The Nation's Financial Condition

[Nigel]

The DJIA is for the 1%.

Your statement couldn't be further from the truth.

1% of US 330M people is 3.3M people. If you strip out sub 18 year olds there are approximately 252M adults in the US. 1% of that is 2.5M.

Gallup says over last 10 years about 55% of Americans have had money invested in the stock market (stock/funds/retirement acct). Speaking only to the 252M adults, simply math says about 139M have money invested in the stock market. So the fact of the matter is that the DJIA isn't just for the 1% and believing so is just plain foolish.

20,000,000 people who’ve lost their jobs this year don’t give a rat’s rump about the DJIA

Likewise, using the same historical stock ownership figure would mean that about 11M of the 20M who've lost their jobs DO give a rat's rump about the DJIA. Even though their W2 income may be taking a hit right now, and hopefully this is temporary, why wouldn't they care about their qualified and nonqualified personal account balances? Now is probably a more important time than ever to pay attention to not only what you have but also if it fits your risk profile. Your statement makes zero sense.

The myth about the stock market being only for the wealthy is total bs. In the last 10/20/30 years, industry costs have come down while availability for the little guy has gone up. There's even free trading now at places like Fidelity, Schwab and Robinhood (and others). True, some don't earn enough to have money left over after paying their bills but for most everybody else there's an avenue to invest if they choose to pursue it.


https://news.gallup.com/poll/266807/per ... stock.aspx

[runrussellrun]

The DJIA is for the 1%.

Your statement couldn't be further from the truth.

1% of US 330M people is 3.3M people. If you strip out sub 18 year olds there are approximately 252M adults in the US. 1% of that is 2.5M.

Gallup says over last 10 years about 55% of Americans have had money invested in the stock market (stock/funds/retirement acct). Speaking only to the 252M adults, simply math says about 139M have money invested in the stock market. So the fact of the matter is that the DJIA isn't just for the 1% and believing so is just plain foolish.

20,000,000 people who’ve lost their jobs this year don’t give a rat’s rump about the DJIA

Likewise, using the same historical stock ownership figure would mean that about 11M of the 20M who've lost their jobs DO give a rat's rump about the DJIA. Even though their W2 income may be taking a hit right now, and hopefully this is temporary, why wouldn't they care about their qualified and nonqualified personal account balances? Now is probably a more important time than ever to pay attention to not only what you have but also if it fits your risk profile. Your statement makes zero sense.

The myth about the stock market being only for the wealthy is total bs. In the last 10/20/30 years, industry costs have come down while availability for the little guy has gone up. There's even free trading now at places like Fidelity, Schwab and Robinhood (and others). True, some don't earn enough to have money left over after paying their bills but for most everybody else there's an avenue to invest if they choose to pursue it.


https://news.gallup.com/poll/266807/per ... stock.aspx

question for everyone....if you ever worked for a school, in any capacity, and they automatically withheld money that went into "stock" ownership, IE: smartplan, based in DENVER COlorado........even though it's may be less than 4 figures, does stock ownership equate to being a somebody?? even when the "management" fees are more than the percentage increase of said stock ownership?

draft kings is the stock market, ain't it?

[CU88]

Commentary from Ric Edleman:

The Covid-19 recession isn’t going away anytime soon. And, it’s likely to get worse before it gets better.

So, says pretty much everyone who’s studying the topic. Lael Brainard, considered one of the most influential of the five Federal Reserve Board governors, is now warning of a possible double dip in U.S. economic activity. Her colleague, Patrick Harker, president of the Federal Reserve Bank of Philadelphia, said last week, “This will be a choppy recovery.”

Their views are shared by the leaders of the nation’s banks. Here are their recent quotes:

“You’re going to have a much murkier economic environment going forward than you had in May and June,” says Jamie Dimon, CEO of JPMorgan Chase.

“Our view of the length and severity of the economic downturn has deteriorated considerably” from earlier this year, says Wells Fargo CEO Charlie Scharf.

The CEO of Citigroup, Michael Corbat, says the pandemic doesn’t seem likely to loosen its grip on the economy until vaccines are widely available.

Other top business executives are also bracing for more closings and layoffs before we get to a slow, halting recovery.

Chip Rogers, president of the American Hotel and Lodging Association, says 8,000 hotels will close in September if business travel doesn’t pick up and Congress doesn’t provide more funding.
His view is echoed by Marriott International CEO Arne Sorenson, who said last week, “I’m less optimistic today than I was 30 days ago.”

The airline industry is also suffering, along with most others. United Airlines has warned that 36,000 of its employees might be furloughed; American Airlines says it’s overstaffed by 20,000; and Delta, too, says it is overstaffed even though 17,000 employees took buyouts and early retirements.

Their woes are certainly not due to any mismanagement – it’s simply that no one could have predicted the sudden arrival and deep severity of the infectious disease we’re all now contending with. The rapid decline in business has cost 40 million Americans their jobs, and more furloughs, layoffs and terminations are expected.

