That escalated fast

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This needs to be noted.

Markets plunged for the sixth consecutive day on Thursday, with coronavirus fears shaving over 1,100 points off the Dow — its biggest in history — and sending the S&P 500 Index swooning to its fastest-ever correction...
The last six days saw the S&P 500 drop by 10% from its all-time high at rate faster than it ever has before, according to Deutsche Bank Securities, shaving trillions off the market’s value.

Countdown to blaming Bernie in 3...2...1...

The Dow Jones Industrial Average plummeted 1,190 points, more than 4%, on Thursday as economic uncertainty over the spread of the novel coronavirus continued to rattle markets.

The losses mark the worst week for the Dow since the financial crash of 2008
. The S&P 500 and Nasdaq each also plunged by more than 4%.

dow.jpg

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very fragile, thin skinned
and filled with explosive gasses

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27 users have voted.

May we be united and strong -- laurel

Bollox Ref's picture

@QMS

very fragile, thin skinned
and filled with explosive gasses

Sounds like the body of William the Conqueror before burial in Normandy in 1087.

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14 users have voted.

Gëzuar!!
from a reasonably stable genius.

boriscleto's picture

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17 users have voted.

" In the beginning, the universe was created. This has made a lot of people very angry, and is generally considered to have been a bad move. -- Douglas Adams, The Hitch Hiker's Guide to the Galaxy "

@boriscleto @boriscleto When the ultrarich saw the size of Bernie's victory in Nevada, they saw a frightening possibility; that a president could be elected who would stop the billions, nay, trillions, gushing into existence and being lavished on banks by the Fed.

Makes sense to me. Oh, those poor, pitiful banks.

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10 users have voted.
Bollox Ref's picture

Capitalism is saved!......

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15 users have voted.

Gëzuar!!
from a reasonably stable genius.

An unsustainable market bubble of epic proportions, an unsustainable international pandemic environment, and an unsustainable international trade dependency all contributed to the 2020 market crash. These things have been all waiting to crash. That they are all deflating at the same time is perhaps bad luck, or bad planning. The physics analogy is that these bubbles were inflated really hard, creating a state of high potential energy. This is now being converted to kinetic energy as the ride off the cliff accelerates. The system analogy is that these deflations all accelerate from positive reinforcing feedback loops. Normally you might be able to engineer a recovery, since greed could be satisfied by buying low and then the market recovers. However in this case the two last unsustainables will not allow a recovery. We are headed to a pandemic and the global trade system will be hit really badly as we try to contain the pandemic. We have yet to come to the realization that global economics must be completely sacrificed if we want even a chance to contain the pandemic. We are still thinking in terms of balance, and haven't quite come to the realization that millions of lives are at stake. We will.

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21 users have voted.

Capitalism has always been the rule of the people by the oligarchs. You only have two choices, eliminate them or restrict their power.

Hawkfish's picture

@The Wizard

Between efficiency and resilience. Guess which we have been promoting for the last 40 years?

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17 users have voted.

We can’t save the world by playing by the rules, because the rules have to be changed.
- Greta Thunberg

karl pearson's picture

This article appeared on my msn newsfeed today. After the coronavirus, the 2020 election was the second reason for the stock market dropping.

Uncertainty about the U.S. presidential election’s outcome is also starting to drive markets, strategists and analysts argue. A number of them think that if Sen. Bernie Sanders, an independent from Vermont who characterizes himself as a democratic socialist, wins the Democratic presidential nomination, and possibly even the presidency, stocks would take a hit as he is perceived by some as an antibusiness candidate. “The risk to U.S. stocks is pretty significant if Bernie gets the nomination,” said Ed Moya, a senior market analyst with OANDA.

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Cant Stop the Macedonian Signal's picture

@karl pearson

If the American people make their own political choices in defiance of us, we will hit them where it hurts.

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6 users have voted.

Actually, the issue at stake is patriotism. You must return to your world and put an end to the Commies. All it takes are a few good men.
--Q

Exit polls not involving George W. Bush or Hillary Clinton tend to be quite accurate.
--Doug Hatlem

projected his fears by assuring
his followers that the market looked great
And six pence is keeping us safe

like bush telling any who would listen
after 9/11 to go shopping

or obomber handing the keys to the castle
to his wall street buddies

not sure the bs is gonna fly this time

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20 users have voted.

