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Title: White House Issues Statement On Today's Historic Market Crash (Dow Plunges Almost 1200 Points)
Source:
ZeroHedge
URL Source: https://www.zerohedge.com/news/2018 ... t-todays-historic-market-crash
Published: Feb 5, 2018
Author: Tyler Durden
Post Date: 2018-02-05 18:59:38 by Hondo68
Keywords: TEOWAWKI, Trumpageddon, Crash of 2018
Views: 1209
Comments: 9
Today, the Dow Jones suffered (including the plunge after hours) its biggest point crash in history, turning negative for the year, which for a president who takes particular delight in every uptick in the market, was terrible news. So, as many expected, the White House issued a statement after the close, commenting on today's market crash. Predictably, there was little commentary of the "day to day" moves, and instead Trump deflected by pointing out that he is now focusing on the economy's "long-term fundamentals" instead. Full statement below: "The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers. The President’s tax cuts and regulatory reforms will further enhance the U.S. economy and continue to increase prosperity for the American people. Translation: Trump will never again tweet about the market. Poster Comment: Have you hugged your Ron Paul gold dollars today? The Dow makes bitcoin look a lot better. The Dow Jones Industrial Average closed at 24,345, down 4.6%. The S&P 500 fell 113 points, or 4.1%, to 2,648. The Nasdaq Composite dropped 273 points, or 3.78%, to 6,967. The Dow fell as much as 1,597 points in afternoon trading, the largest intraday drop in history. The blue-chip index’s 4.6% decline reflected its worst day since at least Aug. 10, 2011. Coming off its worst week in two years, the Dow wiped out its 2018 gains with its pullback Monday. The CBOE Volatility Index, known as the market’s “fear gauge,” soared 115% to its highest level since 2011.
Stock market plunges, with Dow down a record 1,175 points in the Big Board's biggest one-day drop
Wall Street continued a broad selloff Monday, as the Dow plunged a record 1,175 points amid growing inflation fears.
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#1. To: hondo68 (#0)
It's the percent that counts, not the raw points. Certainly 4.6% is a lot for the DOW though.
Bull shit! The President’s focus is on our long-term economic fundamentals, which remain exceptionally weak. Trump has no idea what constitutes an economy or how it runs. There are three fundamental rules at the basis of an economy and should never be forgotten. 1.)You produce here what you use here. Otherwise you go broke Paying other people to produce it. 2.) You use here only what you produce here. Otherwise you go broke paying other people to make it for you. 3.) You reduce or eliminate foreign investment in production in your own country. Otherwise the profits are shipped out to foreign lands and are an are a slow economic drain from your economy. We are violating all three principles. Consequently, the stock market has been way overpriced and is due to go sharply down.
2.) You use here only what you produce here. Otherwise you go broke paying other people to make it for you. 3.) You reduce or eliminate foreign investment in production in your own country. Otherwise the profits are shipped out to foreign lands and are an are a slow economic drain from your economy. That's autarky, and it doesn't work well at all. North Korea strives for that. The wealthiest societies across history have been those who engaged in trade. Your third point is a principle of mercantilism, which doesn't work as well as free trade either. Let's apply your basic principle to two commonplace things I have on my desk right now, and consume everyday: coffee, and a banana. Coffee is a tropical plant. Brazil, the Congo, Java - it loves to grow there. The only place in the United States that coffee grows is Hawaii. Kona coffee from Hawaii is expensive, because the production is very limited (Hawaii is small). So, if we produce here what we use, and we don't import coffee at all, coffee becomes a very high priced commodity, a couple of hundred million people have to stop drinking it, Starbucks and the rest of the coffee houses go out of business, unemployment increases and smuggling explodes. Oh, and parts of Hawaii that have their highest use being left as scenic parks get burnt down and plowed under in order to cultivate a bit more coffee. And we end up with no bananas at all. There's plenty of stuff that only grows in the tropics, and the USA ain't tropical. It isn't true that the USA is going to go broke because we import all of our bananas and rubber and tea and mangoes, and most of our coffee. Before fracking we did not produce enough oil to power the country. Oil was our number one import. It was better for us to have an economy roaring along on imported oil than to only allow our economy to grow as large as our domestic energy production would allow. Should we bar the import of foreign cars and only permit American-made cars to be purchased and driven on our roads? Seems very restrictive of liberty to do so.
What I said still stands. We don't import enough bananas to effect our economy. When you start importing lots of high grade durable manufctured goods, it's a different story.
Yep - "Bull shit!" and Buzzwords because, well: "Fraud? The Market will figure it out" --Alan Greenspan The "Market" hasn't been driven by real supply and demand for at least a decade.
Uhhh, it appears the market finished up quite a bit today, Mr. NeverTrumper.
The Plunge Protection Team bots can't prop up this ponzi scheme forever, Mr. NeverAmerica. How'd that fraud thing with (D)rumpf ACORN University end up? http://www.latimes.com/local/lanow/la-me- trump-university-settlement-20170331-story.html Take lessons from Michael Jackson on how to settle his "innocence" did he? Same ol... BOHICA!
The Dow fell as much as 1,597 points in afternoon trading, the largest intraday drop in history. The blue-chip index’s 4.6% decline reflected its worst day since at least Aug. 10, 2011.
#2. To: hondo68 (#0)
(Edited)
The President’s focus is on our long-term economic fundamentals, which remain exceptionally strong...
#3. To: rlk (#2)
1.)You produce here what you use here. Otherwise you go broke Paying other people to produce it.
#4. To: Vicomte13 (#3)
(Edited)
#5. To: rlk, all (#2)
Bull shit! The President’s focus is on our long-term economic fundamentals, which remain exceptionally weak.
#6. To: VxH, Irrational Exuberance (#5)
DACA Shithole Dreamers - Make America Great Again?
#7. To: hondo68 (#0)
#8. To: no gnu taxes (#7)
the market finished up quite a bit today, Mr. NeverTrumper.
DACA Shithole Dreamers - Make America Great Again?
#9. To: no gnu taxes, hondo68 (#7)
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