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Washington DC and The Holy Land>Trade Wars are good and easy to win. Dow drops 950 points.
Lex Luthor 01:51 PM 08-05-2019
Thanks Donald!

Originally Posted by :
Dow plunges more than 950 points after China devalues its currency

The Dow tumbled more than 950 points and global stocks were in disarray on Monday after China escalated the trade war with the United States.

The Chinese government devalued the yuan to fall below its 7-to-1 ratio with the US dollar for the first time in a decade Monday. A weaker currency could soften the blow the United States has dealt China with its tariffs.

The weak yuan ignited fear on Wall Street that a currency war has begun or that the United States would respond with even higher tariffs, prolonging the standoff with China and potentially weakening the global economy. Investors are particularly concerned that the Trump administration could try to devalue the dollar, sparking a currency war that could weaken Americans' purchasing power.

"Risks of Trump intervening in foreign exchange markets have increased with China letting the yuan go," wrote Viraj Patel, FX and global macro strategist at Arkera, on Twitter. "If this was an all out currency war - the US would hands down lose. Beijing [is] far more advanced in playing the currency game [and has] bigger firepower."

President Donald Trump once again called China a currency manipulator on Monday, saying the yuan devaluation was a "major violation." Trump has long attacked China for its currency policy, even though the Treasury has refrained from officially labeling the country a currency manipulator.

China announced Monday its companies have halted purchases of American agricultural goods. That helped to drive stocks even deeper into the red.

US stocks were sharply lower, with the Dow (INDU) falling more than 950 points, sinking below 26,000 points for the first time since June. The Dow was on pace for its third-worst point drop in history.

The S&P 500 (SPX) traded 3.7% lower, and could post its worst day of 2019. The Nasdaq Composite (COMP) fell more than 4%, its biggest decline since October 24, 2018. If the Nasdaq closes lower Monday, it will have logged its longest losing streak since November 2016, when it fell for nine-consecutive days in the lead-up to the presidential election.

The S&P 500 is on track for six consecutive down days for the first time since October, while the Dow is on track for its longest losing streak since March. Last week, the S&P 500 and the Nasdaq Composite logged their worst week of the year last week.

Hit particularly hard were tech stocks. Apple (AAPL), Intel (INTC), Microsoft (MSFT), Nvidia (NVDA) and Advanced Micro Devices (AMD) were among the biggest losers on Monday.

The VIX (VIX) volatility index soared more than 30% to a seven-month high. The CNN Business Fear & Greed Index is indicating "Extreme Fear."
Asian markets all fell more than 1.6% Monday, and Hong Kong's Hang Seng closed down 2.9% as protests continue in the region. In Europe, London's FTSE 100 finished down 2.5%. Germany's DAX and France' Cac 40 closed 1.8% and 2.2% lower, respectively.

US government bonds rose and yields fell as traders looked for safe investments. The 10-year Treasury yield declined to 1.7413%. The yield curve ó the difference between shorter and longer-term bond yields ó grew the widest since April 2007. That inversion of the yield curve has predated every past recession.

Escalating the trade war

The yuan weakened sharply after the People's Bank of China set its daily reference rate for the currency at 6.9225, the lowest rate since December. The central bank said in a statement that Monday's weakness was mostly because of "trade protectionism and new tariffs on China." President Donald Trump threatened a new round of tariffs on the country last week.
Devaluing the yuan is one way China has of retaliating against the tariffs. A weaker currency helps Chinese manufacturers offset the costs of higher tariffs.

Analysts at Capital Economics said the move showed that Beijing has "all but abandoned" hopes for a trade deal with the United States.

In US economic data, the non-manufacturing index for July from the Institute of Supply Management undercut consensus expectations, which didn't help matters.
https://www.cnn.com/2019/08/05/inves...day/index.html
[Reply]
petegz28 09:07 AM 08-06-2019
Originally Posted by EmojiMania:
Is that what you all are here, patty? A bunch of average mother****ers? Are a lot of ChiefsPlaneters in the 47% of Americans who don't pay income tax? Pathetic.



