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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 — the difference between shorter and longer-term bond yields — 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]
Lex Luthor 01:42 PM 09-11-2019
Originally Posted by lawrenceRaider:
You mean came up from depression lows while the economy remained largely stagnant?
LOL

You guys always bring up the fact that Obama INHERITED a SHIT economy, and you think that somehow means he shouldn’t get credit for turning it around. It’s a completely stupid argument. And then you act like Trump is some sort of financial genius because the economy CONTINUED to grow AT A SLOWER RATE after 76 consecutive months of job growth under Obama.

Partisan hacks.
[Reply]
stevieray 01:42 PM 09-11-2019
Originally Posted by Lex Luthor:
I assume you made similar posts when the stock market TRIPLED in value and set record highs when Obama was President. Correct?
Lex posting whataboutobamas?

:-)
[Reply]
Marcellus 01:44 PM 09-11-2019
Originally Posted by Lex Luthor:
LOL

You guys always bring up the fact that Obama INHERITED a SHIT economy, and you think that somehow means he shouldn’t get credit for turning it around. It’s a completely stupid argument. And then you act like Trump is some sort of financial genius because the economy CONTINUED to grow AT A SLOWER RATE after 76 consecutive months of job growth under Obama.

Partisan hacks.
Look Lex is straight up lying again. Newsflash turd breath job growth does not equal economic growth and secondly unemployment was insanely high when Obama took over. And that wasn't Bush's fault though he loved to blame Bush for everything. All Obama did was continue Bush's stimulus policies as you know.

Then once the economy was almost back to normal he strangled it with regulation.
[Reply]
JohnnyHammersticks 02:00 PM 09-11-2019
Originally Posted by JohnnyHammersticks:
Tariffs are working. What the mentally-challenged who are focused on a few down days in a market on a record bull run fail to see is that we hold all the cards in this "trade war". China will cave or implode under its own weight. That's a fact.

Once China caves - and it will - and the Fed cuts rates even more - and it will - you will see the stock market explode like never before. 30k+ Dow is coming.
Posted about 4 weeks ago, and looking even more inevitable now.

You're welcome.
[Reply]
Lex Luthor 02:31 PM 09-11-2019
Originally Posted by stevieray:
Lex posting whataboutobamas?

:-)
No, I'm pointing out the hypocrisy of idolizing Trump for record stock markets when Obama delivered exactly the same thing.

I'm not surprised you can't grasp the difference.
[Reply]
seamonster 03:07 PM 09-11-2019
Originally Posted by Lex Luthor:
No, I'm pointing out the hypocrisy of idolizing Trump for record stock markets when Obama delivered exactly the same thing.

I'm not surprised you can't grasp the difference.
WHAT???? Obama had record setting slow growth. All of his bullshit regulations and technocrat central governance ruined the US economy. You're delusional.
[Reply]
Lex Luthor 05:17 PM 09-11-2019
Originally Posted by seamonster:
WHAT???? Obama had record setting slow growth. All of his bullshit regulations and technocrat central governance ruined the US economy. You're delusional.
The facts contradict your narrative.

Originally Posted by :
FACT CHECK: Who Gets Credit For The Booming U.S. Economy?

The U.S. economy is chugging along. Employers added 201,000 jobs last month, and the unemployment rate held steady at a low 3.9 percent. Average wages in August were nearly 3 percent higher than they were a year ago.

Who should get the credit for that strong performance?

At a campaign rally in North Dakota last week, President Trump boasted that he's responsible for the economy taking off like a "rocket ship."

But Trump's predecessor wants to remind everyone that the countdown began on his watch.

"When you hear how great the economy is doing right now, let's just remember when this recovery started," former President Barack Obama told supporters Friday at the University of Illinois.

This is not just a question of bragging rights. With midterm elections less than two months away, voters' impressions of who deserves credit for the boom could influence which political party they support in November.
Let's stipulate that presidents of both parties often get more credit and blame for economic conditions than they deserve, given that much of what happens is outside their control. But setting that aside, is Trump simply coasting on the momentum of an already strong Obama economy? Or have things turned around on his watch?

Job growth has been remarkably consistent since the end of the recession in 2010. The 3.6 million jobs added in the 19 months since Trump took office are roughly comparable to the 3.9 million added in the previous 19 months under Obama. Likewise, unemployment has steadily declined. And wages have inched up at a slow but steady pace.
On a graph of any of these metrics, the period before Trump took office is virtually indistinguishable from the period since.

"At best, you would say it's been a continuation of a steady trend," economist Austan Goolsbee told MSNBC.

Goolsbee, who had Hassett's job early in the Obama administration, challenged the idea that things suddenly improved following Trump's election.
"I don't see how you come into the game with 10 minutes left in the fourth quarter, your team is already ahead, and you're like, 'I won this game.' "

So while the White House can certainly point to some yardsticks that indicate a meaningful turnaround on Trump's watch — including small business sentiment, business investment and goods-producing job growth — broader measures of the overall job market and wages show the economy continues to follow the steady, upward glide path that began under Obama.
https://www.npr.org/2018/09/12/64670...ng-u-s-economy
[Reply]
petegz28 06:02 PM 09-11-2019
Gee, an NPR article that references an economist on MSNBC......yeah, that's not to be questioned at all
[Reply]
GloryDayz 07:27 PM 09-11-2019
Originally Posted by petegz28:
Gee, an NPR article that references an economist on MSNBC......yeah, that's not to be questioned at all
Rep...
[Reply]
Munson 06:54 AM 09-12-2019
I'll hold my breath until it actually happens, but it's still good news.

It is expected that China will be buying large amounts of our agricultural products!

— Donald J. Trump (@realDonaldTrump) September 12, 2019


[Reply]
stevieray 08:40 AM 09-12-2019
Originally Posted by Lex Luthor:
No, I'm pointing out the hypocrisy of idolizing Trump .
false narrative, whiner.
[Reply]
Sweet Daddy Hate 06:56 PM 09-12-2019
Originally Posted by Lex Luthor:
I assume you made similar posts when the stock market TRIPLED in value and set record highs when Obama was President. Correct?

Who gives a fuck about ancient history? What does that have to do with a goddamned thing?

Obama and the "new" Dems vision for America is pure trash, and we're going to destroy it in every way possible, wipe it from the face of the Earth. And that includes his traitorous foreign policy as well.

Sell your bullshit elsewhere; no one's buying.
[Reply]
cosmo20002 07:05 PM 09-12-2019
Originally Posted by Munson:
I'll hold my breath until it actually happens, but it's still good news.


"Large amount":-)
They already import a "large amount." Trump can claim another victory for something already happening.
[Reply]
Sweet Daddy Hate 07:15 PM 09-12-2019
Originally Posted by cosmo20002:
"Large amount":-)
They already import a "large amount." Trump can claim another victory for something already happening.
I see your "Trump Cunt" is inflamed again; perhaps an ointment from Walgreens could help?
[Reply]
patteeu 07:24 PM 09-12-2019
Originally Posted by Munson:
I'll hold my breath until it actually happens, but it's still good news.


Really, this doesn't seem like that much of an accomplishment. They were already buying lots of our agriculture products before the trade war.

Trump seems to focus on specific agreements (Buy $X of product Y) instead of structural change. That's favoring the short term over the long term, IMO.
[Reply]
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