Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

[rufus]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

That's *exactly* what Jim Cramer was yelling for this morning.

Holy fu**. Our government is getting their advice from TV.

Has been since Trump took office. Fox and Friends is actually president.

 

[ticapnews]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

Fed Chair Powell stepped in directly. Emergency.

Quantitative easing. Half trillion into liquidity. 1.5 trillion overall.

Down almost 9% again.

The market went through $1,500,000,000,000 in under two hours. etoys, Defy Media and pets.com are impressed with that burn rate.

 

[Kepler]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I was? About what?

Shhh. Take it and cash it, man.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I was? About what?

Doh. Was that aparch?

 

[Rover]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

That's *exactly* what Jim Cramer was yelling for this morning.

Holy fu**. Our government is getting their advice from TV.

AND its not even Fox News this time!

 

[aparch]

AND its not even Fox News this time!

That's why I was a little more surprised by the reaction.

 

[BassAle]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

$200 strike SPY? They're priced at $220 now?! Holy ****. That's... not good people are buying that low at that kind of premium.

I sold too soon. the 3/30 SPY $200 puts are over $3/share now (>$300 per contract)

 

[ticapnews]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

"OK, we have $1.5 trillion dollars to spend by the end of the day. What should we buy?"
'We can cancel all college loans!'
'We can pay off about 15% of home mortgages."
'We can buy a bunch of stocks so our friends on Wall Street make money before the market crashes again in two hours.'

"That last one. We'll go with that last one."

 

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">It's so weird that Congress can't spend a nickel without letting Mitch McConnell engage in mercenary style hunting games of the poor but the banker-controlled Fed can be like 'hey let's build a tree fort out of stacks of $100 bills for fun' and it's just done. <a href="https://t.co/JHtQvmwfMJ">https://t.co/JHtQvmwfMJ</a></p>— Matt Stoller (@matthewstoller) <a href="https://twitter.com/matthewstoller/status/1238188546898440195?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[Handyman]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">FYI, the amount that the Fed just injected almost covers all student loan debt in the US.<br><br>There is absolutely NO excuse for not pausing student debt collections, planning for mortgage &rent relief, etc.<br><br>We need to care for working people as much as we care for the stock market. <a href="https://t.co/IT6qZA2gtt">https://t.co/IT6qZA2gtt</a></p>— Alexandria Ocasio-Cortez (@AOC) <a href="https://twitter.com/AOC/status/1238195671540338691?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

 

[ScoobyDoo]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">FYI, the amount that the Fed just injected almost covers all student loan debt in the US.<br><br>There is absolutely NO excuse for not pausing student debt collections, planning for mortgage &rent relief, etc.<br><br>We need to care for working people as much as we care for the stock market. <a href="https://t.co/IT6qZA2gtt">https://t.co/IT6qZA2gtt</a></p>— Alexandria Ocasio-Cortez (@AOC) <a href="https://twitter.com/AOC/status/1238195671540338691?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Yep. Known this for a long time.

 

[ticapnews]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">FYI, the amount that the Fed just injected almost covers all student loan debt in the US.<br><br>There is absolutely NO excuse for not pausing student debt collections, planning for mortgage &rent relief, etc.<br><br>We need to care for working people as much as we care for the stock market. <a href="https://t.co/IT6qZA2gtt">https://t.co/IT6qZA2gtt</a></p>— Alexandria Ocasio-Cortez (@AOC) <a href="https://twitter.com/AOC/status/1238195671540338691?ref_src=twsrc%5Etfw">March 12, 2020</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Sounds like Socialism to me. Can't do that.

 

[French Rage]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

LOL, Eric deleted his "great time to buy stocks" tweet.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I sold too soon. the 3/30 SPY $200 puts are over $3/share now (>$300 per contract)

Nah, never look back on individual trades like that. You profited on one of the worst stock market days in history. Even if it was a hedge, it's something.

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

"OK, we have $1.5 trillion dollars to spend by the end of the day. What should we buy?"
'We can cancel all college loans!'
'We can pay off about 15% of home mortgages."
'We can buy a bunch of stocks so our friends on Wall Street make money before the market crashes again in two hours.'

"That last one. We'll go with that last one."

That's exactly what it was. An avenue for the rich to get their money out at half the losses. Literally, the market was only down like 4.5% when the market started free-falling again. CNBC anchors (ones that actually seem to understand this ****) were exasperated at the news of the Fed as it came in. They were struggling to understand the reality of it. These are the most connected people in the business. THey didn't know what had happened until it was over. The rich got their money out and the market tanked another 5.5%. The system is ****ing rigged.

 

[BassAle]

Nah, never look back on individual trades like that. You profited on one of the worst stock market days in history. Even if it was a hedge, it's something.

I made a little here in my fun account but I also lost WAY more in my retirement account

 

[dxmnkd316]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

I made a little here in my fun account but I also lost WAY more in my retirement account

You haven’t lost anything unless you sell now

I don’t know what I lost in the last month but it’s close to six figures I’m sure. God only know what’s going to happen to my home value.

 

[ticapnews]

That's exactly what it was. An avenue for the rich to get their money out at half the losses. Literally, the market was only down like 4.5% when the market started free-falling again. CNBC anchors (ones that actually seem to understand this ****) were exasperated at the news of the Fed as it came in. They were struggling to understand the reality of it. These are the most connected people in the business. THey didn't know what had happened until it was over. The rich got their money out and the market tanked another 5.5%. The system is ****ing rigged.

They could have given every man, woman and child in the country a check for $5000 but instead they threw it on the ground and lit it on fire.

Actually, since it wasn't real money we didn't even get that. At least if it was on fire it might have provided a little heat.

 

[unofan]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

The fed injecting 1.5 trillion in liquidity is not the same as the federal government spending 1.5 trillion in stimulus. And AOC should know that. And all Bernie supporters spouting that talking point need to take a macro economics class.

 

[French Rage]

Re: Business, Economic, and Tax Policy 9: No, No, No, We Compost The Rich

The fed injecting 1.5 trillion in liquidity is not the same as the federal government spending 1.5 trillion in stimulus. And AOC should know that. And all Bernie supporters spouting that talking point need to take a macro economics class.

Doesn't mean it isn't stupid as **** though.