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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]
Otter 03:01 PM 08-06-2019
Originally Posted by Marcellus:
Dow is 250pts away from being back to where it was before yesterday. :-) Lex looking like a superstar again.
One has to give Lex Loser credit where credit is due: He is not afraid to repeatedly make an ass out of himself and come back to try and polish another turd with a false, self-imposed, air of dignity. It's like he's walking around in white spring shorts with a shit stain on them giving people snooty fashion advice after repeatedly being told he has a load in his pants.

Would anyone be even remotely surprised if he was borderline "slow"?
[Reply]
Marcellus 03:10 PM 08-06-2019
Originally Posted by Otter:
One has to give Lex Loser credit where credit is due: He is not afraid to repeatedly make an ass out of himself and come back to try and polish another turd with a false, self-imposed, air of dignity. It's like he's walking around in white spring shorts with a shit stain on them giving people snooty fashion advice after repeatedly being told he has a load in his pants.

Would anyone be even remotely surprised if he was borderline "slow"?
I don't think he is slow, I think he is apeshit nuts.

Lex, Lone, Rodeo, cosmo, Emoji, NJChiefsFan, Doug, Kotter,and Inmen have shown to have the emotional control of a 13 year old girl and would likely be the ones to shoot up a place before any Trump voter on here. Bunch of ****ing whackos who literally root against the country because they want Trump to fail so they can be right about something.
[Reply]
tatorhog 03:25 PM 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.
just because you beat off to pics of Gisele doesn't mean you actually fucked her.

I doubt you could manage a 4k tv let alone a 4k raise. Jackass.
[Reply]
chiefzilla1501 03:36 PM 08-06-2019
Originally Posted by LiveSteam:
When am I going to feel the tariff impacts?
We've only got 12 years left before the world is uninhabitable
You've already felt the tariff impacts. We have paid off farmers multiple times in multi-billion dollar "welfare" payouts, which you and I helped pay for. You have probably paid for it with higher prices on everything from food to beer. If you run or operate a business, you've mostly likely dealt with the supply chain issues first-hand.
[Reply]
chiefzilla1501 03:43 PM 08-06-2019
Originally Posted by IowaHawkeyeChief:
Trade deficits really weren't that big of an issue until 3 to 4 years into Reagan's term. We had a fraction of the leverage we have now and no history of how a global economy would hurt working class Americans. We now know that it wasn't very kind to them, specifically, when countries like China cheat and still our intellectual property and devalue their currency and flood the market with cheap steel to run other countries out....Reagan would think like Trump today, free but FAIR trade. It has never been fair with Russia and many other countries.
No doubt we need to be aggressive with China. But we're cutting our nose to spite the face, and there's a good chance we're cutting our nose off just to cut off our nose. We are so deep in costs with this thing that we need not just a big win, we need a gigantic win for the cost-benefit of this thing to work out. We've already lost significant PERMANENT market share to Brazil and Russia, among others. We've already bailed out farmers in the tens of billions. American businesses have reported significant earnings losses.

Trump actually thinks we're doing great on tariffs because we're collecting tariff revenue. He's actually said that multiple times. That doesn't give me very much confidence that we have any idea what we're doing on this.
[Reply]
Otter 03:43 PM 08-06-2019
Originally Posted by Marcellus:
Bunch of ****ing whackos who literally root against the country because they want Trump to fail so they can be right about something.
Yeah, that's downright sadistic.

I'll compromise: slow and sadistic
[Reply]
neech 03:53 PM 08-06-2019
Originally Posted by Marcellus:
I don't think he is slow, I think he is apeshit nuts.

Lex, Lone, Rodeo, cosmo, Emoji, NJChiefsFan, Doug, Kotter,and Inmen have shown to have the emotional control of a 13 year old girl and would likely be the ones to shoot up a place before any Trump voter on here. Bunch of ****ing whackos who literally root against the country because they want Trump to fail so they can be right about something.
LWNJ's the whole lot of them.
[Reply]
petegz28 04:01 PM 08-06-2019
Originally Posted by chiefzilla1501:
You've already felt the tariff impacts. We have paid off farmers multiple times in multi-billion dollar "welfare" payouts, which you and I helped pay for. You have probably paid for it with higher prices on everything from food to beer. If you run or operate a business, you've mostly likely dealt with the supply chain issues first-hand.
I've not noticed any increases in food nor beer.....wanna try again?
[Reply]
EmojiMania 07:13 PM 08-06-2019
Originally Posted by seamonster:
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?
"Historically slow growth" vs. "stock market boom":



