News Round-Up: August 15, 2019

Eliad Cohen (via Instagram)

Some news items you might have missed:

• InstaHunks: Papa Party founder Eliad Cohen asks, "What's your favorite fruit?" Talk about a 'loaded question...'

• The Advocate: Democratic White House hopeful Michael Bennet has endorsed a constitutional amendment guaranteeing LGBTQ people equal rights.

• Raw Story: Donald Trump loves to boast, “The stock market has added more than $8 trillion in new wealth,” since he took office. Now that the market is going down, however, he claims it has nothing to do with him. Trump has already blamed the Federal Reserve chairman (whom he nominated), the Democrats, and today blamed - who else? - the media.

The Fake News Media is doing everything they can to crash the economy because they think that will be bad for me and my re-election. The problem they have is that the economy is way too strong and we will soon be winning big on Trade, and everyone knows that, including China!

— Donald J. Trump (@realDonaldTrump) August 15, 2019

• Washington Blade: U.S. Park Police have made at least 26 arrests during the past year in Meridian Hill Park in Washington, D.C. targeting gay men after undercover officers posed as consenting prospective partners interested in a sexual tryst.

• Reuters: Israel has decided to block a visit by U.S. Democratic members of Congress Rashida Tlaib and Ilhan Omar

• Twitter: While former Colorado Gov. John Hickenlooper ended his presidential campaign today with veiled hints he may run for the U.S. Senate in 2020, former Texas congressman Beto O'Rourke (whom many have suggested he run against Republican incumbent Sen. John Cornyn in his state) made clear a Senate run isn't "good enough."

.@BetoORourke: "There have even been some who have suggested that I stay in Texas and run for Senate, but that would not be good enough…we must take the fight directly to the source of this problem..." pic.twitter.com/uUlSnULsJy

— CSPAN (@cspan) August 15, 2019

Dow Jones Tanks 800 Points As Bond Market Flips

Donald Trump

So. Much. Winning.

From NBC News:

Wall Street took a battering on Wednesday, suffering its worst day so far this year after movements in the bond market signaled the sharpest indication yet of an approaching recession.

The Dow Jones Industrial Average, which had already shed 400 points at the opening bell, spent the day in freefall before closing with a decline of 800 points, a drop of over 3 percent. The S&P 500 closed down 2.93 percent, and the Nasdaq posted a decline of just over 3 percent.

The market selloff was the result of an inverted yield curve in government bonds, when the yield on the benchmark 10-year Treasury note falls below the 2-year rate — a phenomenon that has preceded every recession for the past 50 years.

President Donald Trump blamed the Federal Reserve for Wednesday's market plunge, calling Fed Chairman Jerome Powell “clueless” in an afternoon tweet. Trump has consistently lambasted Powell for not cutting rates at a faster pace, and has said "the stock market would be 10,000 points higher" if the Fed had followed a different strategy.

NBC News goes on to repeat "all of the past recessions have been preceded by inversions of the yield curve."

Of course, what Trump is REALLY upset about is how the timing of a possible recession would affect his reelection after boasting about "his" economy for so long.

By the way - want to guess WHO nominated Powell to the Fed Chair position?

"I hire all the best people..."

..Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!

— Donald J. Trump (@realDonaldTrump) August 14, 2019

Dow Jones closes -800 Points on fears @realDonaldTrump's "great economy" is about to tank!

Who could have guessed this would happen?

Answer: Me & the rest of the 65,844,610 people who voted for @HillaryClinton in 2016. pic.twitter.com/hekC60FiQa

— Proud Navy Veteran 🎖️🌊⚓️ (@naretevduorp) August 14, 2019

Congrats @realDonaldTrump, you now own 8 of the Top 10 largest point losses in @DowJones history.
1,175.21 (2/5/18)
1,032.89 (2/08/18)
831.83 (10/10/18)
800.49 (8/14/19)
799.36 (12/04/18)
777.68 (9/29/08)
767.27 (8/05/19)
733.08 (10/15/08)
724.42 (3/22/18)
684.81 (9/17/01)

— Jesse Garcia (@TheRealSBHS1994) August 14, 2019

The Dow Jones: we’re crashing.

