> This will be blamed on COVID-19
Good. Because I don't buy for a moment that without COVID-19 the situation would be what it is now. Hindsight is 2020 and predictions of doom and stock market collapse is a dime a dozen.
Good. Because I don't buy for a moment that without COVID-19 the situation would be what it is now. Hindsight is 2020 and predictions of doom and stock market collapse is a dime a dozen.
If you're not needing the money soon, you'll probably be fine with riding it out like you may have with the great recession. I'm pained by the stories of boomers and others who sold low during the great recession and didn't catch any of the gains when things started turning back around. This too shall pass.
It's likely however that those scenarios didn't attach a high weight to the probability like 20 million Italians living in a state of quarantine, or that 8,000 plus patients in China would die and industrial production levels would plummet.
[Usual caveat about reading too much into plays like this.]
Edit: Here's the thread, and sincere apologies for the flaketastic LW interface now, they don't even have a parent button and it took several seconds for the thread to render after the page loaded:
https://www.lesswrong.com/posts/jAixPHwn5bmSLXiMZ/open-and-w...
In 2017 after Trump announced tariffs and it was ~10 years since the last recession. I was concerned.
Maybe stock prices were fine, but multiple companies I've worked for became unprofitable and got rid of tens of thousands of contractors.
Recession? Definitions are toxic to the real problem.
Okay, then lets not use them. Is what we are seeing now primarily a consequence of of COVID-19 or not?
"is the 2008 crisis primarily a consequence of mortgages or not?"
In the grand scheme of things, no, it's a consequence of a bubbled economy that has been goosed with tax cuts, extremely low interest rates, and deregulation for too long and is overdue for a correction. The proximate cause is Covid but it just was the spark that lit the fire, there was lots of fuel building up.
https://en.wikipedia.org/wiki/Necessity_and_sufficiency
This is why you don't cut tax rates and keep interest rates super low when the economy is already roaring. Now we're out of options for dealing with a real financial crisis.
Trump of course understands none of this since he's a narcissistic con man who just understands "tax cuts = economy more better!". Insofar as he can be said to understand anything - he's not a man that can be described as intellectually curious.
Well, while he doesn't seem to have much understanding of economics or how to run a government properly, let's give credit where credit is due: he certainly seemed to understand how to get people to vote for him a lot better than his political competitors did.
This is false. The fact that he won the election is completely irrelevant to this point. The election isn't won by the candidate who understands how to get people to vote for him. If it was, he'd have lost.
Wow, this is an incredibly stupid post. I'm not a Trump supporter; that should have been obvious from my posts. And you think that getting more votes equals winning an election, in a place where the electoral system makes this not the case? And then you fire back at me with this idiotic post? You're beyond help. It's no wonder Trump won with people like you on the other side.