Current Events > US stock market hits NEW RECORD. Trump making US economy great again!

(+) Yeah! (+)

Its only a hair above the 3,386 record from exactly 6 months ago, but it goes to show how quickly the economy has rebounded.

• Consumer spending (retail sales) has surpassed February highs. Consumers drive two-thirds of the US economy.
• The extremely accurate Atlanta GDP forecast is now forecasting growth of 26% annualized in the 3rd quarter, the best in nearly a century (source: frbatlanta.org)
• Despite the headline unemployment rate of 10%, narrower measures of unemployment such as U1 that exclude temporary furloughs, are only around 5% (source: bls.gov)
• Economists have regarded the post-financial meltdown recovery as the slowest ever from a modern recession. In contrast, economists have said the current recovery is thus far the fastest in US history. (source: brookings.edu)

---

this is getting really pathetic

so sell now before it all goes tits up again

where is the source

---

the economy is saved

---

billcom6 posted...

the economy is saved

Any investor can tell you that the stock market is not indicative to how well the economy is doing.

---

wannabepranksta posted...

Any investor can tell you that the stock market is not indicative to how well the economy is doing.

See the bullet points in first post. The stock market would not have risen if economic indicators werent showing massive improvement.

---

INTERWEBUSER posted...

See the bullet points in first post. The stock market would not have risen if economic indicators werent showing massive improvement.

-INTERWEBUSER in 2007

---

And only a few hundred thousand people had to die.

---

fuck yeah our country is back and greater than ever

hope he gets another term! :D

---

Looking forward to it crashing again tomorrow

---

Citations needed.

---

This is the guy that makes the unhinged YouTube videos, right?

Oh yeah, and he reports people to the Secret Service too

---

Isn't TC the one who made that youtube video talking about GameFAQs and reporting users to the homeland security?

---

Mezcla posted...

where is the source

https://www.usatoday.com/story/money/2020/08/18/s-p-500-hit-record-optimism-economic-recovery/3390056001/

https://i.imgur.com/4mDKOo2.png

---

The economy is so good, 43 million people are about to get evicted.

INTERWEBUSER posted...

See the bullet points in first post. The stock market would not have risen if economic indicators werent showing massive improvement.

The stock market does not reflect the state of the economy despite that. The government can influence the markets with a single tweet but not the economy itself for example.

---

CommonStar posted...

The economy is so good, 43 million people are about to get evicted.

Don't listen to fake news media. The economy is booming. The people are excited, and happy. Bless Trump

---

based trump cannot stop winning

the stock market doesnt effect 99.9999% of people at all and has no impact on the economy

---

---

INTERWEBUSER posted...

* Consumer spending (retail sales) has surpassed February highs. Consumers drive two-thirds of the US economy.

I wonder how long this will be the case when Covid shuts the country down again because the administration is doing fuck all to deal with it.

* The extremely accurate Atlanta GDP forecast is now forecasting growth of 26% annualized in the 3rd quarter, the best in nearly a century (source: frbatlanta.org)

Forgive me for being pessimistic, but 26% GDP growth is extremely pie-in-the-sky. The Feds prediction is not so rosy.
https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20200610.htm

* Economists have regarded the post-financial meltdown recovery as the slowest ever from a modern recession. In contrast, economists have said the current recovery is thus far the fastest in US history. (source: brookings.edu)

Economists did not note in that cherry picked statement that the post-financial meltdown was exacerbated by a Congress whose sole goal was to make the President look bad. By contrast, the current recovery is occurring despite a sitting President that has done absolutely nothing to address the root cause of the issue, namely Covid. In fact, one could go so far as to note that the current recovery would not have been necessary in the first place if the President has been doing his fucking job.

---

Oh god, interwebster is invading ce now.

---

further shows how using stonks as an economic indicator sucks.

theres a pandemic and its affecting the economy. i guess the entire economy needs to burn down to ashes before we all realize how much the human factor is important to an economy

---

DarthWendy posted...

That guy looks like hes about to shit the bed Wendy. So... appropriate?