The economy: we’re heading into a recession.

Americans: do something!

Trump: fuck Chris Cuomo.

— Palmer Report (@PalmerReport) August 14, 2019

Stock Market Bounces Back As Dow Regains Over 1,000 Points

Stock market rebounds after four-day losing streak

Via The Washington Post:

Stocks on Wednesday climbed back from their epic Christmas Eve plunge as all three indexes posted big gains.

The Dow Jones industrial average roared more than 1,050 points in late afternoon — the biggest point gain in history — as stocks snapped a four-day losing streak that had placed the 10-year bull market on the edge of death on Monday.

Wednesday’s preliminary 4.96 percent climb in the S&P is the best Dec. 26 on record, replacing the 3.06 percent gain record set in 1973.

It was the largest daily percentage gain for market since March 2009.

In that the markets prefer stability versus uncertainty, many noted the rebound occurred on a day Donald Trump had not tweeted.

Trump stops tweeting for twenty hours, and the stock market skyrockets. Enough said.

— Mike Sington (@MikeSington) December 26, 2018

The president leaves the country & the stock market rebounds. #JustSaying

— Zooey Webb (@ZooeyWebb) December 26, 2018

We’ve reached the point where the stock market is only up today because the President of the United States hasn’t opened his mouth.

— Palmer Report (@PalmerReport) December 26, 2018

Stock Market Drops 400 Points After Treasury Secretary Checks On Banks Liquidity

Treasury Secretary Steven Mnuchin

The U.S. stock market plummeted 400 points on opening this morning after it was revealed Treasury Secretary Steven Mnuchin called the CEO's of the nation's largest bank to make sure they had enough cash in their vaults.

Economic experts were dumbfounded by the move.

So. Much. Winning.

From The Washington Post:

The Dow fell more than 400 points, and the tech-heavy Nasdaq slid deeper into bear territory.

Treasury Secretary Steven Mnuchin had called the leaders of the nation’s six largest banks and later issued a statement declaring that the institutions had ample credit to extend to U.S. businesses and households. Analysts said the outreach and statement could backfire.

Stocks are on pace for their worst December since the Great Depression. On Friday, the Dow ended its worst week since 2008. The Nasdaq is in a bear market.

JUST IN: Dow Jones opens down after Treasury Secretary Steven Mnuchin's comments on banks. https://t.co/76N3Vl6Kz8 pic.twitter.com/cLUruw8Ypx

— ABC News (@ABC) December 24, 2018

Mnuchin: Just wanna let everyone know there’s *not* a liquidity crisis.

General public: Wait, what? Who was talking about a liquidity crisis?

Mnuchin: No one! No need to talk about a liquidity crisis! Probably not an issue!

Public: Probably?

Mnuchin: I’m sure it’ll be fine... https://t.co/wsEaKExMJ2

— Matt Fuller (@MEPFuller) December 23, 2018

So many 52-week lows you’ll get tired of 52-week lows pic.twitter.com/2pLzSmlcYT

— Josh Barro (@jbarro) December 24, 2018

Remember Stocks have been Plummeting for three straight months but no one cared until now. Marry Christmas to all the rich people that will be poor next year. pic.twitter.com/sgnZtzIqTv

— Lil’ Poundcake (@TheLilPoundcake) December 24, 2018

Trump Thanks Himself For Holiday Gas Prices Higher Than Obama's

Donald Trump

Capping off a Thanksgiving weekend which began with Donald Trump telling reporters he was most thankful for his family and himself, this morning he took to Twitter to thank himself again (in the third person, no less) for falling oil prices.

So great that oil prices are falling (thank you President T). Add that, which is like a big Tax Cut, to our other good Economic news. Inflation down (are you listening Fed)!

— Donald J. Trump (@realDonaldTrump) November 25, 2018

Trump omitted the fact that gas prices were much lower during President Obama's last Thanksgiving in office.