May we be united and strong -- laurel

@QMS More like half pence

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15 users have voted.
The Liberal Moonbat's picture

@QMS

like bush telling any who would listen
after 9/11 to go shopping

...that's the one thing Dubya gets flack for that he DIDN'T deserve to get flack for (and remember who's talking here, "hatred" scarcely even begins to describe my feelings toward him); in a consumption-driven economy, the last thing you want is for people to stop consuming. His telling us to continue spending was not inappropriate.

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4 users have voted.

In the Land of the Blind, the one-eyed man is declared insane when he speaks of colors.

snoopydawg's picture

when the market went down. He said that any time the market crashes by 1,000 points the president should be impeached. Alrighty then let's get this impeachment ball going.

I'll post it if I find it again. Pretty funny.

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17 users have voted.

America is a pathetic nation; a fascist state fueled by the greed, malice, and stupidity of her own people.
- strife delivery

Socialprogressive's picture

@snoopydawg
ea748ef2f7bcc9616da15f63f0d52b44fa3ffc836f6c744b1b488198fb90bf70.jpg

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28 users have voted.

Life is like a roll of toilet paper. The closer you get to the end the faster it goes.

@Socialprogressive squandered their impeachment effort on fake stuff instead of being patient and waiting for a really good opportunity.

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15 users have voted.
Roy Blakeley's picture

@Marie They just like the fake stuff better--no real policy implications.

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19 users have voted.

@Roy Blakeley they decided to preserve those opportunities as unimpeachable for a future Democratic POTUS. Bloomie will need them.

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5 users have voted.

@Marie
Let's be fair.
Trump said 1,000 points in two days.

Not two days of 1,000 points each.

Totally different things.

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6 users have voted.
RantingRooster's picture

@Marie the 59 missiles launched into Syria supposedly in response to a chemical weapons attack? (Which has been proven to be false by several whistle blowers)

Imho, that, was the Democrat's opportunity to strike, as it were, to impeach Cheato man. But American's love it when our presidents blow shit up.

But hey, Trump has been very good to the "establishment democrats", they are all in the top 10% of income earners, which of course we know from the Page & Gillen study, is who the legislation that does get enacted into law, is DESIGNED to benefit.

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7 users have voted.

"Men who look upon themselves born to reign, and others to obey, soon grow insolent; selected from the rest of mankind their minds are early poisoned by importance;" - Thomas Paine, Common Sense

@Socialprogressive That will make a good billboard come the fall.

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5 users have voted.
snoopydawg's picture

@Socialprogressive

lol so many things Trump said about Obama he turned around and did. The worst is how he rode Obama's golfing when he's far passed the number of times.

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7 users have voted.

America is a pathetic nation; a fascist state fueled by the greed, malice, and stupidity of her own people.
- strife delivery

boriscleto's picture

@Socialprogressive The one about the 'Dow Joans' and being launched into the Sun.

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3 users have voted.

" In the beginning, the universe was created. This has made a lot of people very angry, and is generally considered to have been a bad move. -- Douglas Adams, The Hitch Hiker's Guide to the Galaxy "

ggersh's picture

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6 users have voted.

tRump amerika's last president

Prez tRumpet blows hard, nothing comes out

#J6PBailoutreadyyet?

longtalldrink's picture

@ggersh For this cannon fodder. But the sun doesn't want his azz either. To the MOON Alice!!

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1 user has voted.

Well done is better than well said-Ben Franklin

thanatokephaloides's picture

@Socialprogressive

Wall Street's caprice should be a basis for no governmental policy or action.

Wall Street should be taking orders from the elected government, not giving orders to it as it is today.

Bad

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0 users have voted.

"I say enough! If Israel wants to be the only superpower in the Middle East then they can put their own asses on the line and do it themselves. I want to continue to eat."
-- snoopydawg

Azazello's picture

We all know it's coming.
The stock market has been wildly overvalued for some time now;
divorced from reality and propped up by free money from the Fed.
The banks are all insolvent too, the rot hidden by that same Fed money.
The whole "economy" is primed to go kablooey.
Will the virus be the random factor that starts the chain reaction ?

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20 users have voted.
Hawkfish's picture

@Azazello

Coincidentally, I was in NZ last week looking at black swans ( Cygnus atratus) in an Auckland Park. Time to dig up my copy of the I Ching I guess!

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4 users have voted.

We can’t save the world by playing by the rules, because the rules have to be changed.
- Greta Thunberg