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Stock Market Crash

Liquid Karma said:
Him overriding a provision of the bill is a possibility whether they pass it in one day or one week.
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I didn’t really know Congress could pass a law unanimously and the President could sign it and then just pick one part of it and say “I’m not going to do that.”
 
PhDeac said:
I didn’t really know Congress could pass a law unanimously and the President could sign it and then just pick one part of it and say “I’m not going to do that.”
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Me either, but I long ago gave up wondering if it was legal for the president to do shady shit.
 
We know the Senate won’t hold him accountable. At this point, just keep an eye on things and put it in election ads. Maybe people will care about cronyism and self-dealing by then.
 
JuiceCrewAllStar said:
effectively a line-item veto
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Yep. Which is unconstitutional (the Supreme Court said as much back in the 90s), but given that the Senate won't touch him he knows that he can get away with it. And to be honest, he can get away with just about anything now, because Senate Republicans (with the exception of Romney) have shown that they won't stop him. So why not ignore parts of bills passed by Congress that he doesn't like? So it's unconstitutional - who cares? Thanks, Congressional Republicans!
 
Right but signing statements have somewhat taken the place of line item vetoes. Doesn’t mean it’s necessarily constitutional though.
 
PhDeac said:
I didn’t really know Congress could pass a law unanimously and the President could sign it and then just pick one part of it and say “I’m not going to do that.”
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Come on dude, what are you gonna do, impeach him, oh yea we already tried that. He is bullet proof.
 
Wakeforest22890 said:
Yeah the market literally dropped off precipitously during Donald's presser yesterday. You could try to argue that it was due to the substance rather than Donald's "leadership" or whatever, but they're pretty inexorably linked.
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You can lead over a cliff.
 
It is truly astonishing that the stock market continues to go up while the "Guidelines" have been extended to April 30, NYC is in lockdown and is the center of the US pandemic, the government is now reporting that we may not get out of this until the summer, and unemployment is the highest it has been in at least a decade.
 
"Great time to buy!"
 
MichDeac25 said:
It is truly astonishing that the stock market continues to go up while the "Guidelines" have been extended to April 30, NYC is in lockdown and is the center of the US pandemic, the government is now reporting that we may not get out of this until the summer, and unemployment is the highest it has been in at least a decade.
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Agreed. I'm completely baffled given some businesses aren't going to just report bad earnings - they will go bankrupt. Restaurant chains, retailers, cruise lines, and airlines are all at risk of going out of business (i.e., stock price = $0). I've felt bottom would be somewhere between 10-15K, not 18K with bounce back up to 22K?!
 
IckerDeac said:
Agreed. I'm completely baffled given some businesses aren't going to just report bad earnings - they will go bankrupt. Restaurant chains, retailers, cruise lines, and airlines are all at risk of going out of business (i.e., stock price = $0). I've felt bottom would be somewhere between 10-15K, not 18K with bounce back up to 22K?!
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Judging from everything I've read and heard, we've got a long ways to go before all this passes. I'm hardly a market expert, but given what we're seeing I wouldn't say that stocks have stabilized just yet.
 
IckerDeac said:
Agreed. I'm completely baffled given some businesses aren't going to just report bad earnings - they will go bankrupt. Restaurant chains, retailers, cruise lines, and airlines are all at risk of going out of business (i.e., stock price = $0). I've felt bottom would be somewhere between 10-15K, not 18K with bounce back up to 22K?!
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Do you think that's going to be the case for big businesses though? Local restaurants, small retailers will go out of business and the chains will pick up the slack. Cruise lines and airlines are too big to fail.
 
PhDeac said:
Do you think that's going to be the case for big businesses though? Local restaurants, small retailers will go out of business and the chains will pick up the slack. Cruise lines and airlines are too big to fail.
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Even if that is the case, you would think DEMAND would be impacted.
 
Purely anecdotal, but I cancelled a cruise with Carnival a few weeks back and was told my refund would hit my card in 4-6 weeks. Today, when Carnival finally announced a cancellation of all cruises until mod May, they voided all the refunds from the prior few weeks and are requiring customers to submit new requests for a 100% refund OR 100% credit towards a future cruise plus a healthy bonus credit.

The kicker - the cash refunds will take 90 days to process.

Carnival has no cash to pay refunds right now, and no expected cash flow for the next 6 weeks.

They will be bankrupt within a month.
 
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