FACT CHECK: On Thanksgiving weekend 2016 under President Obama gas prices were on average $2.14 a gallon per AAA. Today under Trump gas prices are on average $2.91 a gallon. Thats over a 35% increase in two years under Trump's failed leadership.

— (((DeanObeidallah))) (@DeanObeidallah) November 25, 2018

For someone unknown reason, the Trumpeter didn't bother to address the steep decline on Wall Street this week that wiped out all profits for 2018.

"Thank you President T" ! pic.twitter.com/ImXLGkSfQT

— David Frum (@davidfrum) November 25, 2018

Stock indexes log worst Thanksgiving week in years! all three fall at least 3.5%. Sad! Way to go President T!

— Ohio_888 (@888Ohio) November 25, 2018

And just one more thing...

During his presidency, President T has spent 1 out of every 3 days on a property he owns and 1 out of every 4 days playing golf on a course he owns. Each day he is away from the WH, it costs American taxpayers $1M to cover secret service and travel. #sundaymorning #sundaythoughts pic.twitter.com/3aMJBqTa3H

— Holly Figueroa O'Reilly (@AynRandPaulRyan) November 25, 2018

Stock Market Suffers Deep Decline Over Trump Trade Wars, Tech Stocks

The Dow Jones Industrial Average for the week

Wall Street took a dive Tuesday turning negative for the year.

Target led the way after reporting weaker than expected earnings for the previous quarter

From CNBC:

The 30-Stock Dow fell 450 points after dropping nearly 400 points in the previous session. Earlier in the day, the Dow was down nearly 600 points. The S&P 500 dropped 1.3 percent, but also traded well off its session lows. The Dow and S&P 500 were up 1.2 percent and 0.6 percent, respectively, for 2018 entering Tuesday.

Target fell 10.4 percent after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.

Tuesday's decline came a day after members of the popular "FAANG" trade —Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all closed in a bear market, down more than 20 percent from their 52-week highs. The S&P 500 and Nasdaq dropped 1.7 percent and 3 percent, respectively, on Monday while the Dow fell 1.6 percent.

Experts point to Donald Trump's trade wars, a slowdown in the global economy and the recent cloud that's hung over Big Tech stocks for the decline.

That said, most say the actual fundamentals of these stocks are solid, but that doesn't seem to matter to investors today.

Stocks are opening sharply lower on Wall Street as a rout in major technology companies continued.

The early drops put major indexes back into the red for the year. https://t.co/hvztlJZrY8 pic.twitter.com/2muQr838zB

— ABC News (@ABC) November 20, 2018

When Wall Street wipes out a year’s gain, Donald has nothing to brag about it. His recession is starting. https://t.co/oeka7LSklW

— Barbara Malmet (@B52Malmet) November 20, 2018

Dow Drops 1,300 Points In Two Days

In a drastic market sell-off, the Dow Jones Industrials plummeted over 1,300 points in two days.

Donald Trump loves to point to the stock market as proof of his success as president.

I'll be looking for the tweets where he owns this...

The Dow finished down 546 points Thursday after closing 832 points lower on Wednesday https://t.co/mx1opEePuI pic.twitter.com/96hn19sA9u

— CNN Business (@CNNBusiness) October 11, 2018

I don't own or understand stocks.

We are a lower middle class family on a strict, paycheck-to-paycheck budget.

I budget $35 for gas each payday.
Today, I paid $45.

Last week's grocery bill was $30 higher than we're used to paying.

How about you ask me how the economy is?

— Anna Kruk Corbin (@AnnaKrukCorbin) October 11, 2018

The DOW dropped by 800 points today. Cars are more expensive because steel is more expensive. Ford Motors are laying off 24,000 employees due to Trump’s trade. Gas is $3 average nationally. But Trump is making America Great Again, amirite?

— Mexican Rug Dealer (@chingon_m) October 11, 2018

And, yes, there's always a tweet. This didn't age well, did it?

