What's happening with the stock market is apparently a correction, not a crash,

[CC27]

highplainsdem (50,582 posts)

What's happening with the stock market is apparently a correction, not a crash, of overvalued stocks, mostly tech/AI.
There have been indications for some time that investors are becoming more wary that claims made for the profitability and usefulness of AI were overpromising.

That still didn't stop the hype, including really outrageous examples like OpenAI's Sam Altman telling possible investors several months ago that they should give him $7 TRILLION - maybe more - because "compute" was the most valuable thing in the world and he really, really needed that money for more data centers, chips, etc. Sort of a last desperate plea for money for a fantasy before the bubble began to deflate, if not burst.

Crypto is sinking, too, as it should. Crypto advocates have been wanting the US government to buy a lot of crypto, something Trump is apparently willing to go along with, so it's no surprise that crypto will be less valuable as it seems less likely he'll win in November.

Twitter, which does hysteria well, has #stockmarketcrash trending...and that asshole Musk has Biden's birthday tweet for Obama appearing as the very first tweet you see when you click on that hashtag. This has been going on for about 12 hours, according to tweets I've seen, which pretty much guarantees Musk ordered it and it didn't happen because some of the RWNJs replying to the birthday tweet added the #stockmarketcrash hashtag to their tweets. It's been obvious for a long time that good news about Biden would usually.fail to show up under Trending topics, while Musk's Twitter hypes any bad news about him. Idiot Musk is probably giggling about this one.

But it's just a correction, and only morons would believe it's a crash...or that Biden had anything to do with it.

https://www.democraticunderground.com/100219287157

The only moron is you.

[SVPete]

A "correction" is a good thing for Kammie? Not Wall Street trying to compensate for problems caused by Bidenomics/Kammienomics?

[67 Rover]

Cool! now do the employment 'correction' shuffle. 

Just transitory I guess.

[Ralph Wiggum]

DUmmies lecturing me on what is happening on the stock market or in the broader economy is akin to Ralphie lecturing people on military service or firearms.

Stay in your lane, DUmb ass.

[Ralph Wiggum]

But it's just a correction, and only morons would believe it's a crash...or that Biden had anything to do with it.

Joe Biden Boasted ‘I Cured the Economy’ Days Before Global Market Rout

President Joe Biden insisted the Biden-Harris administration “cured” the economy just days before the Dow dropped 900 points and the Nasdaq sank six percent in a global market rout Monday morning.

“I cured the economy,” Biden said Tuesday when asked about his administration’s accomplishments:

https://www.breitbart.com/economy/2024/08/05/i-cured-economy-joe-biden-said-days-before-global-market-rout/

[Old n Grumpy]

People get very nervous when they see their wealth go down by a larger amount. I really think Biden and Harris can explain it just like you did, to calm the nervous people out there.

Biden will tell them suck it up buttercup, you don’t need all that money.  

[fatboy]

The US dollar is down against overseas currencies, Unemployment is up, inflation is up, new job creation is down. Yes it is true that the market is overpriced. No it is not something that will help the administration and Ms Harris who has no clue. Nor should we expect president vegetable to offer words of comfort. This is why biden was foolish last week to state that he fixed the economy when it clearly is broken in 10 places. But, as Warren Buffett would say: buy when there is blood in the streets", and that would be now. Of course, few are the DUmmies that are in the market and fewer still who will actually admit to it. As for me I threw everything not nailed down at a few ETFs I hold. Does that mean I think the bottom is here? No, but I had a few bucks in my account that needed something to do. I just hope that PMs don't get too rowdy between today and the middle of next week. If this isn't the beginning of a crash, the crash is just on hold for now.

[SVPete]

How many DU-posts credit Biden with the stock market going up the past several years? Dozens? Scores? Even hundreds? If Biden get that credit he gets credit for today's downturn.

As the old saying goes, victory has a thousand fathers but defeat is an orphan.

[USA4ME]

This “correction” should have happened around 2010 and lasted for 2 or 3 years. But you know who kept pumping money into the economy and kept things floating rather than take the hit. Worst case scenario this should have happened 2-3 years ago and let it work thru the market. Well, now consumers are in a world of debt as well as the country and it’s time to pay the piper.

notemason

8. Take the correction now so the markets are soaring again by election time

Always looking at the political.

Besides, a proper correction would have the Dow going down to around 20,000 eventually. But they don’t wanna hear that.

.

[67 Rover]

Joe Biden Boasted ‘I Cured the Economy’ Days Before Global Market Rout

President Joe Biden insisted the Biden-Harris administration “cured” the economy just days before the Dow dropped 900 points and the Nasdaq sank six percent in a global market rout Monday morning.

“I cured the economy,” Biden said Tuesday when asked about his administration’s accomplishments:

https://www.breitbart.com/economy/2024/08/05/i-cured-economy-joe-biden-said-days-before-global-market-rout/

We need to cut Brandon some slack with respect to the economy after all he did cure cancer. 

[Ralph Wiggum]

How Are YOU Doing? Amid Stock Market Crash, Remember What Chuck Schumer Said About the Economy Last Year

This post aged like milk in the August sun. On August 16 of last year, this is what Chuck Schumer said about the economy.

Watch:

Democrat Senator Chuck Schumer on dissatisfaction with Biden and Democrats over the economy: "A year from now, people will know — they will know the economy is strong."

https://twitchy.com/amy-curtis/2024/08/05/chuck-schumer-said-last-year-the-economy-would-be-strong-n2399251