Scary virus outbreak in China

nooshinjohn wrote: »

BlueFox wrote: »

If it even does half that, or takes twice as long, then we will have a total economic collapse.

The only way to win is to completely destroy everything and blame the guy at the top while everybody suffers in the fallout.

Yep, when you take all the credit when times are good, you get all the credit when times are bad. But the guy at the top just might get his chance to start with nothing like 2009. I just hope the helicopter money gets dropped on the peasents in the form of infrastructure work and repairs and the like. Rather than the banks and financial institutions. Give proplegood jobs building our 8nfrssrurture

Kex wrote: »

tonyb wrote: »

What's the death toll here now....12 ?

Jerry Dahmer ate more people than that.

Just sayin'.....

It’s nice that you can laugh about, but actually, it’s 21, and climbing daily.

That number does not include all deaths, since many have not been tested, even if COVID-19 was the suspected cause of death.

The final number will almost certainly be far less than influenza, traffic accidents, or gun violence, but that’s not the point. None of the latter will keep anyone from buying stuff, going to Starbucks or the restaurant, or traveling. None of the latter will cause a drop in GDP. This has the potential to bring back memories of the Great Recession, and that will impact everyone.

Greed is more powerful than a virus, commerce will continue to happen virus or no virus. People die every day from various sources, and so far this thing doesn't hold a candle to any of them.

Gdp....stocks, all temporary set backs. Everything is temporary. You could live your life in fear of a meteor hitting us and punching everyone's ticket, or live in fear the super volcano under Yellowstone will explode, or the big one to hit the west coast, a scary virus that might wipe out half the world's population.....supposedly depending on who you listen to.

Become a prepper, stock up and find a cave to move into before the zombie apocalypse. Meanwhile, the rest of us will continue to live our lives as best and as full as we always have. Send a postcard every so often so we know you preppers are ok. 🙂

Whew, looks like I was posting after taking my Ambien last night.

Yep, the PPT " plunge protection team" stepped in.

I fall into the higher risk category myself.

Gardenstater wrote: »

22 dead in US. Stock market halted limit down. CRAZY

Wow ... has that ever happened b4?

Take a deep breath fellas. Fear is the mind killer

Gardenstater wrote: »

Not sure. Maybe last time Oct 27, 1997.....asian financial crisis

The 2008 financial crisis.

motorhead43026 wrote: »

Gardenstater wrote: »

Not sure. Maybe last time Oct 27, 1997.....asian financial crisis

The 2008 financial crisis.

Nope. Didn't happen then:

https://en.wikipedia.org/wiki/Trading_curb

Kex wrote: »

The “circuit breaker” trading halts were introduced following the 20.5% (S&P 500) market drop on Black Monday in October 1987.

• Applies to individual stocks, or the market as a whole.
• Tier I is triggered after a 7% drop compared to the previous close. Trading will be halted for fifteen minutes.
• Tier II is triggered after a 13% drop. Trading will be halted for fifteen minutes.
• Tier III is triggered after a 20% drop. Trading will be halted for the remainder of the day.

Tier I could have been triggered for the S&P 500 four times from September to December in 2008, but not since then. Judging just by that metric, this could be far from over.

Multiple individual stock halts occurred this morning. The SEC maintains a list of trading halts HERE

According to the wikipedia article I posted the link for, it didn't trigger then:

"Instances of use
On October 27, 1997, under different trading curb rules then in effect, trading at the New York Stock Exchange was halted early after the Dow Jones Industrial Average declined by 550 points.[6][7] This is the only time US stock markets have closed early due to trading curbs. Since then, circuit breakers have evolved from a Dow Jones Industrial Average points-based system into a percentage change system that tracks the S&P 500.

Then SEC Chairman Arthur Levitt Jr. believes this instance of use was unnecessary,[8] and that market price levels had increased so much since circuit breakers were implemented that the point based system triggered a halt for a decline that was not considered a crisis.[9] Some, like Robert R. Glauber, suggested in the aftermath of the circuit breaker tripping that trigger points be increased, and automatically reset by formula on an annual basis.[8]

On March 9, 2020, stocks fell more than 7% (1885 points) on fears of Coronavirus (COVID-19) and oil prices. The market was closed for 15 minutes.[10]"

tonyb wrote: »

Even if the market crashed, it's still going to come back. The ones that will get hurt are the ones at or near retirement ages who don't have the time to wait for recovery. Wiki is not the most accurate at times.

That would be my situation. At 64 this was going to be my retirement year. But with the recent market losses I've made up my mind that I'll now be working one more year. At first I had a tantrum about this but after giving it some thought it could be a lot worse. In my case if this happened say 8-10 years from now it would've been much more costly and I would've been unable to go back to work to get my finances back on track.
I feel bad for those that have retired and have lost a great deal of money already with more losses sure to come.

According to this article it was Dec 1, 2008.....down 8.9%:

https://www.cnbc.com/2020/02/24/the-nyse-can-halt-trading-amid-stock-selloffs-but-were-far-from-that.html