Submitted Without Comment

(via Twitter)

Donald Trump Doubles Down On Steel/Aluminum Tariffs

Donald Trump

Less than 24 hours after announcing tariffs on steel and aluminum imports, Donald Trump triumphantly tweeted, “Trade wars are good, and easy to win.”

From The New York Times:

Mr. Trump appeared eager to defend his decision to levy sweeping tariffs on all imports of those metals, issuing a series of morning tweets explaining the need for tariffs. “Our steel industry is in bad shape. IF YOU DON’T HAVE STEEL, YOU DON’T HAVE A COUNTRY!” he said in one tweet.

Markets fell in response to Mr. Trump’s announcement on Thursday that he would impose tariffs of 25 percent on steel and 10 percent on aluminum, effectively placing a tax on every foreign shipment of those metals into the United States. Mr. Trump, at a hastily arranged meeting with industry executives on Thursday, said he would formally sign the trade measures next week and promised they would be in effect “for a long period of time.”

On Friday, he wrote that the measures would help to reduce the trade deficit, which is the gap between what the United States exports to other countries and what it imports. Mr. Trump has long lambasted the trade deficit as a sign of United States weakness.

“When a country Taxes our products coming in at, say, 50%, and we Tax the same product coming into our country at ZERO, not fair or smart. We will soon be starting RECIPROCAL TAXES so that we will charge the same thing as they charge us. $800 Billion Trade Deficit-have no choice,” he wrote.

The stock market did not enjoy the tariff announcement.

CNBC reported:

Stocks fell on Thursday after President Donald Trump said the U.S. will implement tariffs on steel and aluminum imports next week. The Dow Jones industrial average closed 431 points lower after rising more than 150 points earlier in the day. The 30-stock index fell as much as 586 points.

The S&P 500 declined 1.4 percent — erasing its year-to-date gains — with industrials as the worst-performing sector. It also briefly broke below its 100-day moving average, a key technical level. The Nasdaq composite fell 1.3 percent and dipped below its 50-day moving average.

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

— Donald J. Trump (@realDonaldTrump) March 2, 2018

And speaking of the stock market, in related news longtime Trump confidant (and billionaire investor) Carl Icahn just happened to sell $31.3 million of stock in a company heavily dependent on steel just seven days before Trump's announcement of 25% tariffs on foreign steel.

Now, if I were cynical (Who? Me?) my mind might wander into the insidious world of insider trading...?

Icahn sold off nearly 1 million shares of Manitowoc Company which is “a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.

Industries ranging from autos to oil to construction equipment all saw declines in their stock in the aftermath of the announcement.

Stock Market Plummets Over 1,000 Points For 2nd Time In Four Days

Another huge drop in the stock market today. Today's losses mark the second biggest point drop ever closing down over 1,000 points.

The biggest point drop ever was on Monday of this week.

The Dow Jones industrial average lost 1,032.89 points, or 4.1 percent, to close at 23,860.46.

The S&P 500, the benchmark for many index funds, plummeted 100.66 points, or 3.8 percent, to 2,581.

In November, Trump promised if the tax cut bill passed Americans would "see some great results."

Great numbers on Stocks and the Economy. If we get Tax Cuts and Reform, we'll really see some great results!

— Donald J. Trump (@realDonaldTrump) November 17, 2017

The stock market today had its second biggest point drop ever closing down over 1,000 points. The biggest drop before that was just a few days ago. This is the trump economy

— (((DeanObeidallah))) (@DeanObeidallah) February 8, 2018

Stock market plunged another thousand points today. If this keeps up, Donald Trump will begin ranting about “Little Dow Jones” and threatening to have him deported.

— Palmer Report (@PalmerReport) February 8, 2018

I don't think the President has all power over the stock market, but he has SOME. Now that we've had the two largest point drops ever in the history of the stock market within a week, why is it again we're trusting a guy who's gone bankrupt 6 times to lead our country?

— James Gunn (@JamesGunn) February 8, 2018

U.S. stocks plunged down nearly 700 points by midday today, a loss of almost 2.5%. It’s the fourth ugly day in global markets. President Trump has hailed a booming stock market as a measure of his presidential success.
Now what will he say about this?

