Stocks dropped as the selling pressures that dragged Wall Street last week persisted, while investors braced for a slew of economic data reports this week.
  • formulaBonk@lemm.eeEnglish
    19·
    1 hour ago

    Everyone here mentioning billionaires and missing the point that the Russian agent in charge is just doing his best to deliver any and all assets to Russia. Sanctions getting lifted just as the fire sale on American assets begins right before the civil unrest. If you’re a Russian dictator you could not have planned it better. Republicans are seriously the dumbest mother/sister fuckers on the planet. I can’t even believe how fucking stupid you’d have to be to hold “conservative views”. Like it does not compute how you can be that dumb

  • Tezzerets_Tea_Time@lemmy.world
    291·
    3 hours ago

    This is intentional. The billionaires are salivating waiting in the wings to buy up as much as possible when the prices are low.

  • Dagwood222@lemm.ee
    381·
    3 hours ago

    I think he’s doing this deliberately. Encourage people to sell, so his buddies can scoop up stocks at low prices.

    • Magister@lemmy.world
      11·
      3 hours ago

      yup, I’d buy apple or microsoft or nvidia because they are going down now but will go up certainly in 1 or 2 days or even weeks/months. Except tesla, this one will go down and down and down for days/weeks/months, tesla stock is super toxic, dump all of it.

  • cygnus@lemmy.ca
    14·
    3 hours ago

    “Small price to pay to own the libs!” the faithful cry as they slowly eat their daily ration (one egg and a slice of wonder bread)

    • maplebar@lemmy.world
      1·
      14 minutes ago

      I sold all of my stocks a couple weeks back and I’m feeling pretty fucking good about that right now.

      • empireOfLove2@lemmy.dbzer0.comEnglish
        6·
        3 hours ago

        That’s why I said “for now”. I was mulling buying in after the election when corporate interests were riding high on a “pro business” President. But I didn’t. Now I have that cash free to buy in when we hit the bottom of the slump, if there is a bottom…

    • tal@lemmy.todayEnglish
      51·
      3 hours ago

      The TCJA passed in Trump’s first term. It cut the mortgage interest deduction.

      Mortgage interest deduction for newly purchased homes (and second homes) was lowered from total loan balances of $1 million under current law to $750,000. Interest from home equity loans (aka second mortgages) is no longer deductible, unless the money is used for home improvements.

      The mortgage interest deduction is a tax break for homeowners, and Trump Term 1 saw that get cut. One would expect that cut to generally apply downwards pressure on house prices, since it makes it more-expensive to borrow money to buy a house.

      If one assumes that one could use that as a guidepost as to policy during a second term, maybe that’ll continue.

      kagis

      https://doeren.com/viewpoint/president-trumps-proposed-tax-plans

      To that end, GOP lawmakers in the U.S. House of Representatives have compiled a 50-page document that identifies potential avenues they may take, as well as how much these tax and other fiscal changes would cost or save.

      To help generate savings, the GOP document proposes making changes to various tax breaks, such as:

      • The mortgage interest deduction. Suggestions include eliminating the deduction or lowering the current $750,000 limit to $500,000.

      Sounds like it. So that could push prices of houses downwards.

      I haven’t been following the situation there, so this is just a quick skim, mind.

      EDIT: I’d also add that some of Trump’s policies may have dramatic increases on house prices, depending on what he actually does at any given point in time; he’s not really one for providing clear guidance, and even when he does, one can’t very well take his statements at face value. Two potentially relevant factors include:

      • Trade disputes with Canada. The US gets a lot of its lumber from Canada, and North American homes are typically wood-framed. If lumber becomes more expensive, that will drive up the materials cost of construction of new homes.

      • Illegal immigration. If Trump actually has a significant impact on the illegal immigrant population, it will increase labor costs in construction, as construction makes use of a lot of illegal immigrant labor. That will drive up the labor cost of construction of new homes. My personal take is that most of Trump on immigration is political theater for domestic politics, but it’s worth keeping in mind.

      So it’s hard to judge what factors might dominate.

      • grue@lemmy.worldEnglish
        1·
        5 minutes ago

        The biggest influence on housing prices, by far, is the zoning code. Prices are never going to stabilize long term as long as cities keep legally prohibiting supply from meeting demand.

      • bobs_monkey@lemm.ee
        5·
        3 hours ago

        Which honestly could be the point of all this, crash the economy so the fed is forced to cut rates to near zero and all his billionaire buddies can enjoy the fire sale of the republic on the cheap.

  • DarkCloud@lemmy.world
    3·
    40 minutes ago

    Been saying this was part of their plan for a long time. Expropriate money from the government after getting around the ability to track it.

    Crash the market.

    Buy up big when it’s crashed.

  • marius@feddit.org
    4·
    3 hours ago

    If you do politics for the rich and powerful only and the wallstreet still goes downhill, you have seriously fucked up

    • bobs_monkey@lemm.ee
      3·
      3 hours ago

      No no, it has to tank so everything is stupid cheap to buy up since the average person will now be too poor to do anything.