Indeed, the U.S. labor market is again weakening after a slight recovery in May and June. Job openings in July are down and unemployment filings are rising again. “Uncertainty is hitting all players in the economy, including businesses, workers and consumers,” says Daniel Zhao, economist at job recruiting website Glassdoor.

As I’ve been saying since the pandemic began, I’m not trying to scare you with all this news; I’m trying to prepare you – so you can maintain both your current lifestyle and your future financial security. Therefore, as distasteful and lamentable as this conversation is, it’s essential. Indeed, we must all acknowledge the situation for what it is and deal with our personal finances accordingly.

For many in this country, including perhaps members of your family, colleagues, friends and neighbors, that’s not going to be easy. That’s because huge numbers of Americans have done a poor job with their personal finances. Sometimes it’s because of unfortunate circumstances beyond our control, such as lack of education, workplace discrimination (resulting in being rejected for jobs or promotions or being paid less than others who perform the same tasks), or personal issues, such as abusive marriages, medical conditions or caregiving obligations that interfere with one’s ability to earn an income and/or save and invest.

Whatever the cause, nearly 70 percent of respondents to GoBankingRates’ sixth annual savings survey said they had less than $1,000 in savings, including 45 percent who said they have nothing at all put aside. And that survey was done in 2019 – before the pandemic arrived. Of those in credit card debt, 23 percent say the crisis has forced them to add to the balances – making their financial situation even worse.

Fortunately, there’s been a lot of encouraging news regarding vaccine development. Early trials by Oxford went well, and they’ve launched the next trial with hopes that results in three months will be favorable.

But it’s going to take a while; Bill Gates says the biotech companies he’s funding are hoping to produce 300 million doses by June – a year from now. Google has just told its 200,000 employees that they will continue working from home until July 2021 – confirming that it does not expect its staff to be inoculated for at least a year. Twitter made the same announcement.

But even the arrival of a vaccine might not mean the end of the crisis. The reason: 22 percent of white Americans and Latino Americans and 42 percent of Black Americans say they will refuse to be vaccinated, according to a poll conducted by the University of Miami. They say they believe it’s unnecessary and dangerous.

Oh, dear.

Meanwhile, the stock market has recovered from the 35 percent decline it suffered when the virus first appeared in March. Interest rates are now at all-time lows, and golds at an all-time high. What will happen next?

[a fan]

Commentary from Ric Edleman:

The Covid-19 recession isn’t going away anytime soon. And, it’s likely to get worse before it gets better.

You think Congress and FoxNation wants to hear this?

This is a lacrosse site. Picture how much economic activity went poof in every single college town now that football----just football----is done.

Americans are supposed to have an understanding of business?

They have NO IDEA what's coming this fall.

[youthathletics]

Commentary from Ric Edleman:

The Covid-19 recession isn’t going away anytime soon. And, it’s likely to get worse before it gets better.

You think Congress and FoxNation wants to hear this?

This is a lacrosse site. Picture how much economic activity went poof in every single college town now that football----just football----is done.

Americans are supposed to have an understanding of business?

They have NO IDEA what's coming this fall.

Ric Edleman....you mean Rice Delman? I listen to him on the weekends when driving around. Read his book back 2000. He's a smart guy, but also comes of as a bit of snake oil salesman,

[Peter Brown]

Trump will be re-elected. And heads here will explode. Watch.

https://www.marketwatch.com/story/the-s ... =home-page


The stock market hasn’t seen a 100-day gain this strong since 1933

[njbill]

Market loves the Kamala pick and is anticipating a Biden win in November.

[youthathletics]

Market loves the Kamala pick and is anticipating a Biden win in November.

Can she make CV-19 go away?She said BHO made Ebola go away.

[njbill]

You bet! She and Joe, with the help of the Biden Vaccine, will not only do away with the coronavirus scourge, but they will bring the country out of the Trump depression and return unemployment to Obama levels.

[Typical Lax Dad]

Market loves the Kamala pick and is anticipating a Biden win in November.

Can she make CV-19 go away?She said BHO made Ebola go away.

No. They are Wall Street friendly. No Elizabeth Warren and Bernie Sanders. 4 years in and market returns under Trump still lag Obama by a meaningful amount. Clinton too.....friends of Wall Street.

[Peter Brown]

Market loves the Kamala pick and is anticipating a Biden win in November.

Can she make CV-19 go away?She said BHO made Ebola go away.

No. They are Wall Street friendly. No Elizabeth Warren and Bernie Sanders. 4 years in and market returns under Trump still lag Obama by a meaningful amount. Clinton too.....friends of Wall Street.