— Susan❄️Resister❄️ (@SusResister) February 8, 2018

Trump Takes Credit Yet Again For The Obama Economy

Donald Trump took to Twitter on the last day of 2017 to boast yet again about the economy:

If the Dems (Crooked Hillary) got elected, your stocks would be down 50% from values on Election Day. Now they have a great future - and just beginning!

Why would smart voters want to put Democrats in Congress in 2018 Election when their policies will totally kill the great wealth created during the months since the Election. People are much better off now not to mention ISIS, VA, Judges, Strong Border, 2nd A, Tax Cuts & more?

If the Dems (Crooked Hillary) got elected, your stocks would be down 50% from values on Election Day. Now they have a great future - and just beginning! https://t.co/9TzSC8F8vY

— Donald J. Trump (@realDonaldTrump) December 31, 2017

Why would smart voters want to put Democrats in Congress in 2018 Election when their policies will totally kill the great wealth created during the months since the Election. People are much better off now not to mention ISIS, VA, Judges, Strong Border, 2nd A, Tax Cuts & more?

— Donald J. Trump (@realDonaldTrump) December 31, 2017

A few facts are missing from the Trumpster's perspective here.

Most importantly the fact that he inherited an already healthy economy with a 4.7% unemployment rate and a stock market that had more than doubled.

And then the smart kids chimed in:

2017 saw the fewest number of jobs created in 6 years.
3.5 million more are uninsured.
Premiums are up.
And Trump has taken only one step: a $1.5 trillion tax cut, mostly for the rich and corporations.
I’ll take that fight. https://t.co/i4PKMX8KcE

— Jon Favreau (@jonfavs) December 31, 2017

stock values more than doubled under Obama https://t.co/JYIhMVQ0rq

— John Harwood (@JohnJHarwood) December 31, 2017

Not that it really matters, but the stock market went up relatively more in Obama's first year than in yours.

It was also during the tenure of a GOP president when we slid into the Great Recession.

But, you know... Facts.

— Pé Resists (@4everNeverTrump) December 31, 2017

The stock market grew 29% in Obama's first 11 months.

It grew only 24% in Trump's first 11 months.

But please, go on. Your delusions entertain me.

— Gary M. Sarli (@GMSarli) December 31, 2017

I'll attach the stock market again for about the 200'redthth time. What has the trend been for 8 years? A Chimpanzee could sit where you are and look good. If the Dems were elected, we wouldn't be doing endless investigations and giving away cash to rich people and corporations. pic.twitter.com/v2lfUiJrAu

— Desert Time Traveler (@Rtn4452Randy) December 31, 2017

1) B/c you’re a liar, none of that is true; 2) you’re a racist, emboldened white supremacists; 3) you’re a sexual predator; 4) you’ve attacks rights of women, LGBT, minorities; 5) climate change; 6) many more reasons, GOP does nothing. That’s why smartvoters won’t vote GOP. https://t.co/DqagbSydMt

— Mike Signorile (@MSignorile) December 31, 2017

The Obama stock market still roaring along. You have nothing to do with it.

— Ronald Traylor (@RonaldTraylor11) December 31, 2017

News Round-Up: August 4, 2017

Some news items you may have missed:

• Celebrating #FurryFriday at The Randy Report #grrr

• The U.S. economy added 209K jobs in July, bringing the unemployment rate to 4.3%.

• The CEO of former escort site RentBoy sentenced to six months in prison for promoting prostitution and conspiracy to commit money laundering. It's notable that the escorts on the site signed up voluntarily. There seems to be hypocrisy at play here in that there are dozens of straight escort sites in operation in NYC that have gone unpunished.

• Donald Trump is taking credit for the stock market's record highs, but just last fall he said stock values were “sitting on an economic bubble; a financial bubble.” Funny how real it all gets when he's president.

