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

Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

wsj.com

Post reply on HN
Print view View original

471–480 of 777 posts

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#471

Post by lenerdenator »

JackYoustra wrote: post #175
lenerdenator wrote: post #4

I was looking at used cars on Carmax about two or three weeks ago. I looked again today. They're another $1-2k. This is the shareholder/political class trying to eat their cake and have it too. Pay people a stagnant wage for 40 years while taking most of the surplus value and dedicating it to equities, then pretend to do something about it, but in a way that passes the buck to the people who have been making a stagna…

...or they could've just laid off and gotten even more. maybe, just maybe, trump and the people around him are actually just crazy and there's no big conspiracy.

I don't think of it as the classic conspiracy in the sense of a La Cosa Nostra meeting in Apalachin.

It's more like a shared set of ideas, and those ideas are crazy, at least if you don't have a net worth that is enough to ride out all but the most historic of social upheavals. And part of avoiding that most historic of social upheavals is not laying off people for the sole profit of it, at least not without a good excuse.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#472

Post by lenerdenator »

JeremyNT wrote: post #359
lenerdenator wrote: post #4

I was looking at used cars on Carmax about two or three weeks ago. I looked again today. They're another $1-2k. This is the shareholder/political class trying to eat their cake and have it too. Pay people a stagnant wage for 40 years while taking most of the surplus value and dedicating it to equities, then pretend to do something about it, but in a way that passes the buck to the people who have been making a stagna…

It amazes me the contortions some people go through to maintain the belief that this administration is competent. Occam's razor suggests that they just have no idea what they're doing.

These people all have a shared idea of what they're doing, and since they sit in financially-backed echo chambers, those ideas eventually turn so absurd that they appear to have no idea of what they're doing.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#473

Post by some_furry »

bawolff wrote: post #453
some_furry wrote: post #304

Earlier quoted context omitted.

When faced with "cash in hand that might lose value through inflation" versus "the stocks you currently own at risk of being worthless", the decision to sell is straightforward even in the absense of a next step.

There is always a risk that a specific stock will go to 0. It happens even in good ecconomic times. The decision to sell is not straightforward, even given the current situation. It would probably be the wrong decision for the average person unless you really know what you are doing.

Under ordinary circumstances, sure.

But right now, sell sell sell is a forgiveable reaction.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#474

Post by NewJazz »

ipython wrote: post #447
NewJazz wrote: post #306

Earlier quoted context omitted.

I don't think this is quite true. Because these tariffs have been levied under the guise of a national emergency, they technically need to be confirmed by the legislature within X number of days. The House is playing tricks to not hold a vote, and I'm not sure if they need cloture in the senate, but I don't think they need 2/3 to slap the tariffs down.

Nope. The rider to the “clean cr” took care of that contingency. https://www.congress.gov/119/bills/hres211/BILLS-119hres211r... - see page 4

OK but they still just need a majority in the house to undo that? And that is assuming that silliness isn't smacked down in the courts forcing them to hold a vote anyway.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#475

Post by ttyprintk »

dboreham wrote: post #334
gonzo41 wrote: post #184

Earlier quoted context omitted.

The US treatment of Ukraine is having a massive impact on how everyone thinks about security. All the US had to do was supply it's old weapons to Ukraine whilst replenishing it's stock (creating jobs in America) and things would have been fine. Now we're all in a world were Europeans are openly talking about developing nuclear weapons. Taiwan is totally on it's own, and Greenland is worried about being annexed. There…

Quick note that Europeans have had nuclear weapons since 1945.

Europe is openly talking about its own cooperative nuclear umbrella. Trump is correct that he deserves 100% of credit/blame for that, taking the heat for Putin.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#476

Post by bmandale »

sebmellen wrote: post #466
vkou wrote: post #429

Earlier quoted context omitted.

