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Old 08-05-2019, 01:51 PM  
Lex Luthor Lex Luthor is offline
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Trade Wars are good and easy to win. Dow drops 950 points.

Thanks Donald!

Quote:
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
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Old 08-06-2019, 03:01 PM   #106
Otter Otter is offline
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Originally Posted by Marcellus View Post
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"?
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Old 08-06-2019, 03:10 PM   #107
Marcellus Marcellus is online now
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Originally Posted by Otter View Post
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.
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Old 08-06-2019, 03:25 PM   #108
tatorhog tatorhog is offline
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Originally Posted by EmojiMania View Post
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 ****ed her.

I doubt you could manage a 4k tv let alone a 4k raise. Jackass.
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Old 08-06-2019, 03:36 PM   #109
chiefzilla1501 chiefzilla1501 is offline
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Originally Posted by LiveSteam View Post
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.
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Old 08-06-2019, 03:43 PM   #110
chiefzilla1501 chiefzilla1501 is offline
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Originally Posted by IowaHawkeyeChief View Post
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.
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Old 08-06-2019, 03:43 PM   #111
Otter Otter is offline
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Originally Posted by Marcellus View Post
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
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Old 08-06-2019, 03:53 PM   #112
neech neech is offline
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Originally Posted by Marcellus View Post
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.
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Old 08-06-2019, 04:01 PM   #113
petegz28 petegz28 is online now
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Originally Posted by chiefzilla1501 View Post
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?
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Old 08-06-2019, 07:13 PM   #114
EmojiMania EmojiMania is offline
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Originally Posted by seamonster View Post
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
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Old 08-06-2019, 07:19 PM   #115
Pitt Gorilla Pitt Gorilla is online now
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Quote:
Originally Posted by EmojiMania View Post
"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.
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Old 08-06-2019, 07:29 PM   #116
EmojiMania EmojiMania is offline
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"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?

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Old 08-06-2019, 07:37 PM   #117
IowaHawkeyeChief IowaHawkeyeChief is online now
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Originally Posted by chiefzilla1501 View Post
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.
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Old 08-06-2019, 07:46 PM   #118
IowaHawkeyeChief IowaHawkeyeChief is online now
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Quote:
Originally Posted by EmojiMania View Post
"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...
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Old 08-06-2019, 08:26 PM   #119
Reerun_KC Reerun_KC is offline
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Quote:
Originally Posted by Marcellus View Post
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.
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Old 08-06-2019, 09:25 PM   #120
EmojiMania EmojiMania is offline
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Quote:
Originally Posted by IowaHawkeyeChief View Post
Trump's gains in his term, including those after election night, happened with rising interest rates
So did Obama's, starting in 2015!

Quote:
Originally Posted by IowaHawkeyeChief View Post
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!

Quote:
Originally Posted by IowaHawkeyeChief View Post
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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