---

metralo posted...

the stock market doesnt effect 99.9999% of people at all and has no impact on the economy

o_O

Do you not have a 401k? Do you think 99% of people don't?

---

Houston posted...

o_O

Do you not have a 401k? Do you think 99% of people don't?

Doubt 95% of people have one. People with 401ks don't matter.

---

Go back to trolling Nintendo, iGen.

---

The amount of trolling and deflecting is so sad lol...

Don't y'all want America recover?

Houston posted...

o_O

Do you not have a 401k? Do you think 99% of people don't?

https://www.businessinsider.com/personal-finance/average-401k-balance

"The median 401(k) balance is $22,217"

---

meralonne posted...

That guy looks like hes about to shit the bed Wendy. So... appropriate?

It's the guy with the Secret Service lol

---

INTERWEBUSER posted...

Its only a hair above the 3,386 record from exactly 6 months ago, but it goes to show how quickly the economy has rebounded.

* Consumer spending (retail sales) has surpassed February highs. Consumers drive two-thirds of the US economy.
* The extremely accurate Atlanta GDP forecast is now forecasting growth of 26% annualized in the 3rd quarter, the best in nearly a century (source: frbatlanta.org)
* Despite the headline unemployment rate of 10%, narrower measures of unemployment such as U1 that exclude temporary furloughs, are only around 5% (source: bls.gov)
* Economists have regarded the post-financial meltdown recovery as the slowest ever from a modern recession. In contrast, economists have said the current recovery is thus far the fastest in US history. (source: brookings.edu)

And yet more Americans are dying and more Americans filing for unemployment, is this your idea of making America or keep America great, guy running for "congress"?

---

Irony posted...

Doubt 95% of people have one. People with 401ks don't matter.

No, 95% do not have one... but a lot do. About 35%. And 55% of Americans are invested in stock market one way or another (https://news.gallup.com/poll/266807/percentage-americans-owns-stock.aspx).

So I think it's safe to say his statement about the stock market not affecting most people is pretty baseless. And for those who it doesn't directly affect it indirectly affects them.

---

#FakeMoney

Main Street is suffering

---

1337toothbrush posted...

https://www.businessinsider.com/personal-finance/average-401k-balance

"The median 401(k) balance is $22,217"

What's your point? 22 grand can easily fluctuate by thousands of dollars. Do you think the people who only have 22 grand want to have 15 grand instead? Or 18?

I think it's also safe to say that a large number of those accounts should expect to have a lower amount due to people's age. We would not expect to see a typical 25 or 30 year old with 100k.

---

People aren't gonna just stop being shit with money even when the economy recovers btw.

Houston posted...

What's your point? 22 grand can easily fluctuate by thousands of dollars.

A statement like that leads me to believe that you dont have a 401k. Because if you did, you would know that 401k balances build very slowly over time because they typically invest very conservatively.

---

Houston posted...

What's your point? 22 grand can easily fluctuate by thousands of dollars. Do you think the people who only have 22 grand want to have 15 grand instead? Or 18?

I think it's also safe to say that a large number of those accounts should expect to have a lower amount due to people's age. We would not expect to see a typical 25 or 30 year old with 100k.

The point is that people don't have as much skin in the game as you claim. If you clicked the link you'd see that the median balance for those 65 and up is only $58035, which is not enough to retire on. The record highs of the S&P 500 is almost entirely to the benefit of the rich. We'd be better off strengthening social security instead of throwing it to the market and hoping everyone invests enough, cheering on bubbles that inevitably pop and leave the poor poorer and the rich richer.

---

When the virus was killing the market my 401k dropped to roughly 68k. As of last week it was up to 88k.

---

Retailers reporting huge quarters, markets at all time highs, damn its a great time to be alive

trump economy clicking on all cyclinders!

---

i was about to type up a serious response then i read TC's sig. thanks for saving me the effort.

---

seeing that the stock market is influenced by random stupid shit, its just as likely its up today because people really loved the DNC convention coverage from yesterday...

---

Trump is saving the economy again. His victory will be huge on November.

---