LOL. If I got a $4k raise I'd probably quit my job and go work somewhere else that actually respected me. Bragging about your big $2/hour raise is some real Middle America shit right here.



Go fondly stroke your guns some more and pray to them that you might be so lucky to get a $2/hr raise.

If you got a $4k raise you'd have to quit your job because it would put you over the threshold of receiving your gov-beny's.....

What's middle America is not paying $2,500 a month to live in a one bedroom shit hole surrounded by other one bedroom shit holes where you're lucky if your walls aren't 100+ year old exposed brick. That's for you coastal dumb ****s.
[Reply]
patteeu 09:12 AM 08-06-2019
Originally Posted by EmojiMania:
Is that what you all are here, patty? A bunch of average mother****ers? Are a lot of ChiefsPlaneters in the 47% of Americans who don't pay income tax? Pathetic.
I can't speak for everyone, but I'm below average. Way below average. In many ways. You make me feel better about myself though so thanks for that.
[Reply]
Nirvana58 09:21 AM 08-06-2019
Originally Posted by EmojiMania:
Is that what you all are here, patty? A bunch of average mother****ers? Are a lot of ChiefsPlaneters in the 47% of Americans who don't pay income tax? Pathetic.



LOL. If I got a $4k raise I'd probably quit my job and go work somewhere else that actually respected me. Bragging about your big $2/hour raise is some real Middle America shit right here.



Go fondly stroke your guns some more and pray to them that you might be so lucky to get a $2/hr raise.
Before you start shitting all over the Midwest you might look into this thing called cost of living. 4k in the Midwest goes a lot farther than the coast.

Let me ask you. How much land do you own? What is the square footage of your current residence?

Sad part is the square footage of the deck on my house is probably bigger than your entire home.

This right here is the reason why there is so much divide. The fact that you think you are so much better than hard working people who are making a good life for themselves. A good example on why we will keep our guns and will never trust the people on the coast to make decisions for us.
[Reply]
GloryDayz 09:25 AM 08-06-2019
Originally Posted by EmojiMania:
Wow, I knew things were bad in the midwest but not so bad that a $2/hour raise (like $4k a year????) is something all your e-buddies pat you on the back for. Good god am I glad I don't live in whatever shithole you people come from where this is your norm.

You want to talk about winning? Go get a job with a ****ing salary. All of you.
^^^ Idiot ^^^

I guess the welfare you're on is closer to a salary than hourly.
[Reply]
IowaHawkeyeChief 09:52 AM 08-06-2019
Originally Posted by Lex Luthor:
If you don't think this should be referred to as a "trade war", you should probably take it up with the guy who constantly says "trade wars are good and easy to win" when he talks about tariffs.



Everyone loses in a trade war. That's why they call it a trade war. :-)
We are the kid that is bigger and stronger but gets kicked around in the playground for years. He finally stands up for himself, and all the teachers say he is starting to fight... Please.

We've been losing and taking it up the ass from China for 25 years... They are at risk of losing supply chain labor and manufacturing to other Asian countries and it won't come back. We have the leverage, but to you, it's easier to get kicked around every day.
[Reply]
IowaHawkeyeChief 10:09 AM 08-06-2019
Originally Posted by EmojiMania:
Is that what you all are here, patty? A bunch of average mother****ers? Are a lot of ChiefsPlaneters in the 47% of Americans who don't pay income tax? Pathetic.



LOL. If I got a $4k raise I'd probably quit my job and go work somewhere else that actually respected me. Bragging about your big $2/hour raise is some real Middle America shit right here.



Go fondly stroke your guns some more and pray to them that you might be so lucky to get a $2/hr raise.
you are a tool... You are awesome, just ask yourself. I'm guessing you are the one that tells all your buddies how much you make to make yourself feel better and your wife is the one on facebook posting pictures of a perfect family despite the fact she can't stand you...
[Reply]
Over Yonder 10:18 AM 08-06-2019
Originally Posted by Nirvana58:
Before you start shitting all over the Midwest you might look into this thing called cost of living. 4k in the Midwest goes a lot farther than the coast.

