Stocks Tumble Into Close As Bernie Sanders Threatens To Hold Up Coronavirus Package
Stocks tumbled into the bell after Sen. Bernie Sanders (I-VT) became the latest lawmaker to threaten to hold up the coronavirus stimulus package "until stronger conditions are imposed on the $500 billion corporate welfare fund."
"Unless Senators Graham (R-SC), Sasse (R-NE) and Time Scott (R-SC) drop their anti-worker objections to fast-tracking the emergency coronavirus legislation, I am prepared to put a hold on this bill until stronger conditions are imposed on the $500 billion corporate welfare fund," Sanders said over Twitter.
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown
"The United States government is the largest criminal enterprise on earth." -rduckwor
Posts: 17662 | Location: St. Louis, MO | Registered: April 03, 2009
Graham stated that there are incentives built into the package that makes it so that certain workers can make more money off of govt. than going back to work, feeling it would slow the economic comeback.
"I’m not going to read Time Magazine, I’m not going to read Newsweek, I’m not going to read any of these magazines; I mean, because they have too much to lose by printing the truth"- Bob Dylan, 1965
Originally posted by Sig209: the question is -- is the 'new normal' earnings reality already 'baked into' the market?
Or will we see another major series of drops when earnings season arrives and the earnings reports are abysmal?
My counter question: Which would be more advantageous for those who have the ability to affect market gyrations?
(Hint: Lots of big money that loves volatility)
The stimulus is just going to be a bump in the market, followed by it dropping again from what everyone is telling me. The stimulus looks like it's going to cost businesses in the long run (higher unemployment taxes). Majority businesses are going to have really down quarters most likely through the entire year. Many consumers are either out of a job, or have a huge income loss from this and will be spending their income in the future paying bills they can't pay now. Many many sectors and industries are negatively effected by this AND nobody knows when the financial bleeding is going to end.
Boo fucking hoo. Shit happens, this is life, bad shit happens, wars, terrorism, plagues, the rise and fall of civilizations. We can work through it and keep moving along, or we can moan like bitches about how we need help from our masters, and how bad shit is.
Take a look at pictures from the great depression, or the men that survived the Batan death march. Think about the men that lived through the civil war, or the people that starved to death trying to reach California, and these are just the tip of the iceberg, throughout history the common trait seems to be great suffering, and even right now we are certainly not suffering. Buy stock, sell stock, make money loose money, I am pretty sure no one reading this will miss many meals. Hug your kids, fuck your wives, enjoy the vacation in your heated, possibly air conditioned home, that has running water and electricity, and get ready to go back to work. Or suck on the .gov tit and bitch about how the rest of us are not taking care of you well enough.
Posts: 1492 | Location: Spokane, WA | Registered: June 23, 2008
At this stage they are busting their asses to simply avoid bankruptcy.
I'm already bleeding from trying to catch this falling knife and don't want to loose even more.
---------------------------------- "socialism sounds great. It has always sounded great. And it will probably always continue to sound great. It is only when you go beyond rhetoric, and start looking at hard facts, that socialism turns out to be a big disappointment, if not a disaster." - Thomas Sowell
Posts: 2459 | Location: Migrating with the Seasons | Registered: September 26, 2007
Yesterday I bought a little Kinder Morgan KMI, since it is finally reasonably valued. This morning I saw a Pundit on the TV saying that some inland oil producers are not currently selling oil - they have to pay someone to take it.
It may not be the bottom in the oil patch.
But I still have a limit order in to buy CVX at $50. It was $52 on 3/19/20 but I just missed it. I suspect my limit order will go off next week even though CVX is trading at $72 this morning.
---------------------------------------------------- Dances with Crabgrass
Posts: 1829 | Location: Eastern Virginia | Registered: October 12, 2009
I've found that the only people making money on silver are those that are involved in actively trading it (not that there's anything wrong with that). Silver has been trading sideways since 2015 or so. I had a few thousand dollars in physical coins, but finally gave up and sold them. YMMV
Posts: 4907 | Location: 7400 feet in Conifer CO | Registered: November 14, 2006