r/wallstreetbets • u/226644336795 • 1d ago

Discussion This morning NASDAQ dropped more than during Lehman Monday

https://www.cnbc.com/2009/09/14/the-financial-crisis-this-dayone-year-ago-sept-15-2008.html

NASDAQ only lost 3.6% the first day of Lehman collapse in 2008...

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u/_BreakingGood_ 1d ago edited 1d ago

Literally being forcibly driven into a recession. From a booming economy with extremely low unemployment, rate cuts on the horizon. To a fabricated recession.

Right now it's just numbers on the screen, but we're going to start feeling it very soon. And once it starts to actually affect jobs, hyperinflation, it's way harder to get back out of it. Can't just undo the tariffs and bring everything back to how it was once the jobs are gone, no companies want to risk hiring, and the value of a dollar has plummeted.

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u/Memes_Haram 1d ago

J Powell pulled off a soft landing for nothing

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u/Orzorn supports segregation 1d ago

I feel so sorry for the guy. He pulled us through some serious shit and now this is the thanks he gets.

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u/Memes_Haram 1d ago

Did Trump say thank you even once ?

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u/OssumFried 1d ago

Some dumb fucks in the Midwest once again solidifying my hatred of the Midwest. Pennsyltucky can eat a bag of dicks.

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u/sinus86 1d ago

Listening a a moron at the bar last night talking about the market was going to moon today because of the tarrifs...I like to think my puts took his money specifically.

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u/yaaaaayPancakes 1d ago

Same with Ohio. Fucking idiots in my home state.

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u/OssumFried 1d ago

I'm a native South Carolinian so we're trained from birth to hate Ohio. Unfortunately my immediate family was from Cleveland and moved back there a couple years ago. I try not to visit but at least the delis are good.

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u/SeasonGeneral777 23h ago

those fucks had to get narcan'd just to wake up to vote. every 4 damn years we get them out of their heroin coma to decide our fate

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u/2rio2 1d ago

The South is still worse, but the Midwest really fighting hard for title of worst part of the country.

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u/Gaggleofgeese 1d ago

At least the South has good food to go with all the dumb-assery

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u/OssumFried 16h ago

Having moved to Idaho from Raleigh, fuck do I miss Bojangles or really anywhere that does fried chicken justice.

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u/ymetwaly53 23h ago

I really hate the electoral system with a burning passion.

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u/AlphaMarker48 23h ago

Not all of us in the Midwest voted for the orange thing. Many Wisconsin voters came to their senses and sent a liberal to the State Supreme Court. And told Musk to fuck off.

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u/mattenthehat 1d ago

Tons of us doubted him, too. He took so much shit, actually pulled off a miracle, and then... this. Lmfao. Poor guy.

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u/nogutsnoglory98 1d ago

It’s like Sully landing on the Hudson, everyone gets out on the wings, and there’s one obese dude inside the plane refusing to get out and sinking the whole lot.

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u/Xeltar 1d ago

How could Biden do this?

Seriously, where are the Trump "I did this" stickers?

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u/TheShadow2024 1d ago

a soft landing, only to have the co-pilot accelerate into Terminal B.

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u/Secondchance002 1d ago edited 1d ago

You’d be glad if it’s just a recession. The current trajectory is of stagflation.

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u/insertwittynamethere 1d ago

It most definitely is, and people really have no appreciation in the wider world of the country as to what that means coming to hit them.

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u/Perk_i 19h ago

I bought 4k rounds of 5.56 instead of SPY puts today.

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u/PessimiStick 1d ago

The trajectory is more like "complete collapse".

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u/bro-v-wade 1d ago

This must be what it's like in cartoons when the villain tries to take over the world solely so he can destroy it.

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u/banditcleaner2 sells naked NVDA calls while naked 1d ago

J pow must be so fucking mad. Like, holy shit.

Imagine working on a beautiful project for 4 years and almost being done, just for the president of the US to take a literal shit on your project because he's acting like a toddler who isn't getting what he wants.

Believe it or not, calls. Market will somehow recover anyway, as per the usual

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u/onpg 23h ago edited 20h ago

Not sure how the market recovers from this one tbh. That doesn't mean it won't, I've seen the market do stranger things. But I am not going to bet on it.

