Posted on 06/13/2022 10:58:45 AM PDT by Red Badger
The stock market plummeted more than 600 points when it opened on Monday over inflation while President Joe Biden crowed over a revisionist job market and non-existent savings by Americans.
“The job market is the strongest it has been since WWII, notwithstanding the inflation. […] Millions of Americans are moving up to better jobs and better pay, and since I took office, families are carrying less debt on average in America, they have more savings,” Biden said in a speech in Los Angeles.
The S&P 500 is now officially in bear market territory as global stocks tumble and bond yields jumped over skyrocketing inflation. The technology-focused Nasdaq Composite Index, which entered bear market territory in March, dropped another 3 percent as markets opened. The Dow Jones Industrial Average dropped more than 600 points.
Meanwhile, Americans are seeing the highest gas prices ever and a level of inflation not seen since the Jimmy Carter years. In fact, many contend it has now bypassed that level of inflation and we are in new, painful territory.
Biden’s blaming of Putin and the Ukraine war is not convincing most Americans as they increasingly struggle to make ends meet, and “stock market crash” trended on Twitter Monday morning.
Consumer data on Friday showed that prices rose 8.6 percent year-over-year in May. That’s the fastest rise in prices since 1981. Many Americans are now not only having trouble finding items, they also can’t afford them any longer, just as they cannot afford the cost of gas which is continuing to surge.
“The very fact that it overshot expectations has really frayed investors’ nerves even more and shown how difficult it is to try to keep a lid on inflation,” Susannah Streeter, a senior investment and markets analyst at Hargreaves Lansdown, told the Wall Street Journal. “The worry is that inflation is getting too hot to handle for central banks and they’ll have to dose economies with cold water in the form of tighter policy.”
On Tuesday, the Fed will meet and it is widely expected that the central bank will announce on Wednesday it is raising its benchmark interest rate by half a percentage point adding even more pain for Americans. Expectations that the Fed will be forced to move even more aggressively this year have risen since Friday’s inflation report.
When will the catastrophe facing this nation be finally recognized by all its citizens? How could any rational voter remotely consider more of this administration for even another day, let alone two and a half years more? pic.twitter.com/77DgYKmVbs
— James Woods (@RealJamesWoods) June 13, 2022
“It seems as though inflation is staying for longer than expected,” Kiran Ganesh, a multi-asset strategist at UBS, stated evidently not getting what almost every American already knows. “People are now beginning to fear that the Fed will have to go further or faster in terms of interest rates.”
Tech stocks had big declines on Monday. Apple shares were down 2.5 percent in early trading. Amazon.com shares lost 4.3 percent. Chip maker Nvidia lost 4.8 percent and Elon Musk’s Tesla was down 3.1 percent. Meta Platforms, the parent company of Facebook, also lost 2.9 percent.
“This is what you call a bear market where fear is taking place and pushing people out of the market and having people empty up portfolios and capitulate,” Todd Morgan, who is the chairman of Los Angeles-based Bel Air Investment Advisors, noted.
Cryptocurrencies also got hammered on Monday after interest-rate fears sparked a weekend selloff according to the Wall Street Journal.
Shares in Asia-Pacific plunged as well on Monday, with Hong Kong’s Hang Seng index, Japan’s Nikkei 225, and South Korea’s Kospi all falling more than 3 percent. European stocks also tumbled, with the pan-European Stoxx 600 shedding 2 percent as a sea of red swept through global risk assets according to CNBC.
“I do think that the probability of falling into a bear market and indeed a recession has undeniably increased as a result of Friday’s punch in the gut, in a way,” Fahad Kamal, the chief investment officer at Kleinwort Hambros, told CNBC on Monday.
He added that there was “very, very little good” in Friday’s inflation report, which he said indicated that inflation has not peaked and has instead broadened throughout the economy. This comes as whispers of a depression are beginning to circulate.
Biden is literally being eviscerated on Twitter as the stock market dives off a cliff:
Y’all voted for Joe. So it’s time to suffer the consequences.
The Big Steal was BIPARTISAN!
Both parties top priority was getting the flow of illegal aliens going again.
It’s almost as if we were told about Biden (Trump Predictions)
https://rumble.com/v18c09z-its-almost-as-if-we-were-told-about-biden-trump-predictions.html
During Trump’s Presidency the media was waiting on jobs reports hoping African American men were no longer reporting their best numbers ever. Leading up to the election the major concern that women, thr last hold on, were going to be showing their best numbers ever too. Now everyone is checking inflation numbers hoping it peaks at 8.5%....but no tweeting.
Whatever drug it is that Joes is on that allows him to polish a turd and then show off how pretty is, I want some.
If Mr. Lucky’s stocks are up 50-fold instead of 100-fold he’ll still be able to afford the good life.
The cost of gas has skyrocketed because the demoncrats and their media allies have taken gaslighting to an unprecedented level!! LOL!!
Only the ones who voted for Joe deserve the suffering. That is NOT ALL of us, in fact it may be less than suspected. Certainly it was made to look like Biden had the majority of votes, but many of us, I think, are not buying that. Certainly, even among those who maybe really did vote for him,there must be lots of buyer’s remorse by now. We’ve had presidents who failed before, but maybe not as magnificently as Biden has. Let’s say for the sake of argument that Biden was legitimately elected (which I hardly believe) then there must be a lot more buyer’s remorse than even I have come to expect.
Real estate agents are making big money.
Two new swimming pools are going in on my street.
My neighbor to the east is putting in huge (i.e. expensive) plants.
My neighbors to the west are off in Europe for about 50 days.
The federal government and Democrats buy a lot of votes with your tax dollars and trillions of new debt.
If you have to get off your posterior every two years to ensure a cozy lifestyle you’ll fill in the circle of the top ‘rat.
Joe promised cheap/free child care, universal health care, student debt payoffs and higher Social Security payouts.
The only thing Joe didn’t promise was more reindeer feed.
So the reality has yet to hit them...
They are purchasing now because their money is worth less than it was yesterday.
His voters should be eviscerated.
Bien , not only incompetent, but a LIAR also.
VOTE DEMOCRATS OUT !!
They are ruining this GREAT country.
Bien , not only incompetent, but a LIAR also.
VOTE DEMOCRATS OUT !!
They are ruining this GREAT country.
Don't be so sure of that.
I relocated last year and worked with a local realtor that has a stellar reputation in this area. They have about 35 agents listed on their website. They have SEVEN homes listed for sale.
I still get calls from desperate realtors asking me if I'm still looking for a realtor to help me with my search.
I disagree!
The top priority of both parties was to get rid of President Trump. Once that was accomplished, everything else would fall into place.
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