Posted on 12/20/2021 4:39:54 AM PST by John W
Stock futures tumbled Monday and global shares dropped amid a surge in Covid-19 cases and as President Joe Biden’s $2 trillion tax-and-spending package looked dead after Sen. Joe Manchin said he wouldn’t support the plan.
Contracts linked to the Dow Jones Industrial Average fell 350 points, or 1%, S&P 500 futures declined 1.1% and Nasdaq futures were down 1.23%. Futures came off earlier lows after Moderna (ticker: MRNA) said a booster dose of its Covid-19 vaccine increased neutralizing antibody levels against the Omicron variant.
The yield on the 10-year Treasury note was at 1.385% after falling Friday to 1.401%, the lowest yield in two weeks.
Dr. Anthony Fauci, chief medical advisor to Biden, said he expects coronavirus cases in the U.S. to reach record highs this winter, driven by the Omicron variant. He said he expects “significant stress” on hospital systems in some regions of the country.
Economists at Goldman Sachs cut their forecast for U.S. growth for 2022, citing Manchin’s rejection of the Biden spending bill.
The Build Back Better bill’s “enactment had already looked likea close call and in light of Manchin’s comments we are adjustingour forecast to remove the assumption that BBB will become law,” Goldman’s economists wrote in a report Sunday. “A failure to pass BBB has negative growth implications.”
(Excerpt) Read more at stocks.apple.com ...
Ain’t nobody dying though. I love the fact that this time symptoms are so innocuous that a sniffle is enough to cause rampant panic. The last time they had the bar set too high, flu symptoms. What total BS and it’s about to crash the economy and millions of lives, AGAIN.
Everyone knew for weeks that BBB was DOA. But the Statists at Goldman Sachs decided to downgrade the “GDP” estimate as a result, and everyone is freaking out.
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Shows what statists / corporatists / fascists mega corporations are.
“The corporate cronies trying to make it sound as if failure of BBB is going to hurt America.”
If the CEO making up the Chamber of Commerce would announce they are together engaged in a rush 5 year plan to rebuild US manufacturing supply chains, using 21st century technology, the stock market and the economy would soar for the next 2 decades. Capital investment across the US building factories and infrastructure to support the renewal of manufacturing would cause a boom. Employment would also respond as higher wages attract some of the 100 million non-working working age Americans back into the employment marketplace.
If we committed to rebuilding the US as a formidable manufacturing economic power, we would see the 6-10% annual growth rates of our economy China experienced over the past 30 years.
The Transhumanist Revolution, yay.... Can’t wait to be reduced to a mere number within the hive.
Maybe pelosi lost a few bucks since she had inside knowledge. Or maybe she shorted her stocks because of her inside knowledge.
They want everyone who gets just a common cold to report it as “omicron”, that way they can inflate their case numbers and and pump out more of the “surging infections” propaganda
(of course, they never mention that there’s almost no deaths or hospitalizations this time ... b-b-but those cases, th-th-those surging cases, dammit!!)
or....... stocks sink on multiple defaults on overseas $ denominated bonds by China real estate developers both large and small
Each sentence tries to outdo the prior sentence with lies. Fake News
Always hard to compare situations. SA is in summer for them. They are full of young people.
The Transhumanist Revolution, yay.... Can’t wait to be reduced to a mere number within the hive.
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Can I sit next to Seven of Nine?
Stock ... the ‘obj’ is an inbedded tracker.
Story behind paywall
Omicron!!! It is the OMICRON!!!! Be afraid, AFRAID!!!
When in danger.
or in doubt.
Run in circles.
Scream and shout.
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You’re going to get a runny snout
If the markets dropped to 10K it would be about right after 14 years of QExx
The BBB bill is simply more Gov. Spending to achieve just about nothing.
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Barons is a liar. Nobody can spend their way into wealth.
I knew the Biden market crash would be forthcoming. Everything is going to hell.
I can’t tap my savings or 401k now due to this drop. I’m forced to live off of my SS check. I used to supplement my income with interest payments but now with the principal decreased, I dare not. It sucks to think about going back to work at my age. ((
A lot of competition for that seat. LOL.
My wife moved 1/3 to cash before the election. I've been moving to defensive stocks recently knowing we'd have a Biden economic problem of some sort. Having 1/3 in cash buys time for the inevitable recovery when Biden and the Dems are out.
Cash, bonds and managed income don’t pay enough interest to buy coffee.
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