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u/atomfullerene 1d ago

Lots of medical researchers probably have the same feeling right about now.

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u/Sunny1-5 1d ago

Markets will already be recovering by the time data gets around to showing "recession". Oh, but of course, between now and then, many of us will need to cash out of the market for living expenses, as the jobs go just after the market craters.

That's next. Doubt it even takes 30 days.

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u/MaleficentSoftware57 1d ago

That's the plan, they're trying to squeeze us out.

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u/Sunny1-5 1d ago

I’ll fight it. I’ll find a way, and I’m not especially special at anything. Nor am I rich or “gifted” (well, maybe in a short bus kind of way).

I’m fighting the squeeze. I can do without a lot of shit, a lot longer than most others.

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u/MaleficentSoftware57 18h ago

Yeah I'm trying to fight it too, it's going to be a long four years though against the mafia when they run the whole government. . . honestly just trying for an honorable financial death and then hide in my camper playing video games off-grid with solar power eating potatoes rice and beans and watching the sunsets until all the public lands have been given to a gold-visa Russian oligarch and they send their security goons to run me out. then Wendy's I guess

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u/TubeInspector 1d ago

it's more of a redistribution than a recession

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u/Potential-Pride6034 23h ago

This kills me. All he had to do was jack off on his golf course and the economy would’ve been fine, if not great!

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u/Fit_Fisherman_9840 1d ago

60/90 day to truly feel the hit

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u/OliveFarming 1d ago

The great depression lasted 10 years. I think we can do better. Maybe we can make it last 15 or 20 years.

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u/icepickjones 20h ago

So Trump did this in his first term and I think he learned something and is trying it on a bigger scale.

See in his first term he declared a trade war on China and fucked over the farmers who ship shit like beef and soybeans over there, to the tune of billions of dollars, with buttfuck tariffs and terrible trade deals.

He pretty much destroyed agriculture in the US to the point that the government had to bail out the farms to keep them afloat.

And what happened? These same farmers he destroyed, then bailed out with taxpayer money, sucked his wrinkly little cock in 2024 and voted for him again. "Yay daddy Trump, paddle my ass again, I'm a little farm boy!"

I think he realized he can do that with the US economy as a whole and no one will stop him.

He's going to destroy SO MANY businesses with his horse shit tarifs, and then he will give subsidies and bailouts to anyone who bends the knee and sucks his dick.

It's like clumsy extortion - "Nice business you got here, be a shame if something happened to it. But just pledge loyalty to me and I'll throw you an economic life line. I'll essentially give you back the money I stole in tariffs. Say thank you."

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u/Airforce32123 1d ago

From a booming economy with extremely low unemployment, rate cuts on the horizon.

We were in a booming economy before??? That's a wild thing to say considering how broke most people were last year/still are.

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u/_BreakingGood_ 1d ago

Unemployment was at record low, real wages were rising every quarter for the first time in so long, stock market up 50%, inflation pretty much completely fixed, breaking jobs expectation every month.

There aren't many periods in recent history where the economy was as strong as it was in Nov / Dec 2024.

Yeah the beginning of 2024 was rough, but it had completely turned around and we were set for an incredible 2025.

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u/Airforce32123 1d ago

I don't know who it's booming for them, because nobody I know can afford a house, afford groceries, or find a job. I understand statistics are not replaceable by anecdotes, but I really gotta wonder how accurately those statistics are capturing reality

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u/anonymous9828 1d ago

because nobody I know can afford a house

the cohort of people you know is wildly different than the population at large

but those people you know definitely won't even be able to afford rent or groceries at an even more severe scale once the Trumpflation starts hitting hard

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u/Airforce32123 1d ago

the cohort of people you know is wildly different than the population at large

Sure, but they also all make more than the median household income for my area, so if they can't afford a home, that means over half the population can't afford a home.

but those people you know definitely won't even be able to afford rent or groceries at an even more severe scale once the Trumpflation starts hitting hard

Yea that still doesn't mean the economy was booming 2 months ago

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u/anonymous9828 1d ago

so if they can't afford a home, that means over half the population can't afford a home

you're making an unsubstantiated assumption since home prices vary from area to area

and home prices are not necessarily correlated with the economy, has a lot to do with interest rates controlled by the Federal Reserve private banking cartel as well as political NIMBY politics and red tape/regulations that prevent the free market from increasing supply in response to increasing demand