Thank you for providing me a front-row example of it. There's always one bullshit excuse or another. In reality, the US suppresses Canada's national defense, because for some weird reason, it doesn't want a heavily-armed neighbor. As for energy, for every dollar of it that it buys, it derives far more than a dollar of economic utility from it, which is why it's screaming bloody murder at the mere mention of Canada tu…

In reality, Canadians have bravely fought and died for American interests in the Middle East. Don’t take any of this as my personal view, or as a repudiation of the interpersonal camaraderie that Americans, by and large, still feel with Canadians (although I understand it’s no longer universally reciprocated). However, as a matter of industrial economic reality, NAFTA likely benefited Canada more than it did the US,…

>What barriers are there to an independent Canadian defense industry?

A defense industry is intertwined with a industry for civilians, for example in aeronautics. Certain nearby trading partners have historically stymied attempts to maintain such an industry.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#477

Post by eddythompson80 »

losvedir wrote: post #309
OJFord wrote: post #187

Earlier quoted context omitted.

As a comparison to Brexit? At what point even momentarily was that in a worse situation, nevermind as an ongoing matter?

Are you pretty young? The narrative when it was happening was pretty catastrophic. I remember reading about people not being able to get prescriptions, for example, because no one knew how imports worked. I don't know how things panned out, but the discussions in the early days around Brexit were absolutely on par or even worse than what we're seeing in these two days of discussions around tariffs.

What? The didn't happen, or it's not how it happened. Are you pretty young to remember Brexit?

The UK voted for Brexit in 2016, but it was up to the UK itself to invoke it with the EU. They took almost 4 years to do it in January of 2020 after 4 years of arguing about it with a transition period and trade talks with the EU until the end of 2020. It wasn't a surprise and "no one knew how imports worked". Yeah people online made all sort of wild hyperbolic scenarios, but trade was unaffected until the end of 2020. There were shortages in the UK around that time, but I wonder if you remember what happened shortly after January 31st of 2020?

The prescription drug shortages is still a problem in the UK. It's not because no one still knows how imports work in the UK, 5 years after Brexit. It's because the overall imports and exports in the UK has been falling since Brexit. Because the UK economy hasn't been doing great. Brexit, COVID, and then Ukraine/Russian energy dependency came in a pretty bad time for the UK.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#478

Post by billy99k »

tock wrote: post #445
sebmellen wrote: post #366

Earlier quoted context omitted.

Devil’s advocate: If you (the US) massively subsidize the world order through your financial markets, military defense, and foreign aid, it’s only fair that you get to take advantage of your position. Historically, the US has done this at the expense of its working class. Now there is a populist feeling that we are owed a long due “payback” for our generosity. The Bernie/AOC left believe the payback is owed by our el…

America is the richest country in the world. That is the payback. Yet somehow the working class is screwed. People don't want to admit wealth distribution is the problem because that would make them "communists". It's an emotional response. I'm scared how far they take it.

"People don't want to admit wealth distribution is the problem because that would make them "communists"."

If you are referring to taking wealth by force from people that earned it and giving to people that didn't earn it, yes it's 'communist'. There's nothing emotional about a methodology that has failed over and over again.

Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout

#479

Post by ttyprintk »

vkou wrote: post #311
lreeves wrote: post #220

Earlier quoted context omitted.

We (Canada) literally signed the United States-Mexico-Canada Agreement for trade in 2020... with Donald Trump. Trump this February said "Who would ever sign a thing like this?" and proceeded to make up the story about fentanyl coming from Canada as a pretense to ignore this deal. So there was certainly more than a pinky promise. Additionally your senate just signed law to repeal the tariffs against Canada specificall…

> Additionally your senate just signed law to repeal the tariffs against Canada specifically so I don't know what other receipts or paperwork you'd like here. That bill won't pass the crazy house, but yes, CUSMA was signed law.

There is a technicality in normal times, though: ratifying treaties negotiated by the President only need to pass the Senate.
Post reply on HN