People are selling off again today, Dow down 900 points. There’s no confidence in the economy right now.
KevinC
1731
I show it being flat at the moment?
Ok, I read it wrong, sorry.
MikeJ
1733
I think people have suggested some weird things such as “stopping time” in an official sense to avoid dated contracts coming due.
The Ryan reset worked in the novel because the stock markets had a catastrophic day and then at the end, then the hack deleted all the records of transactions for that day so it would take months and lawsuits to reconcile the records of different participants and even get the market up and running again. Ryan decided to just roll with it and declare the day never happened. It was a way to side-step the hack issue but it couldn’t reset the underlying lack of confidence. Of course, in the Clancy universe the bio attack was resolved in a week or something so confidence wasn’t an issue.
KevinC
1734
Haha, no problem. I just started drinking my morning coffee so I actually triple checked to make sure I wasn’t reading it wrong. :)
Well, it worked in the novel because it was a novel. The legal tangle in real life would be epic.
Was Ryan president then? He probably just pardoned the stock market.
[hurriedly scribbles story notes]
But this is a novel virus!
Menzo
1741
For what it’s worth, though this is gross, Boeing was going to need a bailout this year anyway, even without Coronavirus.
Yeah, the 737 fiasco wasn’t going well for them.
I don’t object to a bailout. I object to a free, no-strings approach to it. If the CEO won’t give up any equity to get the bailout, he must think they don’t need it that badly, and why should anyone in Congress argue with him?
Menzo
1744
I agree with you, but keep in mind that Boeing has us over a barrel, really. We simply can not allow them to go under. It’s a huge moral hazard that they have clearly been leveraging.
I can only hope that the money is a loan and not just a “here, take some free money!” kind-of deal.
Do they? I don’t think so. Congress can surely pass a law nationalizing them. That they won’t is the problem I’m complaining about.
Yes, that’s the problem.
Enough of congress is agreeing with him (that Boeing should get free money) - and not enough are agreeing with you. No point in reading between the lines when the straight reading of the lines gives you campaign contributions.
Timex
1747
No, it did tank at one point. It’s crazy.
What’s going to happen is that when they finish passing the stimulus, the market will rise some, but then it’s going to tank again.
There is absolutely no structural stability behind this recent rally. Honestly, I’m not sure exactly what changed, but the bulls are entirely irrational this past year. But they are going to get crushed hard, because their guts aren’t going to be able to overcome the fundamental problems caused by the Covid19 fiasco.
There’s no “fix” for this that isn’t going to hurt bad. Trump’s recent suggesting that things will be fine by Easter? That shit is obviously absurd. Even if he did somehow do that, it would be dramatically worse, very quickly, and crush the economy again.
The bottom of this is going to be closer to like 17.5k. we are nowhere near the bottom right now.
Thrag
1748
By easter when thousands are dying per day and more states are on lockdown rather than people getting back to work and shopping the irrational exuberance of the last couple of days will be harshly corrected.
What would stop the government or military from simply taking over Boeing, if they wanted to? National security and all that. Can you seize a company or its assets via eminent domain?