Let me ask you. How much land do you own? What is the square footage of your current residence?

Sad part is the square footage of the deck on my house is probably bigger than your entire home.

This right here is the reason why there is so much divide. The fact that you think you are so much better than hard working people who making a good life for themselves. Just shows why we will keep our guns and will never trust the people on the coast to make decisions for us.
This. I was already putting about 40% of my check in savings and 401k. I'm gonna raise that percentage now. I'm just a common factory worker that makes peanuts, but I still have about half of those peanuts :-)
[Reply]
Over Yonder 10:22 AM 08-06-2019
Originally Posted by petegz28:
If you got a $4k raise you'd have to quit your job because it would put you over the threshold of receiving your gov-beny's.....

What's middle America is not paying $2,500 a month to live in a one bedroom shit hole surrounded by other one bedroom shit holes where you're lucky if your walls aren't 100+ year old exposed brick. That's for you coastal dumb ****s.
Truth. I live in a 12 yr old home on a full basement sitting on 5 acres, My house payment is $450/month. I feel sorry for folks that pay a bazillion a month to live on top of each other. It's kinda sad :-)
[Reply]
seamonster 10:26 AM 08-06-2019
lol. The same prognosticators getting bent out of shape over this (AKA OP) swore up and down that Trump's presidency would ruin the economy. 2 Years later and jobs + stock market are booming. Obama on the other hand saddled the US economy with historically slow growth for years. puttered along.. Where was this doom and gloomer then?
[Reply]
seamonster 10:28 AM 08-06-2019
Originally Posted by Nirvana58:
Before you start shitting all over the Midwest you might look into this thing called cost of living. 4k in the Midwest goes a lot farther than the coast.

Let me ask you. How much land do you own? What is the square footage of your current residence?

Sad part is the square footage of the deck on my house is probably bigger than your entire home.

This right here is the reason why there is so much divide. The fact that you think you are so much better than hard working people who are making a good life for themselves. A good example on why we will keep our guns and will never trust the people on the coast to make decisions for us.
You're talking to some 19 year old jerk off that more then likely doesn't file taxes or own a bank account not signed by his parents.
[Reply]
2bikemike 10:37 AM 08-06-2019
Originally Posted by EmojiMania:
Wow, I knew things were bad in the midwest but not so bad that a $2/hour raise (like $4k a year????) is something all your e-buddies pat you on the back for. Good god am I glad I don't live in whatever shithole you people come from where this is your norm.

You want to talk about winning? Go get a job with a ****ing salary. All of you.
I will put my annual wages from my hourly job against your salary any day. I have avoided a Salary for a reason.
[Reply]
Marcellus 10:54 AM 08-06-2019
Dow is 250pts away from being back to where it was before yesterday. :-) Lex looking like a superstar again.
[Reply]
El Lobo Gordo 11:02 AM 08-06-2019
Originally Posted by Lex Luthor:
:-)

Of course tariffs are bad for BOTH sides. Thatís why itís called a trade war.

Trump thinks trade wars are good, he thinks they are easy to win, and he apparently thinks China pays the tariffs rather than the American consumers. Or, he does understand that Americans actually pay the tariffs, but he chooses to lie about it because he knows his supporters will believe anything he says. They prove that every day.
Well you appear to be lying about tariffs too when it suits you just like you accuse Trump. You sometimes claim the cost of tariffs are solely an American burden and you sometime acknowledge they are a burden to both sides. You see this is what happens when you try to spin facts, you end up looking like a liar somewhere along the way.
[Reply]
GloryDayz 02:57 PM 08-06-2019
Originally Posted by seamonster:
You're talking to some 19 year old jerk off that more then likely doesn't file taxes or own a bank account not signed by his parents.
Who (might) have 2 years of a liberal arts degree complete.
[Reply]
GloryDayz 02:58 PM 08-06-2019
Originally Posted by 2bikemike:
I will put my annual wages from my hourly job against your salary any day. I have avoided a Salary for a reason.
I must admit that while I'm salaried, I totally understand why people are trending toward hourly.
[Reply]
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