Posted on 03/09/2020 6:40:59 AM PDT by John W
Stocks tumbled on Monday as investors braced for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.
The Dow Jones Industrial Average tanked more than 1,800 points at the open, while the S&P 500 dropped 7%. The massive sell-off triggered a key market circuit breaker in morning trading. Trading was halted for 15 minutes until 9:49 a.m. ET.
(Excerpt) Read more at cnbc.com ...
“Not sure how the 20% import tax will help.”
Agree, probably more like $20-$25 per barrel, in order to make the imported price roughly equal the shale price. That way oil companies don’t go running off to the Middle East to bring us cheaper oil - while driving millions out of work here.
...of course we’ll pay a price for the import tax, but after seeing how China drove our manufacturing out with low prices, only to raise them after we (literally) loaded up our factory equipment and sent them over to China, I think it’s well worth the cost.
Given all I’ve seen in the past 6 weeks, my libertarianism ends at our country’s borders.
LOL - a real pandemic doesn’t look like “Contagion.” The Spanish Flu was a real pandemic - and it didn’t look like “Contagion.” SMH
Amen, brother.
Actually, credible projections are 15M - 68M people worldwide could die from this.
But that’s not the problem.
The problem is that roughly 1 in 5 cases will require hospitalization - up to and including ICU and intubation.
No country has the beds or medical capacity for that, and it will collapse medical systems worldwide like dominos. That will accelerate the death rate AND the infection rate.
Aside from that, all is good.
Everybody can see what’s going on. The media is fomenting panic and making it sound as bad as possible so they can help defeat Trump in November. The panic is overwrought.
Foolish extrapolation is baseless
S. Korea’s lower fatality rate is reportedly because the epicenter of the cases was a group of younger people in a fairly isolated community. They also did a MUCH better job getting their testing rolled out quickly so they could get better containment - unlike the US, who screwed that part of things up ROYALLY. We lost 6 weeks on our testing due to idiotic bureaucracy and just outright stupid people in government. Because we don’t know where the virus is, it’s likely just about everywhere at this point within the US.
The next few weeks to 2 months is going to get UGLY as this thing explodes across the US.
If you want to see what we’re up against here, look at Italy and Iran.
HIGHLY unlikely we are going to ever seen 10K.
Get real.
Even the most pessimistic among us don’t think that’s even remotely possible.
Go to leftist media websites and you’ll hear that we’re all going to die from this virus, 24/7.
Leftist web sites? How ‘bout Free Republic?
Um, this IS a real pandemic and is very likely to explode exponentially over the next weeks and months.
If anyone doubts that, the daily summaries at https://www.youtube.com/channel/UCD2-QVBQi48RRQTD4Jhxu8w are a great place to start in understanding why.
I haven’t seen the movie in years, but best I can remember, that’s exactly what the entire world will soon be up against unless a miracle happens, or governments worldwide get very, VERY lucky.
“HIGHLY unlikely we are going to ever seen 10K.”
He was looking for advice, all I did was tell him my plan (which I base off of the 30 year history of the Nikkei).
He’s welcome to ignore it.
Free Republic isn’t the deep state. That’s the subject of the comment.
It’s not “foolish extrapolation”. It’s estimates by people like Harvard’s Director of Infectious diseases and the WHO’s leading biostatistician among many others.
Please try to do a little research and quit thinking this is some boogeyman conspiracy to “get Trump”.
What if the USA places a tariff on Russian oil? Would that be a positive or negative. Note ... I am just asking not concluding.
Gotcha..good luck..
Does the US actually purchase any Russian oil?
It is extrapolation based on assumed facts not in evidence
We import more crude oil than we export. We do export finished products like gasoline, diesel and propane. We also export LNG and and coal. WE STILL NEED TO IMPORT 6 MILLION BBLS/DAY OF CRUDE OIL TO MEET DOMESTIC DEMAND. THE USA IS NOT SELF SUFFICIENT IN CRUDE OIL.
Russian sells it oil to other countries like China. Not sure if we can target like that.
I do know Russian can not keep the oil prices down that low for long. They have to be selling at no profit.
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