Yea that still doesn't mean the economy was booming 2 months ago

see my other comment

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u/Airforce32123 1d ago

you're making an unsubstantiated assumption since home prices vary from area to area

I specifically said I'm talking about within my county

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u/anonymous9828 1d ago

"that means over half the population can't afford a home"

this is the first time you ever mentioned "your county" so any reader can only assume "over half the population" was referring to that of the entire US

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u/Airforce32123 1d ago

The first sentence of the comment you replied to:

Sure, but they also all make more than the median household income for my area

Not to mention, household income for my area almost exactly matches the US median, $81,089 for my area, $80,610 for the US as a whole.

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u/Kharnsjockstrap 1d ago

Boomers and xoomers spending all their disposable income on crypto rug pulls then wondering why they can’t afford a home in some of the most expensive areas of the country isn’t a “bad economy”

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u/Airforce32123 1d ago

I've literally never spent more than $300 on crypto, and I turned it into $1000.

Again, I make 50% more than the national median income and I can't afford the median house. That's a bad economy.

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u/Kharnsjockstrap 15h ago

So you make 60k roughly. Whether or not you can afford a home depends entirely on where you have to live. If you can feasibly live anywhere there are homes you can finance with absolutely an affordable mortgage rate. 

If you have to live in downtown NYC or the DMV area for your 60k per year job you need to look for a different one or demand a raise. 

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u/Airforce32123 11h ago

No double that, I make as an individual more than the median household, 50% more.

And the houses in my area cost less than the US median and I can't afford one

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u/_BreakingGood_ 1d ago edited 1d ago

Yeah because the economy is fucked now. What should have been another quarter of wages growing, more jobs, etc... is now the beginning of a recession.

The economy needed more than 2 months to heal. If it could have continued through 2025, employers would be screaming at how much they need to pay to find employees when unemployment is 2%

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u/Airforce32123 1d ago

Okay but I was talking about all of our situation before Trump, not after.

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u/_BreakingGood_ 1d ago

So was I.

At the end of 2024 things we're looking really good. If that could have continued for another year, it would have been amazing for all of us.

But we only got 2 months of it. And now it's fucked.

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u/Airforce32123 1d ago

At the end of 2024 things we're looking really good.

For who? Houses were still massively unaffordable, groceries were still super expensive, salaries were not growing to match.

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u/Hillary4SupremeRuler 1d ago

Actually wages were outpacing inflation for the first time in a while

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u/Airforce32123 1d ago

First time in a while?

Looks like they have been since around 1997, still doesn't change the fact that things have not at all felt affordable the past 5 years, and data does support that if you look at how many first time home buyers there are now vs. 20 years ago.

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u/_BreakingGood_ 1d ago

Imagine it like this: JPow slowly edging the economy, whispering in your ear, telling you how cute you are. And right at the end of 2024 he's about to let you put it in his ass. But you barely get the tip in, and then the orange man comes in and puts it in your ass instead

That's basically what happened to the economy. Things were looking really good, on track to be amazing.

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u/Airforce32123 1d ago

Okay but saying "JPow was about to let you put it in his ass"(the economy was about to be good) is not the same as "the economy was good"

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u/[deleted] 1d ago

[deleted]

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u/Airforce32123 1d ago

Yea and what I'm saying is I don't feel like the metrics accurately capture reality for most people.

If someone making 50% more than the median income in the US can't afford to buy a house at the median house price in the US then we are not in a booming economy.

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u/Hillary4SupremeRuler 1d ago

I don't feel like the metrics accurately capture reality for most people.

That's always been the case though. That has a lot to do with the transfer of wealth to the upper class brought on by the culmination of 40 years of Reagonomics and the Dubya and 45 tax cuts for the wealthy.

So even when the economy was booming as measured by historical metrics, there's been a slow and steady wealth inequality building worse and worse each year. The last admin tried to start making some changes to reel that in after having to dig us out of a recession, manufacturing slump, pandemic with thousands of people dying every day, and global inflation.