Looks like seamonster is yet another retard who can't read a graph
:-):-):-):-):-):-):-):-)
[Reply]
Pitt Gorilla 07:19 PM 08-06-2019
Originally Posted by EmojiMania:
"Historically slow growth" vs. "stock market boom":



Looks like seamonster is yet another retard who can't read a graph
:-):-):-):-):-):-):-):-)
To be fair, a lot of folks here don't believe in/understand data.
[Reply]
EmojiMania 07:29 PM 08-06-2019
"Historically slow growth" vs. "jobs booming":



You guys see the curve that shoots up right at the start of Trump's presidency, right? Right? What do you mean, there isn't one?

:-):-):-):-):-):-):-):-):-)
[Reply]
IowaHawkeyeChief 07:37 PM 08-06-2019
Originally Posted by chiefzilla1501:
No doubt we need to be aggressive with China. But we're cutting our nose to spite the face, and there's a good chance we're cutting our nose off just to cut off our nose. We are so deep in costs with this thing that we need not just a big win, we need a gigantic win for the cost-benefit of this thing to work out. We've already lost significant PERMANENT market share to Brazil and Russia, among others. We've already bailed out farmers in the tens of billions. American businesses have reported significant earnings losses.

Trump actually thinks we're doing great on tariffs because we're collecting tariff revenue. He's actually said that multiple times. That doesn't give me very much confidence that we have any idea what we're doing on this.
What would you do differently?

Currently, The treasury is collecting Tariff Revenue and the costs of most goods to US importers is about the same as China's Currency has been devalued through manipulation and the slowest Economy they've had in 27 years. So the cost of goods to importers are the same even after tariffs, consumer prices are stable, and we are paying farmers less than we've collected in tarriff's. We have the leverage and China will suffer. If it holds out until 2020 it will lose supply chains that will never return... They are playing a bad game of chicken.
[Reply]
IowaHawkeyeChief 07:46 PM 08-06-2019
Originally Posted by EmojiMania:
"Historically slow growth" vs. "jobs booming":



You guys see the curve that shoots up right at the start of Trump's presidency, right? Right? What do you mean, there
:-):-):-):-):-):-):-):-):-)
You surely understand, well actually you probably don't, that one President's baseline was after the worst recession since the great depression, which still resulted in the slowest recovery from a recession in the last 75 years. This growth was also in the midst of QE1 and QE2 making interest rates the lowest in history and any returns had to be in the market after historic losses. Trump's gains in his term, including those after election night, happened with rising interest rates, with the 10 year actually hitting above 3% again for the first time in 11 years, in the midst of Quantitative tightening by the Fed.

See, :-):-):-):-), Obama was kind of like Drew Bledsoe, and Trump is Brady...
[Reply]
Reerun_KC 08:26 PM 08-06-2019
Originally Posted by Marcellus:
I don't think he is slow, I think he is apeshit nuts.

Lex, Lone, Rodeo, cosmo, Emoji, NJChiefsFan, Doug, Kotter,and Inmen have shown to have the emotional control of a 13 year old girl and would likely be the ones to shoot up a place before any Trump voter on here. Bunch of ****ing whackos who literally root against the country because they want Trump to fail so they can be right about something.
:-)

Well said sir.
[Reply]
EmojiMania 09:25 PM 08-06-2019
Originally Posted by IowaHawkeyeChief:
Trump's gains in his term, including those after election night, happened with rising interest rates
So did Obama's, starting in 2015!

Originally Posted by IowaHawkeyeChief:
with the 10 year actually hitting above 3% again for the first time in 11 years
That's cool and all, but now it's back down to Obama levels!

Originally Posted by IowaHawkeyeChief:
in the midst of Quantitative tightening by the Fed.
You already mentioned rising interest rates, do you think using bigger words makes you sound smart? :-):-):-):-):-):-):-):-)

Here's the thing: the line in that jobs graph is ****ing straight. If all the shit you mentioned was so important, don't you think the line would waver a bit as those conditions changed, for example as the Fed started raising rates towards the end of Obama's term?

But it doesn't. It stays straight. Because all you guys who try to act like the Trump economy is god's gift to humanity and is sooooooo different from the horrible Obama economy are utterly full of shit. But good god is it great entertainment to watch you try to explain how a straight line actually isn't straight. :-):-):-):-):-):-):-)
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