Tag: stock market

Wednesday’s Theme Music

Mood: Wednesdaycopic

This is it, the last day of July of 2024. It’s gonna roll on without you so hurry on down to the Last Chance Saloon to get your final taste of July of 2024.

July was a tumltuous month. The RNC was held and Don Old Trump wisely chose a lying hypocritical sycophant as his running mate. An assassination attempt enlivened the news days. Judge Cannon, a Don Old Trump appointee, dismissed the classified document case on him with reasoning that shocked legal experts. Heat records were set for the planet. Disasters unfolded across the world, including wildfires throughout the United States, and the stock market continued going up. President Biden dropped out of the running to be POTUS again, Vice President Harris leaped into the fray, and the Olympics began. Those are just the basics.

It’s Wednesday here in Ashlandia, where the wine is fine and the weed does the deed. 73 F now, we’re anticipating a high of 97 F. I’m awaiting my furnace control board so I can continue my DIY repairs on my HVAC. I haven’t been working on it because of the high heat. Although we both agree, we’ve been surprising comfortable about ninety percent of the time, my wife is beginning to show signs of impatience.

Our quality is good, still, ranging in the 20 to 30 range around town.

We’re under 100 days until the election. Think it’s 98 now. The pressure is getting ratcheted up. Don Old Trump is looking shaky these days. Vance is offering little reassurance in his early performances.

In other words, they’re under pressure. The Neurons selected “Under Pressure” from the grey mental jukebox and has the David Bowie and Queen collaboration from 1981 is rousing the morning mental music stream (Trademark carbonized). Hope it works for you as theme music for today.

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The Stock Market

There was a 2,000 point dip in the stock market (yeah, that’s a fun dip, innit) earlier this week. President Trump was quick to step forward with his insights.

“I think the financial markets are very upset when they look at the Democrat candidates standing on that stage, making fools out of themselves, and they say, ‘If we ever have a president like this,’” Trump said, referring to the most recent Democratic presidential debate held in South Carolina. “When they look at the statements made by the people standing behind those podiums, I think that has a huge effect.”

h/t to Vox.com

Trump made those comments on Wednesday, Feb. 26, 2020. The Democratic debate was the previous night. As others pointed out, the stock market posted their losses and closed on Monday and Tuesday before the debate.

Let’s ignore that the debate happened after the losses. Trump seems to have a poor view of people trading on the stock exchange. He’s essentially suggesting that they’re so ignorant and weak-willed that a debate between the Democratic candidates to be POTUS would worry those traders and send stocks plunging.

The second aspect of it is that he’s discounting his own ability to affect the stock market. He’s in charge, but he thinks this debate between candidates to be the nominee has greater influence than him.

Wow. Talk about a lack of confidence, and high levels of desperation.

What most analysts (and non-analysts) believe is that the spreading coronavirus is affecting supply chains, travel, and productivity. They worry that a spreading virus (here’s a nifty site where you can track it) and the threat of greater quarantines and less travel will affect companies’ profitability. They base this on companies like Apple and Pepsico already warning that the coronavirus is negatively affecting their earnings, that they’re playing soccer games in empty stadiums in Italy, that the 2020 Olympics in Tokyo is in danger of being cancelled, and that Delta Airline slashed flights to and from South Korea this week. With travel down, tourism will drop. So will consumer spending. It’s all connected.

President Trump doesn’t believe any of that, of course. He’d rather escape responsibility for anything bad that happens while he’s POTUS. So much easier to blame others.

It doesn’t bode well for the future, does it?

 

 

 

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