The hard left is realizing that Kamala is a chameleon, willing to change for anyone if the money and votes are there...and you can't have more money than Wall Street, hence she'll be good with 'carried interest at 15% tax' etc... She will try to speak socialism, but ultimately it'll ring hollow...we all know she knows where her bread has been buttered her entire life, and that is via the largesse of people who actually create jobs and earn money. Kamala is a tick, feeding off a host's blood. Not unlike most politicians.

Bloomberg would have crushed the field between Trump and Kamala.

[Typical Lax Dad]

Market loves the Kamala pick and is anticipating a Biden win in November.

Can she make CV-19 go away?She said BHO made Ebola go away.

No. They are Wall Street friendly. No Elizabeth Warren and Bernie Sanders. 4 years in and market returns under Trump still lag Obama by a meaningful amount. Clinton too.....friends of Wall Street.

The hard left is realizing that Kamala is a chameleon, willing to change for anyone if the money and votes are there...and you can't have more money than Wall Street, hence she'll be good with 'carried interest at 15% tax' etc... She will try to speak socialism, but ultimately it'll ring hollow...we all know she knows where her bread has been buttered her entire life, and that is via the largesse of people who actually create jobs and earn money. Kamala is a tick, feeding off a host's blood. Not unlike most politicians.

Bloomberg would have crushed the field between Trump and Kamala.

That State sponsored education is letting you down.

[SCLaxAttack]

Market loves the Kamala pick and is anticipating a Biden win in November.

Can she make CV-19 go away?She said BHO made Ebola go away.

No. They are Wall Street friendly. No Elizabeth Warren and Bernie Sanders. 4 years in and market returns under Trump still lag Obama by a meaningful amount. Clinton too.....friends of Wall Street.

The hard left is realizing that Kamala is a chameleon, willing to change for anyone if the money and votes are there...and you can't have more money than Wall Street, hence she'll be good with 'carried interest at 15% tax' etc... She will try to speak socialism, but ultimately it'll ring hollow...we all know she knows where her bread has been buttered her entire life, and that is via the largesse of people who actually create jobs and earn money. Kamala is a tick, feeding off a host's blood. Not unlike most politicians.

Bloomberg would have crushed the field between Trump and Kamala.

That State sponsored education is letting you down.

We may be judging his state sponsored education too harshly. You can’t farm on rock.

[RedFromMI]

(omitted)
We may be judging his state sponsored education too harshly. You can’t farm on rock.

Actually, you can grow lichens. And some can be eaten...

[holmes435]

I've known a number of UF mlax and wlax players over the years and they've been pretty sharp. Every school has its Senator Blutarsky

[Peter Brown]

I've known a number of UF mlax and wlax players over the years and they've been pretty sharp. Every school has its Senator Blutarsky

I might want to remind you who Blutarsky ended up with.

The smokeshow. So I take that as a massive compliment! Thanks!

Senator_Blutarsky_Animal_House_Bluto.jpg (41.3 KiB) Viewed 1074 times

[Peter Brown]

Democrats hate success, Exhibit 3 trillion.

See ya, Seattle,

Signed,

Amazon

https://mynorthwest.com/2089861/rantz-a ... f-seattle/

[holmes435]

Amazon paid a state and local tax rate of 0.12% in 2018 vs Revenues and 2.7% vs. profits. 300M in taxes vs. 232B in revenues vs. 11B in profit. Not sure how much of that SALT went to Seattle.

Amazon paid $0 in Federal taxes in 2018.

PB is super cool with corporate socialism and doesn't even know it. He's redder than most of the forum!

[a fan]

Amazon paid a state and local tax rate of 0.12% in 2018 vs Revenues and 2.7% vs. profits. 300M in taxes vs. 232B in revenues vs. 11B in profit. Not sure how much of that SALT went to Seattle.

Amazon paid $0 in Federal taxes in 2018.

PB is super cool with corporate socialism and doesn't even know it.

Either he doesn't understand that his company is paying Amazon's taxes for them.....

....or his company is one of the shops that gets these fat deals. Really doesn't matter which one.

Modern Republicans are 100% incapable of understanding that looking at the above taxation, Seattle would be 100% better without Amazon taxing government resources, without paying for it. They're better off to NOT have Amazon there. It's simple math.

And all the other companies who don't get this sweet Amazon deal? They're left with ridiculously high taxes. Why? Because they're paying Amazon's share.

Voters are idiots for not understanding this.

[Peter Brown]

Amazon paid a state and local tax rate of 0.12% in 2018 vs Revenues and 2.7% vs. profits. 300M in taxes vs. 232B in revenues vs. 11B in profit. Not sure how much of that SALT went to Seattle.

Amazon paid $0 in Federal taxes in 2018.

PB is super cool with corporate socialism and doesn't even know it. He's redder than most of the forum!

Amazon is also the largest property tax payer in the city. It’s the largest payroll tax employer. It directly supports hundreds of service providers that focus on Amazon.

Why do Democrats hate success?