• The Massachusetts woman convicted in June of involuntary manslaughter for encouraging her boyfriend to kill himself was sentenced to 2 and 1/2 years in prison. In a stream of several texts, then-17-year-old Carter encouraged 18-year-old boyfriend Conrad Roy III to follow through on thoughts of killing himself. #evil

• Kacy Hill, signed to Kanye West's GOOD Music label, was named "MTV PUSH: Artist To Watch," and I'm inclined to believe. Check out Kacy's pop-y, EDM-driven "Hard To Love" below. More info on the rapturous red-head at her official site here.

Video Of The Day: Bill Maher On Economic Facts

Bill Maher slams the Obama-hating 2016 Republican candidates a...
Watch: Bill Maher slams the Obama-hating 2016 Republican candidates at this week's debate.Video by Occupy Democrats, LIKE our page for more!
Posted by Occupy Democrats on Saturday, September 19, 2015

Bill Maher pulls out facts in response to Republicans who say they want to "take our county back."

Back to what, exactly?

I should note, and regular readers know this to be true, I've been saying exactly this for years now.

Nasdaq Closes at 5008 - First Time Over 5000 Since 2000

True story: in 2000 I was performing in CHICAGO the Musical in Las Vegas with the national touring company. We played there for a year from Spring 1999 to Spring 2000.

I had my days free and somehow found myself addicted to watching CNBC all day. The stock market was just rocketing up and up. So, after discussing with hubby Michael, I decided to get involved with investing our retirement funds.

After months of watching so many stocks hit historic highs, I was confident I could do this.

Unfortunately, I invested our funds at the absolute peak of what would become the "tech bubble" of the Nasdaq. We pretty much bought in at the record high of 5,132.

The rest, as they say, is history.

We didn't lose everything but we lost a LOT. Since then we've employed a financial adviser who took over and has given us an average of about 7% return over the past 14 years.

But I've always kept my eye on the Nasdaq wondering how long it would take to regain all those losses from 200.

And now we know..

US Economy Grows At Fastest Pace Since 2003

From CNN: Gross domestic product soared 5% on an annual basis in the third quarter, the government said on Tuesday.

To put that in perspective, it's the strongest quarter of growth since 2003.

"Other than the first quarter's weather-induced contraction, there's no doubt the economy has been great this year," said Dan Greenhaus, chief global strategist at BTIG.

Investors cheered the news, sending the stock market to record highs with the Dow crossing 18,000 for the first time ever.

Dow Industrial Index Closes At (Another) Record High

After the Federal Reserve affirmed today it's commitment to keeping short term interest rates low for a "considerable time," the Dow index closed at a record high of 17,156, also hitting an intraday trading high of 17,221.

Someone remind me again how President Obama's policies are sooooo bad for business?

Stock market hitting record highs; corporate profits bouncing through the ceiling?

Worst. Socialist. President. Ever.

Tweet of the day

Worst Socialist President Ever

The AP is reporting the Dow Jones Industrial Average is currently trading above 17,000 for the first time after the latest strong jobs report.

US employers hired 288,000 new employees dropping unemployment to 6.1% - the lowest since September 2008.

Once again, this proves that President Obama is the worst Socialist ever. 

With a stock market that has more than doubled, two wars ending bringing our men and women in uniform home, plus the end of DADT, DOMA and millions now enjoying health insurance, it's easy to see why the far-right might call him the "worst President ever."

If you lived in Bizarro-land...

Thanks Obama!

How to drive Republicans insane

 U.S. stocks rose on Thursday, with Wall Street continuing its record-setting advance after data had fewer Americans than expected filing applications for jobless benefits last week, casting a positive light on the labor market.

So, since the GOP's answer for everything is to "blame President Obama" - I'm assuming conservatives have to give him credit for a stock market that has hit record highs 50 times in one year....?

Remember kids, he's supposed to be anti-business.

Worst Socialist ever... :)

(via CNBC)

Stocks: Dow Jones Industrial Average hits 16,000 for first time

Remember - there are folks out there who keep repeating how "bad for business" President Obama is.

Record-breaking stock markets and the deficit is at it's lowest in five years.

Bad for business...  Got it?  Riiiiight.