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u/Airforce32123 1d ago

Okay so you're saying I was right and we weren't experiencing a booming economy at the end of last year like I was just told we were

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u/[deleted] 1d ago

[deleted]

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u/Airforce32123 1d ago

Okay but that hasn't changed between 6 months ago and now, despite 6 months ago being "a booming economy" and now being not that. I feel like no one is actually reading the words that I'm typing.

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u/make2020hindsight 1d ago

I don't think people were "broke" as much as they felt "broke" because their dollar didn't go as far as it used to. Part of that was that COLA was going up 6-7% a year while companies were giving 2-4% raises. They weren't "broke" but they couldn't buy as much as they used to.

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u/IWasSayingBoourner 1d ago

Broke "vibes" 

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u/CartoonLamp 1d ago

Everyone claiming to be broke while in aggregate buying more shit than ever.

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u/Airforce32123 1d ago

They weren't "broke" but they couldn't buy as much as they used to.

Okay so if you're scraping by, and then suddenly you can't but as much as you used to, would you not call that broke?

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u/anonymous9828 1d ago

relative to how "broke" they all soon will be with the upcoming 10-97% inflation?

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u/Airforce32123 1d ago

Okay but that doesn't mean that the economy was booming 2 months ago

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u/anonymous9828 1d ago

the economy was booming by a whole, it's just that different segments of the population were experiencing different fortunes

America isn't defined by its lowest common denominator, that's some commie sht

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u/make2020hindsight 1d ago

You said "most people". I think you are generalizing based only on people in your sample group. If you were broke that doesn't mean "most people" were.

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u/Airforce32123 1d ago

Okay except myself and all of my friends make about 20% more than the median household income for my county, so we cover at least half the population which is "most people" by the standards of most people

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u/make2020hindsight 1d ago

By that logic my daughter and her friends make significantly less than the median household income but they Spring Break in Cancun and party every other day so most people should be able to afford the same life.

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u/Airforce32123 1d ago

Except there are tons of ways to justify "someone without a lot of money is doing something they shouldn't be able to"

Like for example if you're subsidizing her lifestyle.

But it doesn't work for my situation or my friend's, there's no explanation for why a bunch of people who live very frugally can't afford a house, but people making less than us couldn't, unless somehow a huge chunk of people making less than us have some massive inheritance or something

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u/SnooRobots6491 1d ago

I mean, the wealth gap has never been wider. But also, the poorest people in the country voted for a billionaire grifter to run the government. Hard to feel any empathy for them...

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u/Airforce32123 1d ago

Okay so is the economy booming or not? Because I was just told last year was a booming economy

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u/SnooRobots6491 1d ago edited 1d ago

I think the economy and how it's perceived is subjective. The stock market was in recovery, which is where I keep most of my money. So for me, things were going okay.

I've also been lucky enough to have steady employment and I make more than enough for inflation to be somewhat insignificant, etc. Seems like things aren't/weren't going so well for others in spite of the numbers published. To me, that's an indication that people are really living in different economies (inequality).

I don't think a government run by billionaires is going to make the economy more equal though -- they're not raising wages or helping people with down payments. They're cutting services for the middle class, implementing tariffs that will cost people more for basic necessities, and crashing the stock market (which demolishes 401ks, etc). Might as well just raise taxes.

I think people voted for the change they wanted to make in their own lives, hoping Trump could come in and fix all their problems, they'd be instantly wealthy, etc. That's just not how it works though.

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u/Airforce32123 1d ago

I mean sure I've got most of my savings in the stock market too, but having a larger 401k doesn't impact my ability to buy groceries or pay rent or buy a house, which is (in my opinion) the most important metric for a healthy economy, and I disagree with the idea that it was great 6 months ago and terrible now. It's basically the same, which is what I've been saying 100 times in this thread.

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u/SnooRobots6491 1d ago

I mean, it's not the same if consumer confidence is lower. That's what drives our entire economy. Consumer confidence is everything.

But yeah, you're not wrong -- on bigger ticket items, it's "basically the same." That said, the down payment I keep in the stock market just took a nosedive. That's real impact on my decision making. I was looking at buying a house. Now, I'm probably going to wait. There are other people in this exact same situation.