Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Trading halted as U.S. stocks plummet

axios.com

Post reply on HN
Print view View original

991–1000 of 1001 posts

Re: Trading halted as U.S. stocks plummet

#991

Post by perl4ever »

bluGill wrote: post #968
solveit wrote: post #844

Earlier quoted context omitted.

On the one hand, you're absolutely right. On the other hand, if I'm putting off food or even general house/vehicle maintenance because of market conditions, my retirement has already failed from my point of view.

If you are that badly off you couldn't afford to retire. For most of the US you have a big spending problem because SS is enough to provide food and basic house/vehicle maintenance. (I know a few people who opted out of SS and then did bad retirement planning - but most people didn't even had the option to opt out of SS) SS isn't much I'll grant. However it is enough to provide the basics.

I am counting on social security, and I think all the talk about it "running out" is stupid. It runs year by year on the income from that year, so it's completely up to the political will to pay, and whether the people who are working are willing to keep the retired from starving. I assume they will be, because if not, who gives a shit about anything anyway?

Re: Trading halted as U.S. stocks plummet

#992

Post by sjm »

chrshawkes wrote: post #84

I don't know if it was a good bet but I moved all my 401k into money market accounts for the time being last Thursday. I feel like those who say I should ride the wave down are probably not telling me the truth. All indicators seem to suggest a 25% correction or more before the end of the year. I've been buying stocks heavily on the latest dips and so far that is all down around 20%. I diversified investments in crui…

Why would you diversify in cruises and airlines in this environment? Unless you're shorting them.

Re: Trading halted as U.S. stocks plummet

#993

Post by danans »

dd36 wrote: post #977
danans wrote: post #153

Earlier quoted context omitted.

People might forget, but part of his platform was supercharging the economy (really, the stock market) past the moderate, but steady and unexciting post-financial-crisis growth of the Obama era. To continue the automotive analogy, supercharging an engine with major fragilities usually sets it up for a reckoning, just waiting for a trigger. Covid-19 is just a particularly powerful trigger since it is globally correlat…

He said a lot of things... often contradictory. And his growth rate hasn't been particularly different than Obama's despite the super stimulus of deficit spending during a non-recession. Maybe it was the trade war or maybe there's just a limit to giving corporations huge tax cuts when they're already awash in abundant profits and capital.

> He said a lot of things... often contradictory.

Agreed, but massive tax cuts for corporations and the wealthy are something he campaigned on and delivered on, like it or not (I surely didn't like it).

> And his growth rate hasn't been particularly different than Obama's despite the super stimulus of deficit spending during a non-recession.

On main street and the overall economy, sure, the growth rate hasn't been much better, and wealth and income inequality haven't reduced [1], although they didn't reduce under Obama either.

On Wall St however, growth has been blockbuster since his election (S&P up more than 30%) with investors reaping the rewards of stock buybacks and lower overall taxes. A good deal of this rise was right after his election, on the expectation of the tax cuts that eventually passed. The stock market is what crashed. Main street might follow, we'll see.

> Maybe it was the trade war or maybe there's just a limit to giving corporations huge tax cuts when they're already awash in abundant profits and capital.

I think we're in agreement here. The massive tax cuts to corps and wealthy people are what juiced the market and set expectations sky high. The trade war probably didn't help either.

1. https://www.cbpp.org/income-concentration-at-the-top-has-ris...

https://www.cbpp.org/share-of-wealth-held-by-wealthiest-1-pe...

Re: Trading halted as U.S. stocks plummet

#994

Post by CWuestefeld »

sg47 wrote: post #405
CWuestefeld wrote: post #133

Earlier quoted context omitted.

Trump's shaky ground? Or everybody since at least the turn of the century? (Also, note that Trump doesn't get to run deficits. That's Congress's territory.)

Wait what? The administration decides the spending that Congress can approve or reject. Trump was absolutely pushing for the tax cuts when Repubicans had control of the House. Why is no Republican harping about the deficit now? I can understand if the deficit was due to infrastructure spending but giving Zuckerberg a tax cut is not going to help the economy.

no, budgeting is Congress's job. Traditionally the President sends a proposal, but it's certainly not required. In fact, I believe that Trump has been somewhat derelict in this.

Re: Trading halted as U.S. stocks plummet

#997

Post by eli_gottlieb »

cletus wrote: post #528
eli_gottlieb wrote: post #432

Earlier quoted context omitted.

Honestly, spring just happens to be the season when I contribute to my Roth IRA, so hey, I guess this year I get my index funds at a low per-share price. Thanks log-normal random walk!

Before you get too excited about Spring essentially solving this problem, I present to you the history of the Spanish Flu [1]. > Reported cases of Spanish flu dropped off over the summer of 1918, and there was hope at the beginning of August that the virus had run its course. In retrospect, it was only the calm before the storm. Somewhere in Europe, a mutated strain of the Spanish flu virus had emerged that had the p…

I wasn't expecting Spring to "solve the problem". I was expecting an ongoing economic disaster to make this year's retirement account contribution a "buy low", which I may someday benefit from if we all come through this.

Re: Trading halted as U.S. stocks plummet

#998

Post by greenshackle2 »

ktta wrote: post #989
greenshackle2 wrote: post #592

Earlier quoted context omitted.

Thankfully the U.S. doesn't have specific long term problems. (Edit to make this less flippant: like bubbles in education, housing and stocks.)

> like bubbles in education, housing and stocks Those aren't long term problems if you compare them to Japan's. It has been 30 years+ since 1989, and I'd believe that is long enough time for the bubbles in US to correct themselves.

That's fair.

Re: Trading halted as U.S. stocks plummet

#999

Post by ltbarcly3 »

bluGill wrote: post #969
ltbarcly3 wrote: post #878

Earlier quoted context omitted.

I have no idea why you are getting downvoted. Rollback to mid Feb. The stock market keeps hitting new highs. Tesla stock is trading for around 5x what it was trading for just weeks before. Meanwhile China is basically shut down and dealing with a deadly illness. The country where everything is made these days is in deadlock, and there's no reason to think it won't spread everywhere. Cases are popping up all over the…

The market can remain irrational longer than you can remain solvent. (Attribution controversial) What you write can be true, and yet you can still go bankrupt trying to trade it.

I can't go bankrupt by buying option contracts.
Post reply on HN