was a good day for golf.

takeahike

HooRU

Stock market today: Dow plunges 2,200 points, Nasdaq enters bear market as Trump tariffs spark worst meltdown since 2020.

Somewhat-Reticent

px_eliezer_
Meanwhile, everyone has forgotten about … everything ELSE…

All going according to plan then?

Bombtrad

real_aurgathor In any case, that’s a minor detail in the grand scheme of things.

Tell that to the penguins but no people live there so what the hell??
But in 2022 the US imported US$1.4m (A$2.23m; ) from the territory, nearly all of it unnamed “machinery and electrical” products.
The Guardian has also reported that an analysis of US import data and shipping records suggests that tariffs imposed on the Heard and McDonalds Islands, as well as Norfolk Island, are based on incorrect data.

It found shipments had been wrongly labelled as coming from the territories, rather than their actual places of origin.

That’s what you call targeted???

egeezer

Bombtrad
The penguins have been so unfair like nobody has ever seen before. They are selling trillions of dollars of stuff to American consumers. It’s about time we put America First and put tariffs on the trillions of dollars worth of their exports until they buy more American fish.

Somewhat-Reticent

takeahike Where’s Al Capone now

Saint Valentine’s Special Place for Tax Evaders?
( Damage Control notwithstanding )

ElQuintron

I’ve edited/deleted some political stuff to keep this thread above water, carry on.

px_eliezer_

Bombtrad The Guardian has also reported that an analysis of US import data and shipping records suggests that tariffs imposed on the Heard and McDonalds Islands, as well as Norfolk Island, are based on incorrect data.

It was due to a faulty AI program.

It started when one kid was talking to another kid on the phone, he said that I heard that McDonald’s does not have real spoons, nor forks.

That was transcribed wrong, then harvested by the AI for its training.

The rest is history.

vaxvms

px_eliezer_ Faulty AI? Impossible. /s

px_eliezer_

egeezer The penguins have been so unfair like nobody has ever seen before.

Indeed, the penguins work for Disney, as shown in the Mary Poppins movie (dancing with Dick Van Dyke) , then later in Roger Rabbit (the waiters at the The Ink and Paint Club) so are NOT to be trusted.

dave

px_eliezer_

OT - but do you have every movie ever made (or maybe ever made by Americans) memorized?

I am impressed with your recall. I can’t remember what I saw last week,

assailant

I just saw a news report on CNN that Vietnam is willing to negotiate to go to zero tariffs in both directions. We import a fair amount of stuff from Vietnam, over $100B a year.

Every time a country blinks and seeks to negotiate it makes it easier for the next one to do so. At some point it may avalanche, and that will be the beginning of the end of globalization. Good. Some countries will be too proud to do so, and be left out. Good riddance.

egeezer

Mexico Missouri and Russia Ohio are being added to the list. Many people are saying they have been hugely taking advantage of the US, and Billions of dollars will be coming into America through tariffs on these cheaters.

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