“In a time of destruction, create something.”
–Maxine Hong Kingston
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As John McCain used to use say, "It's always darkest just before the light go completely out."
US Stocks Fall Sharply After Market Declines in Asia and Europe: Live Updates – The New York Times (nytimes.com)
The good news is that with a recession, inflation won't be a problem.
The over-caffeinated meth-heads on Wall Street and their high speed trading algorithms are putting stocks on sale for us. While I agree stocks have gotten ahead of themselves, this panic is ridiculous. The Fed is not going to implement an emergency rate cut based on the job creation numbers. The main driver of the increase in unemployment is due to more people wanting to enter the job force (a good thing). I'm not sure the Fed will drop the rates in September more than a quarter point. Inflation is exactly on track. Here's Nobel Laureate Economist Paul Krugman's take:
Memo to Kamala Harris …..
Whatever you do, do NOT get in a front of a camera and parrot what John McCain said in October 2008 when he said, "The fundamentals of our economy are still sound."
Blame it on Jerome Powell – who was first appointed by Trump.
Blame it on Donald Trump – for first appointing Powell.
Blame it on the Republican House of Representatives.
Just as long as you blame it on someone other than Biden. And do it loudly.
This week, the line for Harris ought to be "my Vice President will be … "
IF the stock market stays down beyond a few days, a line could well be "Donald Trump claimed the stock market is reacting to his candidacy."
If the stock market stays down, then Harris ought to express concern about what the FED will do. As a bonus position, point out the House of Representatives needs to make certain they act responsibly, get a consensus with the Senate and President Biden, and get the government funded for October 1 so they don't make things worse.